ahh help needed

millsmum

I needs some advice in what to do. we have had an offer excepted and agreed to a fast sale on the property. we are renting out our house to a lady who needs to be in before the start of the school year(she's a teacher and son is starting a new school)

but the vendor has been slow and still after 2 weeks only just returned the paper work to her solicitor. the searches take 3 weeks and then we have exchange and completion to do. our solicitor thinks it will be 4 weeks before we are done.

the probem we are due to go to florida on the 22nd of august and aren't returning till the 8th sept.

how can i the tenant in and us out into our new home before we go on holiday? can the vendor "rent" us the house? can i just get our stuff in and compelte when we are away

if I let the lady move in (she is relocating from wales) i become homeless. if I give back word we lose a tenant and she then has to find somewhere else and she hasn't got long. I just don't know what to do.

I can't cancel the hols as we will lose all the money. aahhhhh

any advice

First_Time_Buyer_Guru

It depends if you can find short-term accommodation that will cost less than the money you've spent on your holiday, otherwise it sounds like you may need to cancel. Sorry.

Doozergirl

Storage Unit!

Or the removers. Pick the right ones and they will store your stuff for the weeks until you complete on the subsequent purchase.

You don't need to be in the country for exchange or completion, as long as you've signed everything.

millsmum

First_Time_Buyer_Guru wrote: »

It depends if you can find short-term accommodation that will cost less than the money you've spent on your holiday, otherwise it sounds like you may need to cancel. Sorry.

no I can't acept defeat, there must be something i can do?

can't i make the council hurry up with the searches?

G_M

House purchase ALWAYS takes longer than either wanted or expected. Promises of a 'fast sale' mean nothing.

Either you move out into temporary accomodation, or you tell the Welsh lady she has to wait (have you signed a tenancy contract with her? She can sue you for breach!) or you re-house her temporarily, or you cancel your holiday.....

No, renting from your vendors is unlikely to work.

I assume all the other aspects of becoming a landlord have been covered?

holly_hobby

I wouldn't suggest any access to properties pre completion - for obvious reasons.

Ask your solicitor regarding a local searches indemnity policy (Royal Ins later RSA where one provider who offered such a product).

What its purpose is, is to allow you to exchange and complete whilst the searches are os - thereby removing the need for parties to wait for them to come back from the LA and LR. If the search comes back with issue the policy cover will come into place.

The policy from memory was £25 (although would think a bit more in todays market) - your solicitor if they are an experienced conveyencer will know of such policies and providers.

Other than that ... I'm afraid Mickey Mouse will have to wait

Hope this helps

Holly

G_M

holly_hobby wrote: »

I wouldn't suggest any access to properties pre completion - for obvious reasons.

Ask your solicitor regarding a searches indemnity policy (RSA where one provider who offered such a product).

What its purpose is, is to allow you to exchange and complete whilst the searches are os - thereby removing the need for parties to wait for them to come back from the LA and LR. If the search comes back with issue the policy cover will come into place.

The policy from memory was £25 (although would think a bit more in todays market) - your solicitor if they are an experienced conveyencer will know of such policies and providers.

Other than that ... I'm afraid Mickey Mouse will have to wait

Hope this helps

Holly

????????? So you find out a High Speed 2 is going through the back garden and the insurance does what exactly? Pay you compensation? How much? And would any amount really compensate you for having moved into a property you no longer want to live in!?

Or it covers the cost of selling (back to the original vendors? on the open market again?). Meanwhile your life is upside down cos you've moved into a nice new home and......!

millsmum

thank you I will try looking into the indemnity insurance thing.

millsmum

G_M wrote: »

????????? So you find out a High Speed 2 is going through the back garden and the insurance does what exactly? Pay you compensation? How much? And would any amount really compensate you for having moved into a property you no longer want to live in!?

Or it covers the cost of selling (back to the original vendors? on the open market again?). Meanwhile your life is upside down cos you've moved into a nice new home and......!

oh I never thought of that:eek: but it is in an area which I know and I am aware of the poposals that might come up on the searches, nothing major at the moment any way

holly_hobby

G_M wrote: »

????????? So you find out a High Speed 2 is going through the back garden and the insurance does what exactly? Pay you compensation? How much? And would any amount really compensate you for having moved into a property you no longer want to live in!?

Or it covers the cost of selling (back to the original vendors? on the open market again?). Meanwhile your life is upside down cos you've moved into a nice new home and......!

Woah there cowboy !!!

I am giving the OP a poss solution to their timescale problem - a request they have made - and from the benefit of my professional experience , and the existence of local search indemnity policies.

Whether you knew they exist or their purpose is another matter - but mge professionals certainly will. (they originally started in the Merseyside by the Law Society & Royal Ins (now RSA), due to delayed searches by the City Council. The were later adoped by other areas of the country due to their success in speeding up what can be a time labouring task, upon which many a chain has collapsed.

The OP requested advice on how to expediate matters, and if they are willing to take a chance on the searches (very rarely come back with unknown data), and if local search indemnity policies are still marketed, this may be a way to help them avoid cancelling their holiday - which was the basis of their orig post.

Whether the OP chooses to effect an available policy is a matter for themselves and their Solicitor.

FYI I would never recommend, although they are possible, an expedited search in a mining (current or historical) area.

Holly

G_M

I agree an indemnity policy is " a poss solution to their timescale problem ".

But the OP deserves to understand the risks involved with this. If the OP thought "Oh, got insurance - that's OK then" without understanding how it works (or doesn't work), how can the OP decide " if they are willing to take a chance "......?