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Moving House and Renting Advice... Solutions/Suggestions Needed Urgently
super_g
Posts: 25 Forumite
Hi all,
This may be a long one so thank you to anyone who reads and/or replies... We're selling our home and entering rented accomodation. I want to clear our mortgage while I am at it.
We do not have any savings so putting a deposit/advance rent would not be an option until our house sale falls through.
The buyer was happy with the survey and the paperwork is going through. We requested one week to move out... so the buyer would own the house... but we would have a week to move out and into our rented accomodation..
The buyer declined.. and we have not yet agreed an exchange date of when we will hand the keys... although I guess this will be largely dictated by the buyer...
So... no savings... and need to move into rented accomodation... no family (all lost in traumatic bereavement)... and a poor credit history so a loan is not an option..
Is there any other way around this??
The only thing I could come up with was to time it nearer my pay day on 26 August and let my last mortgage default on tthe 27th. I have never missed a mortgage payment in my life though but at this point if that is what it takes then so be it... this would mean I would have to time the exchange for 29th August... that way I can clear the remaining mortgage/with the proceeds from the transaction.
What a mess.
This may be a long one so thank you to anyone who reads and/or replies... We're selling our home and entering rented accomodation. I want to clear our mortgage while I am at it.
We do not have any savings so putting a deposit/advance rent would not be an option until our house sale falls through.
The buyer was happy with the survey and the paperwork is going through. We requested one week to move out... so the buyer would own the house... but we would have a week to move out and into our rented accomodation..
The buyer declined.. and we have not yet agreed an exchange date of when we will hand the keys... although I guess this will be largely dictated by the buyer...
So... no savings... and need to move into rented accomodation... no family (all lost in traumatic bereavement)... and a poor credit history so a loan is not an option..
Is there any other way around this??
The only thing I could come up with was to time it nearer my pay day on 26 August and let my last mortgage default on tthe 27th. I have never missed a mortgage payment in my life though but at this point if that is what it takes then so be it... this would mean I would have to time the exchange for 29th August... that way I can clear the remaining mortgage/with the proceeds from the transaction.
What a mess.
0
Comments
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I am not surprised your buyer declined, wouldn't you? From their perspective you could either trash the place or claim squatters rights and take forever to move out - when you buy a house you normally buy it with vacant possession. Can't you sell some possessions to raise finance for a deposit?0
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And to add - most rental agencies will require you to do a credit check - are you confident you will pass this?0
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why on earth would you assume OP might trash the place ?
selling things is not a bad idea... i saw a repossession programme on TV this week abd a woman who was about to be repossessed the next morning, suddenly decided to sell her car for several thousand pounds..... why she hadn 't thought of it sooner was a mystery.
or hocking things in pawnbrokers0 -
*I* didn't assume the OP would trash the place - I simply stated that this is a risk from his buyer's perspective. You are effectively letting someone else live in your house with no contractual provisions for damages in place. Common sense really.0
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