Renting inbetween sale and purchase??

Kel_3

We are currently in the process of selling our house and the buyer put an offer in at the end of November. They have first time buyers buying their house and I believe they put the offer on theres quite a while before.

We finally found a property a couple of weeks ago and so this part of the chain is still fairly new. The Problem we have is that now our buyers are putting pressure on us for a completion date (they are getting pressure from the FTB who have given notice on their rental) which obviously isn't going to be anytime soon because of our end of the chain being behind. The lady our vender is buying from has yet to find somewhere yet.

Anyway we are nowing looking into renting for a couple of months inbetween the sale and purchase of our new property. Just wondered if anyone had done this before and did it work out ok?

Many thanks

Kel

lifebegins

We're renting at the moment between sale and purchase, however we had to sign a 6 month agreement. I'm not sure if it's possible to do it for any less?
The house we're renting is fine, but the 2 obvious drawbacks are:

The rent is the same as the mortgage we were paying but the house is smaller so half our stuff is in boxes in the garage

We obviously have to move twice, so double removal costs

The advantage is the equity from the house we sold is in a savings account earning lots of interest at the moment! Although I'm looking forward to being in "my" own house again.

spunkeyrich

had to do a similar thing when we had to give notice on our home we rented and expected/hopeed completion would be coincided with completion. However, we had already looked into the possibilty of of very temporary place to go which was a caravan on a holiday camp for a few weeks. This was much cheaper in the long run than re newing the rental period for another 6 months (although it was lots of hassle) some rental places are able to do a a much shorter time than 6 months vis some letting agreements i beleive.

rich

newsseller12

I have done this twice now and have always found it the best way, instead of being dictated by chains. I sold my previous property last year and rented for 5 months. By doing this I found myself in a much better position to negotiate on my future purchase, Luckily I had a lanlord who knew my intentions and was quite happy with 6 weeks notice (private landlord)

Kel_3

Thanks for the replies. Sounds like it could be a good idea then as we really don't want to get into a really long chain.

We have found one estate agent that does 3 month lets and one which has a property which we may just be able to rent for a couple of months. Also the interest we will get on the equity will cover alot of the rent.

pusscat

I did it and it worked out fine!

I was single at the time (and out of the country for most of the week) and I found an old Manor house that had been converted into "short let apartments". I had to give a weeks notice if I wanted to leave, it was more convenient that renting a house, cheaper than a hotel and did me fine for 3 months.


If you had kids/pets etc it would be a bit harder I guess.....

Puss

Guy_Montag

My sister stuck all her stuff in storage & went on holiday for two months. That was in Scotland though, only once everything had been agreed & most things had been signed.