exchanged - when to start looking for a house to rent?

betsie

Hi
we have sold our house and exchanged contracts. The buyers gave us a long period to completion which is set for 12th Oct.
We have found somewhere to buy but they cant find anything so we took the decision to sell ours and rent.
We have not rented before so have no idea when I need to start looking? Also how negotiable is the advertised rental price?
Any advise welcome.
Thanks

BitterAndTwisted

Why has your buyer's problem suddenly become yours? I don't understand this. Rental agreements are generally for periods of six months minimum, so what's going to happen to the property you intend to buy once you're committed to renting?

The question about rent being negotiable is entirely dependent on the local market. In some parts of the country properties are quickly snapped up at the rent advertised but I suspect it all depends on how long a property has been vacant

betsie

Sorry I meant the house we hope to buy, the sellers haven't found anything.
I know the minimum is normally 6 months on a rental, but we have no option if we had stalled our buyers they may have pulled out and it seems to be so hard to actually get a house sold now. Lots go up as sold subject to contract and 3 mths later they are back on the market.
We want to move so this seemed the best option. We will be chain free and ready to proceed if and when something comes on the market that we want to buy.

If we complete on 12th Oct when should I start looking for a place to rent?

girl_withno_name

About 3 (maybe 4) weeks beforehand seems to be the norm from what I can gather from LAs.

This should give enough time to find somewhere, sort references and credit checks, monies and contracts... if you look too far in advance then the LLs might not be willing to hold the property until you're ready (or at least, might ask for a fee to do so).

blakey88

Start looking asap, contact a few letting agents let them know what you're after and when, LA's are given at least 30days notice of when a property will become available from the old tenant so it's advertised for around a month. Letting agents are pretty good at helping you look for a property too (most are anyway!) around the end of this month/ early september is when you should be looking to do applications for a property if you want to be in early oct.

Surprised about the property you want to buy and the sellers not going yet, that's their problem surely and they should be the ones looking into renting?

betsie

Its an elderly women on her own. I don't think she is really up on how things are in the market at the moment and she wouldn't go until she has somewhere to buy. Hopefully it will all work out ok, but if not I am sure something else will come onto the market that we like.

Mr_Moo_2

Depends on your area and the Agents (or Landlord) you deal with. We had all our checks done in about 5 days and contract was signed in under 10. And yes we negotiated on the rent. If you don't ask.....

pinkteapot

It depends on the rental market in the area you're going to. Some towns have huge rental markets with loads of properties available at any given time. With those, you can look a few weeks before you need it - view a handful, pick one, sign the contract.

In some areas though there just isn't much to rent. I have friends who wanted a rental in a particular large village and after six months gave up and rented elsewhere. Similarly my mum is looking to rent after she sells but the town she wants to try living in has a very slow rental market so she's finding it a bit stressful as if she exchanges she's not sure if something suitable will be available.

Although you've got a while to go, check Rightmove rental listings and call lettings agents in the area you want to rent in. Find out how much is available so you can get an idea of how long a lead time you need to leave. Don't rely purely on Rightmove -some rentals are listed on there but lots aren't as the rental market moves a lot quicker than the sale market.