searching for a rental property since recieving offer...

LADYXXMACBETH

I am in a bit of a dilemma, well not really but I have sold the house well accepted an offer from an investor and we are going to move into rental long term. MY dillema is when to look for a new rental house? I think both parties are keen to move quickly and our EA said it should be done about mid Jan all being well. I feel guilty about asking to see rental houses because I am not in a position to say "yes I'll take it" but at the same time I need to see the sorts of properties that I can get. There are not many properties to choose from on rightmove the availiable houses that are suitable and in our very flexible budget is 10 on rightmove and on a local property search website there are 5 so about 15 in total. I can't say I'll definitely have the house until I am completed but I dont want to leave a long period between exchange and completion. but I dont want a LL to have to wait for me. What would you do or think was a suitable time to wait as a LL?

BitterAndTwisted

Depends on the rental-market where you are. In my location landlord aren't prepared to wait any length of time at all, so tenants have to be prepared to take the property and pay the rent until they are in a position to move in.


I think you should start looking once you've got a firm completion date and accept that you might have to pay the mortgage and the rent at the same time for the right property.

QTPie

Depends on your area.

I am a bit of a pessimist: last two houses we sold, both had a buyer fall through on us. To me a house isn't "sold" until you exchange.

We have just sold (completed mid-November) and had to go into rented for 6 months (well it now turns out to be less, but we didn't know that when we were selling and looking for a rental...).

We specified, from the point of accepting an offer, that we required "a minimum of 28 days between exchange and completion". This was to give us time to secure a rental property and move (without being completely hurried) before completion.

In our area there is generally a fast turnover of (good) rental properties. You cannot sign a tenancy agreement until you have exchanged (well you can, but it is incredibly risky - because you are then liable for the rent). A LA requires a non-refundable deposit to hold a property and most are reluctant to hold a property if you are not in a position to commit and progress.

I would suggest keeping an eye on rightmove etc. Booking viewnings a week before exchange, then you can commit the moment you have exchanged contracts. Viewing much before that is a waste of time really: you cannot commit and someone else may well have secured it by the time you are in a position to commit.

You are lucky to have quite a choice: we viewed 5 (the only ones suitable) and had to pick one.