exchange and renting

thecrazy1_2

Hi all,

I am looking for a property to rent. My current situation is that I have split with my partner and we still live in the same house. We have now sold the property and she is buying somewhere else and i am going to be renting. We are about a week away from exchange of contracts, I need to let a landlord know tomorrow if i want the property. So, if I say yes and pay the deposit and then something happens and the exchange is either moved back or the buyers pull out, do I lose my deposit. If I don't say yes and wait for the exchange, I may have to wait a month to move into rented property. Oh what a dilemma!

G_M

thecrazy1 wrote: »

Hi all,

So, if I say yes and pay the deposit and then something happens and the exchange is either moved back or the buyers pull out, do I lose my deposit.

Not if you start paying rent on the agreed tenancy start date. Whether you decide to move in on that date is up to you, but if you've split from your partner I'd have thought the sooner you move on the better.

The alternative, as you say, is to pay the deposit/sign the tenancy agreement, and then breach the contract by not taking up the tenancy.

The landlord could sue you for breach of contract and claim compensation for lost rent.

Jhoney_2

No rental experience but here's my thoughts. Is the property that nice/convenient/rare etc that you cannot wait a week?

The reality is you haven't 'sold' yet and there is no commitment from buyer until you exchange in a week or so, therefore you are faced with

a) take it as you will want to live there anyway. You will probably lose the deposit if the sale doesn't go through, but the availability may be worth the risk to you.

b) decline with LL and hope another comes along that suits your requirements. Depending on negotiations for completion which is done at point of exchange, you may be able to agree a date to coincide with a different rental date/property.

C) If it is difficult to remain in the property for another month, have a discussion between you or stay in BB or with friends for a few weeks.

thecrazy1_2

My concern is that if I wait for the exchange and then start looking for a property to rent it won't be available for at least a month, our buyers may not wait that long, but if I go with one that is available say mid may then I only have to wait a few weeks and the buyers will prefer this.

I have suffered with her for the past 8 months so another few weeks wont kill me (I hope)

Jhoney_2

Put down a non-refundable £100 holding deposit to lock out everyone for a week?

Speak to the LL about your interest/situation - and your solicitor to push things along to exchange asap!