Post exchange stress

essex123_2

Post deleted now.

Guest101

When it completes you have to be out, or the 'penalties' will absolutely destroy your family.

Failing to complete can and does lead to serious financial implications. The buyer could easily be in a hotel if you fail - and guess who's paying for that?

LateStarter

You know those messages that start "I'm not having a go, but..." - this is one of them

I'm not sure what you're asking, and you've rambled quite a bit, but the gist of it seems to be that you don't know where you're going to live when your parents complete their house sale. As they've exchanged, the completion date is essentially fixed at the end of July. And as they've not found a somewhere else to live, it's highly unlikely you'll be able to but a property in 7 weeks or so. Which leaves rental...

The minimum rental term in normally 6 months. This is not necessarily a bad thing, as it can easily take that long for a house purchase to complete, and reduces the stress of finding somewhere right away. If you do find a house, completion date is something you can schedule to happen at about the time your rental ends.

You could also try to move into a holiday let, but it's not really practical for more than a couple of months if you have no permanant address, and would probably be more expensive.

But relax, breathe. Nothing bad is happening, it's just a house move.

Best Wishes
LS

Davesnave

LateStarter wrote: »

You know those messages that start "I'm not having a go, but..." - this is one of them

I'm not sure what you're asking, and you've rambled quite a bit,

Give her a break, she's a writer.

You can't expect her to give away everything in the first few paras! :cool:

Seems like a plan to me. Going rented is good in today's market but 6 months is usually the minimum and you would normally move to a rolling contract after that. That's what I did for 9 months overall, till the right place came up.

The only down-sides are that you'll move twice, and prices might rise while you are off the ladder, but that's obviously something highly dependent on area.

pinkteapot

essex123 wrote: »

Mum and Dad exchanged end of April - pretty quick so I suspect it was pushed through and buyers want to complete 31st July.

The buyers don't "want to" complete 31st July. If contracts have been exchanged then you ARE completing on 31st July. There is no choice. The buyers get the keys probably lunchtime-ish and there are serious financial and legal penalties if you're not all out. From the ending to your post it sounds like your parents understand that but you don't.

With renting you can't be that picky. Viewing houses to rent is completely different to viewing houses to buy. All you ask yourself is:

1. Is the area about right?
2. Is the house big enough?
3. Is the price OK?

It's a 100% practical choice, especially as you know it's not for the long term. No need to love the property or anything like that. You take what's available.

You can find and move into a rental very quickly (within a week). Keep in touch with all the local agents, make sure they know the date you need the property from and they ring you about new instructions. Rentals often don't go on Rightmove - they come and go too fast.

Also look in local papers for landlords advertising direct - I found my last rental flat that way.

You could start the tenancy a few days before the 31st so you can move out at your leisure rather than rush to do it all on completion day itself.

PasturesNew

pinkteapot wrote: »

The buyers don't "want to" complete 31st July. If contracts have been exchanged then you ARE completing on 31st July. There is no choice. The buyers get the keys probably lunchtime-ish and there are serious financial and legal penalties if you're not all out.

Plucked this bit just the really ensure the OP is fully up to speed with the reality - the law - the facts.

OP: No choice. Serious.

-taff

I'm confused....
who exactly wants to rent and buy?

Do you want to rent with your parents? Or buy with your parents?
Do they want to rent by themselves and leave you and whoever esle to rent by yourselves?

No one will complete without vacant possession, or at least no one with half a brain, so if you are completeing on July 31st, that's not enough time to buy a house even if you were accepted ow, without a minor miracle, so get your skates on and start looking for a rental.

macman

You can mutually agree whatever you want, but if you want to delay completion then the buyers will rightly expect compensation-you do not appear to be aware of the legal meaning of exchange. The buyers effectively now own the property but without the right to occupy it until 31/7.
I too cannot make out what your question actually is.

Davesnave

It's straightforward: you are too late to buy anything to move straight into now.

You'll be going into rented accommodation, and if you're sensible, the tenancy should commence at least a week before 31st July.

As the rented house will be temporary, you won't need to be too picky, but make sure it's large enough to take all your things, or you'll end up renting a storage unit too. If you have pets you may have much less choice than you'd like.

Finally, if your parents aren't pro-active, then you'll need to be. Letting agents are far more helpful to those who go and see them, rather than folk who only communicate vaguely by email, so visit as soon as you can.

OP has deleted their posts.

pinkteapot

OP seems to have some issues with their parents selling up:

https://forums.moneysavingexpert.com/discussion/5225382
https://forums.moneysavingexpert.com/discussion/5242825

OP - if you're still coming back to read, please ensure you're out in good time on completion and don't cause your parents any unnecessary stress.

AdrianC

Somebody's in denial that they're going to have to stand on their own two feet, aren't they?