How to gurantee vendors dont pull out ..i have to break chain & rent

nadmaj

Sorry . Yeh i get confused by the two



Contracts have been signed and exchanged on my house that im selling completing on 28 dec

A price agreed,searches done just waiting for a bit more paperwork on new house ..not exchanged or completed yet ...

Lokolo

If you haven't even got searches done then you could be quite a while off on your new property.

As others have said - put stuff in storage and find a spare room to rent in the short term. It will be expensive though.

It's going to be even harder to do with it being Christmas.

Aylesbury_Duck

nadmaj wrote: »

Sorry . Yeh i get confused by the two



Contracts have been signed and exchanged on my house that im selling completing on 28 dec

A price agreed,searches done just waiting for a bit more paperwork on new house ..not exchanged or completed yet ...

Ok. As Lokolo has outlined, you are in a difficult position whereby you have no leverage on your buyer and you will be in breach of contract if you don't complete on the agreed date, which could lead to all sorts of costs you'd be liable for. As for your purchase, you have no way of guaranteeing your vendor won't pull out. You need to sort out temporary accommodation but bear in mind you may need something longer term if the sale is delayed or falls through. I would be very wary of trying to push your vendor too hard. If s/he becomes aware of your situation and is unscrupulous, they might start to wonder if they can get a better offer out of you...

agrinnall

As far as I can see your only real problem is finding somewhere that you will able able to rent for such a short time. You have exchanged with your buyer so they will either pay up on the chosen completion date or will have to pay for delaying. Your new home will be ready when it's ready. In between you find somewhere to stay. It's only that last point that's an issue, because you won't find a property to let for 1 month (or 2, or however long it takes for the builder to finish), you'll need to look at friends, relatives, hotels or holiday lets.

saajan_12

nadmaj wrote: »

Sorry . Yeh i get confused by the two

Contracts have been signed and exchanged on my house that im selling completing on 28 dec - So you will have to move out by 28th Dec else be liable for significant costs.

A price agreed,searches done just waiting for a bit more paperwork on new house ..not exchanged or completed yet ...

On the purchase, if you're still waiting for paperwork / searches / the house to be completed, you will want to do final checks so YOU are not ready to commit to buying. So you can't exchange yet, so your vendor can't be locked in yet either.
You need to

1) find somewhere short term to rent (lodger? holiday home?)
2) finish paperwork asap (if a mortgage is involved you won't be able to speed it up much and even if not, would be wise not to skip anything)
3) exchange on purchase with completion date so you have minimal overlap with your rental
4) give notice on rental
5) complete on purchase on pre-agreed date and move in.