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In a right old quandary
staffie1
Posts: 1,967
Forumite
Accepted an offer on my house and we’ve been ready to exchange for some time. I have been unable to find a suitable place to buy, so planned to rent for a period so we can complete and I can get some breathing space while I look.
Just prior to the lockdown, I suggested a completion date of mid April.
Just prior to the lockdown, I suggested a completion date of mid April.
We have not exchanged yet.
My buyer is (understandably) getting very frustrated with me, and wants to hold me to the mid April date.
However, as most people are finding now, the solicitors will not entertain a gap between exchange and completion dates, during which I had planned to sign a tenancy agreement, so I can be confident I won’t be left with 6 mths rent plus my current mortgage, should my buyer decide to pull out at the eleventh hr, or some other crisis happens.
As I see it, I have two choices: Either make my buyer wait until after lockdown (unknown - and I’ll probably lose my sale) or I take a considerable risk and commit to £5,000 rent when I haven’t exchanged.
I need to check, but I believe letting agents won’t agree to signing an agreement on moving day.
Am I right? Do I have any alternatives now? Or in the circumstances, is it just hard cheese?
My buyer is (understandably) getting very frustrated with me, and wants to hold me to the mid April date.
However, as most people are finding now, the solicitors will not entertain a gap between exchange and completion dates, during which I had planned to sign a tenancy agreement, so I can be confident I won’t be left with 6 mths rent plus my current mortgage, should my buyer decide to pull out at the eleventh hr, or some other crisis happens.
As I see it, I have two choices: Either make my buyer wait until after lockdown (unknown - and I’ll probably lose my sale) or I take a considerable risk and commit to £5,000 rent when I haven’t exchanged.
I need to check, but I believe letting agents won’t agree to signing an agreement on moving day.
Am I right? Do I have any alternatives now? Or in the circumstances, is it just hard cheese?
If you will the end, you must will the means.
0
Comments
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If you havent got alot of furniture, you could become a lodger/shared house and pay montlhy on open rent
1 -
3 bed house worth of furniture. I don’t think the current distancing regs would allow me to do that anyway unfortunately.
If you will the end, you must will the means.0 -
if you have a willing buyer Id snap their hand off! Buyers ( including me BTL ) are pulling out in droves
if house prices fall through the floor as anticipated, then that rent will be chicken feed !4 -
Surely the risk of six months rent is the lesser evil compared wit the risk of either ..
(a) being homeless with a van full of furniture if the prospective LL pulls out last minute
(b) failing to complete and being liable for the whole chain expenses
(c) losing your sale and not being able to obtain the same price in future.
Having said that, are the rest of the chain even willing and able to complete mid April under the circumstances?
3 -
That’s a very good point.If you will the end, you must will the means.0
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I can see you’re absolutely right. Btw my buyer is chain free.anselld said:Surely the risk of six months rent is the lesser evil compared wit the risk of either ..
(a) being homeless with a van full of furniture if the prospective LL pulls out last minute
(b) failing to complete and being liable for the whole chain expenses
(c) losing your sale and not being able to obtain the same price in future.
Having said that, are the rest of the chain even willing and able to complete mid April under the circumstances?
If you will the end, you must will the means.0 -
Well, I did tell them I required a gap between exchange and completion but they refused point blank.Slithery said:
They're your solicitors, you tell them what you want to do...staffie1 said:...the solicitors will not entertain a gap between exchange and completion dates...If you will the end, you must will the means.0 -
Which solicitor refused? Your buyer’s?No reliance should be placed on the above! Absolutely none, do you hear?0
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Might be at the lenders behest. After all it's their money.0
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