House sale completion date and going into rented with poor credit

choccy1972

Hi
I've just had an email from my Solicitor with contract enquiries and an exchange/completion date on the same day 4 December (cash buyer).

I just wanted to ask for some advice please.

My boiler has recently started losing pressure and I keep topping it up, so would it be best to inform the solicitor about this? 

I'm thrilled to have the date now in sight, but I'm going to need to push this back as I don't have anywhere to live yet. I was going to ask for another couple of weeks, which would take me to just before Christmas. Is this realistic?

Also re going into private rented. I'd be borrowing a deposit from family, but I'm unsure how to approach the lettings agents as I won't pass a credit check, but I would be able to pay 6-12 months up front. I'm also out of work at the moment, but hoping to be back in work after I get settled in my new place.

Thank you.

AskAsk

you don't have to tell the solicitors about the boiler as it is the responsibility of the buyer to check that appliances are working.

it will be near impossible to rent a place with bad credit.  you will need a guarantor.  i am not sure paying 6 to 12 months upfront will satisfy the landlord if you don't have a job and have bad credit.

greatcrested

Selling with nowhere to go seems.... risky.

Do you have a contingency plan? Staying with friends/family?

Re rentals, much depends on the landlord(or the agent if the LL has delegated all decisions to them). With poor credit, the best solution is a guarantor. SomeLLs/agent will accept advance payments (eg 6 months) but many will not as there are risks attached to this for the LL.

Re the boiler - if the buyer asks, be honest. If not, it's up tot he buyer to get it inspected if they wish.

As for the Completion date, i's up to you. Push it back; cancel it, instrct your solicitor and he'll do as you instruct! Of course, you might lose your buyer.

choccy1972

greatcrested said:

Selling with nowhere to go seems.... risky.

Do you have a contingency plan? Staying with friends/family?

Re rentals, much depends on the landlord(or the agent if the LL has delegated all decisions to them). With poor credit, the best solution is a guarantor. SomeLLs/agent will accept advance payments (eg 6 months) but many will not as there are risks attached to this for the LL.

Re the boiler - if the buyer asks, be honest. If not, it's up tot he buyer to get it inspected if they wish.

As for the Completion date, i's up to you. Push it back; cancel it, instrct your solicitor and he'll do as you instruct! Of course, you might lose your buyer.

Thanks for your reply.
I am on local council waiting list, so going to call them on Monday to see if there are any options as I don't have anyone I can stay with.
The fixtures and fittings form asked re the boiler if it was in good working order, which it was at the time. Will speak to the solicitor about it.
Thanks again!

youth_leader

Could you get an engineer in to look at the boiler?  As for renting my daughter has just asked me to be guarantor and has secured her flat, I'm sure your parents would be happy to help.

spoovy

I had defaults on my credit file following fallout from the GFM ten years ago, and I had no problem finding rentals.  I rented twice, in different parts of the country, from large letting agents each time.   Maybe I just got lucky, but I believe they have to ask your permission to do a credit check (someone more knowledgeable than I can maybe confirm/deny this), and I was never asked.

AskAsk

spoovy said:

I had defaults on my credit file following fallout from the GFM ten years ago, and I had no problem finding rentals.  I rented twice, in different parts of the country, from large letting agents each time.   Maybe I just got lucky, but I believe they have to ask your permission to do a credit check (someone more knowledgeable than I can maybe confirm/deny this), and I was never asked.

estate agents are supposed to vet tenants for the landlord.  part of this vetting is to carry out a credit check.  they used to charge you for it, but i don't know if they can do so anymore due to change in fees by the government.  the OP being unemployed will be more important than even the credit check.

AskAsk

choccy1972 said:

greatcrested said:

Selling with nowhere to go seems.... risky.

Do you have a contingency plan? Staying with friends/family?

Re rentals, much depends on the landlord(or the agent if the LL has delegated all decisions to them). With poor credit, the best solution is a guarantor. SomeLLs/agent will accept advance payments (eg 6 months) but many will not as there are risks attached to this for the LL.

Re the boiler - if the buyer asks, be honest. If not, it's up tot he buyer to get it inspected if they wish.

As for the Completion date, i's up to you. Push it back; cancel it, instrct your solicitor and he'll do as you instruct! Of course, you might lose your buyer.

Thanks for your reply.
I am on local council waiting list, so going to call them on Monday to see if there are any options as I don't have anyone I can stay with.
The fixtures and fittings form asked re the boiler if it was in good working order, which it was at the time. Will speak to the solicitor about it.
Thanks again!

i think you can still get away with the boiler being left like that as you are not guantee that the boiler won't break down before completion as they can break down at any time, but as you are planning to hang around for a while, it may be best to get it fixed before it breaks completely.

choccy1972

AskAsk said:

choccy1972 said:

greatcrested said:

Selling with nowhere to go seems.... risky.

Do you have a contingency plan? Staying with friends/family?

Re rentals, much depends on the landlord(or the agent if the LL has delegated all decisions to them). With poor credit, the best solution is a guarantor. SomeLLs/agent will accept advance payments (eg 6 months) but many will not as there are risks attached to this for the LL.

Re the boiler - if the buyer asks, be honest. If not, it's up tot he buyer to get it inspected if they wish.

As for the Completion date, i's up to you. Push it back; cancel it, instrct your solicitor and he'll do as you instruct! Of course, you might lose your buyer.

Thanks for your reply.
I am on local council waiting list, so going to call them on Monday to see if there are any options as I don't have anyone I can stay with.
The fixtures and fittings form asked re the boiler if it was in good working order, which it was at the time. Will speak to the solicitor about it.
Thanks again!

i think you can still get away with the boiler being left like that as you are not guantee that the boiler won't break down before completion as they can break down at any time, but as you are planning to hang around for a while, it may be best to get it fixed before it breaks completely.

Thanks for your reply.

I can't afford for someone to come out and fix it, so think it's best to be honest about it. They know I've not kept on top of servicing due to financial difficulty and I wouldn't feel right not mentioning it.

Sistergold

AskAsk said:

spoovy said:

I had defaults on my credit file following fallout from the GFM ten years ago, and I had no problem finding rentals.  I rented twice, in different parts of the country, from large letting agents each time.   Maybe I just got lucky, but I believe they have to ask your permission to do a credit check (someone more knowledgeable than I can maybe confirm/deny this), and I was never asked.

estate agents are supposed to vet tenants for the landlord.  part of this vetting is to carry out a credit check.  they used to charge you for it, but i don't know if they can do so anymore due to change in fees by the government.  the OP being unemployed will be more important than even the credit check.

Yes not working will likely be a bigger problem than the bad credit record and the two of them combined? 

mark55man

I got credit checked when acting as guarantor for my DD.  But she is just out of Uni, no job and on UC - as is her flatmate, but it all went through OK.  I think LL are under a bit of pressure to keep tenancy up so may be happy to take 6 months up front.  Just make sure it buys you the security that you need - possibly offer extra deposit as that will be protected.  Possibly that's worth a separate question as with all these things both sides need to understand the rules to get fair protection both ways