Can’t agree on completion date

Martico

One of the most important variables in this is your local market conditions for rentals - some areas are a nightmare, with properties being let as soon as they come on the market and dozens of hopefuls not even having time to see a property, while other areas there's a bit more give. Check with agents what their sense is, and - as someone suggested earlier in the thread - ask one of the agents in your chain if they also do rentals and can help you out with first or early viewings on rentals so that the chain doesn't risk being collapsed.

saajan_12

angel3130 said:

I’m not stuck on 4 weeks, I don’t know how long the whole requesting a viewing and being accepted as a tenant will be. I was recommended 4 weeks so I thought that would be a reasonable amount of time. I came on here for advice, not to be patronised. This whole thing is making me lose sleep and feel poorly and as I don’t have anyone to ask for advice I thought I would get it here 

Right, and that's what we're trying to give.. the questions are things to ask yourself and see if it makes sense to adjust your current thinking currently

If you get 4 weeks there will still be a good chance that's too low, and you may need to move somewhere temporarily anyway. Is there any way you can find some money for that ?

* If absolutely not, my advice is to push for 5-6 weeks instead. Note this option is very risky and likely to lose the sale, so only as a last resort. 

* If yes, then ask for 4 weeks still but there's no budging then my advice is to agree to the 3 weeks. It keeps the sale going and won't be too different to the 4 weeks. 

In either case, my advice is to start the process of viewings, offering on rentals and referencing with the LLs. Don't sign the contract until you've exchanged but there's a lead time before that which will only extend the time. This way you'll also get an idea of when the properties are available in relation to when you view.. some LLs do it a month ahead, some more or less. 

EssexHebridean

Whatever you decide in terms of a timescale - you need to start looking for your new rental home now - leaving it until exchange of contracts is asking for a situation where you get to completion day with nowhere to go! 

Exodi

EssexHebridean said:

Whatever you decide in terms of a timescale - you need to start looking for your new rental home now - leaving it until exchange of contracts is asking for a situation where you get to completion day with nowhere to go! 

Indeed, and (depending on how populated the area) don't be laid back in your searching.

I helped my parents secure a property in Blackburn and it wasn't easy. Call the estate agents and talk to them, insist on viewing properties as soon as possible - later that day if they'll allow it (their scenario had the added complexity of pets).

If you're nonchalant in your search, sending emails and waiting for replies or booking viewings in a week and a half because you have that weekend free then you'll keep missing out on properties to those who aren't.

I did my search a couple of years ago, hopefully it's calmed down from that now (as rents have soared since).

FlyMeSomewhere79

You need to start trying to get a rental now, now is the time to find out whether your credit rating is going to cause you any issues because of it does then what is your plan B? It doesn't sound to me like you can afford to lose that house sale either.

I know this is stressful but you've ran the clock down a lot to get to near completion and not even checked if your credit rating will allow you to rent. Your buyers will be sat living out of boxes, they'll have furniture trucks to get booked in, you can't drag this out unfairly and as I said you need to find out asap about your credit rating and make a plan B if you get refused for rent.

FlyMeSomewhere79

saajan_12 said:

angel3130 said:

The reason I am having to sell is because I bought the house under a shared equity scheme with Persimmon - they lent me 25% of the value for the deposit and now the time is up to pay it back. Due to me being on my own now and with bad credit I can’t get another mortgage to borrow this money so have to sell. Once Persimmon get their share I won’t be left with much so don’t want to be moving in somewhere temporarily first. I haven’t sold before so wasn’t sure of the right way to do things hence asking for advice on here. I’ve just asked to view a couple of properties but they said first available is next week so I think being ready in 3 weeks is pushing it

If you really can't move somewhere temporarily, then what's your plan if the 4 weeks turns out to be insufficient as well? Why not ask for 8 weeks to be more comfortable (1-2 weeks to get through viewings and find one that'll accept your offer, 1-2 weeks for reference checks, unknown weeks for the current tenants to leave and any repairs / refurb to be completed). 4 isn't a magic number. 

The op needs to know now if their credit rating is an issue, asking buyers to go from 3 weeks to 8 weeks isn't fair, they'll be living out of boxes, need to plan furniture trucks, moving utilities. The op has had all the time the sale has taken to make enquiries about their credit rating. Who pays the extra months mortgage on the house that's being sold!