Renting the house we are buying while waiting to complete?

RubyShoes

Dear all,

Just thinking of some options for the moment, as the LL in our current rented property is putting pressure on for us to move out as he is selling.
We have found a house, made an offer, been accepted, and had the full mortgage offer through. We are now in the hands of the solicitors for exchange/completion.

I know the vendor had the house up for rent at the same time as trying to sell, and I was wondering if it might be a good idea to offer to rent the property for a month, while we are waiting for exchange/completion. They bought the house to do up and sell, so there is no chain on ours or their side.

Are there any draw backs to this plan? Any reason why we shouldn't put this propsal forward? Im feeling pretty desperate right now, as the LL wants us to move out, is being a pain in the !!!, and my OH has got a new job who want him to start like tomorrow! He can't start until we move.

Help!!

chappers

yes that may be an option but as your so close now I would just hang in there, just press your solicitor to get on with the searches if he hasn't done them already.

lostinrates

My DH is lodging in the area he works while we look for somthing to rent there. With the aded security of a house purchase almost completed, could you DH not do the same? Or stay in a very cheap hotel/b&b in the interim....it won't solve the problem for your LL, but he'll know you are serious, adn if you take viewings I'm sure he'll be calm, it lets your husband get settled in his new job and keeps the situation with the vendors of your house (congratulations!) clean, neat and tidy.

Sure, lodging and living separately isn't what DH or I would choose, but for all the reasons you and I mentioned, its the best scenario under the circumstances for us!

RubyShoes

Unfortunately we are not in the position to live seperately. Its kind of all or nothing.

He could drive to work from here, its not that which is the problem with him starting - its the childcare problems it would give us. His current job he finishes at 5.15pm in time to pick DS up from the afterschool club. This new job finishes at 6pm, but the afterschool club finishes at 5.45pm :rolleyes:

Once we move, DS will be going to his Grandma's school, and childcare will no longer be an issue, so working til 6pm will be fine.

I hope that makes sense. Basically, he can't start his hew job until we have ALL moved.

The LL is having problems selling, because of me, which is why he wants me out. Despite already doing viewings for him, all the feedback he is getting is 'not willing to buy with tenant in situ - too many problems'.

Im sure you can see my dilema!!

Ruby
x

dannyboycey

This may sound mad but If we are talking a matter of days, Travelodge do cheap rooms. 'Stuff' could go into storage. Just an idea? Might work out cheaper than renting.

zzzLazyDaisy

Renting for short periods is a nightmare because of the legalities for landlords which mean that the minimum period they can let a property for is 6 months, which won't suit you.

The exception to this is holiday lets - if you are moving to an area that is a tourist destination you can often find cheap cottages for holiday let out of season. They are rented on a wekk to week basis but out of season if you guarantee a month, say, they may agree a further discount. But it would be a furnished let, so you would have to put your stuff into storage.

The alternative is to bunk down at a relative's house for a few weeks, maybe?

chappers

I would sit tight if you do rent this property from the vendor and then the sale goes tits up you will be left in avery awkward position.
Your current landlord should just tel peoplke viewing the house that he has already served you notice and you are leaving in two weeks time.

RubyShoes

We are looking to complete around the 25th April, so its a matter of about 3 weeks. We have no relatives who would be willing to house us all... its mainly my son that is causing the problem!

He is at school, and we both work full time, so messing around needs to be minimal!

I looked into storage costs, and moving twice, but it was more expensive than renting the vendors house, which is how I came up with the idea.

The storage costs are £195 for 4 weeks, plus moving costs of £250 each time we move the stuff. The rent would be £120 per week.

WillowCat

I once let out a flat that I was selling. My solicitor set up a 6 month AST but he only rented it for about 4 weeks prior to completion.

The only slightly sticky point was when he asked us to do a repair on the heating system, which we both knew was needed, but not really urgent, and thought that he could make us as landlord do the repair even though the sale price reflected the problem. When we said - sure, but if we do we're not selling he soon changed his mind. If he had pulled out we wouldn't have held him to the tenancy if he hadn't wanted to stay.

Apart from that it was plain sailing and if your vendor is happy with the arrangements then it sounds like the best answer in your situation.

I personally did not make any money out of the arrangement as the months rent was about the same as the solicitors cost for the AST. However I wouldn't have got that money anyway with a vacant flat so it didn't matter.

TBeckett100

we rented our flat for a month before completion. it was good because the pipes curst and they had, as landlords fix it!