What To Do???? Advice please

Wannabesaver_4 · 15 February 2007 at 11:28AM

Hi All - Well we have accepted an offer on our house a week ago and its a first time buyer and we are going into rental so no chain - BUT last night we saw a amazing flat that we want to rent. SO here lies the problem.... the tenants have paid up until the 4th March and are moving out this weekend, letting agent says we could put holding deposit down on the house to secure it and move in April (vendor wants to move in April Easter holidays which are 3rd -17th April). But my nerves are jangling beacuse if the sale of the house falls through we lose deposit which is £200. ARggggghhh :eek: what woudl you do - my husband LOVES this flat - as do i but feels very risky.

FYI these flats dont come up very often hence feeling the pressure.

Thanks -any advice woudl be great!

Majik · 15 February 2007 at 11:32AM

Risk and reward, I suppose - I would ring your buyers and let them know the full shebang, get reassurance from them and see what has happened since the offer.

Then make your decision armed with all the facts.

Majik

elsien · 15 February 2007 at 11:34AM

Do you know of any problems a survey might throw up to give your buyer the wobbles?
Do they have a mortgage agreement in principle, so you know they can afford your house?
Are there any other buyers who you could go back to if yours does fall through?

If all the above seem ok, I'd say maybe take the chance.

Wannabesaver_4 · 15 February 2007 at 11:40AM

I dont think there is anything which would come up in the survey, apart from a condesation issue in one room but thats a ventilation thing rather than a problem.

Hmmm you maybe right - just dont want to be frilvilous and throw money at this house and never live in it. Also what if the sale falls through - it coudl take another 3 months to complete with a new buyer and then were paying mrtgage on house and rent for that time!

Arggghhh:eek:

silvercar · 15 February 2007 at 12:42PM

if the sale fell through and you had to pull out of the rental, the landlord would have a duty to minimise the loss and let the property to someone else. you would be liablie for the rent until the property is relet and any advertising costs.
this would only occur once you had signed the AST, just putting down a holding deposit would not incur a liability AFAIK, though the holding deposit may be lost.

Wannabesaver_4 · 15 February 2007 at 12:48PM

bump bump bump

Wannabesaver_4 · 15 February 2007 at 12:50PM

Silvercar - thats great thank you so much. Although £200 is alot i think we have decided to risk it - the EA says the buyer is in a good position and we can hopefully get it completed all on the same date. Fingers :T

silvercar · 15 February 2007 at 2:53PM

Personally I would rather risk £200 than risk being homeless.

What To Do???? Advice please

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