Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • CarolFi
    • By CarolFi 8th Jan 18, 3:07 PM
    • 4Posts
    • 1Thanks
    CarolFi
    Moving in to new home 2-4 days before completion on old one- how?
    • #1
    • 8th Jan 18, 3:07 PM
    Moving in to new home 2-4 days before completion on old one- how? 8th Jan 18 at 3:07 PM
    Hi
    I want to move into our new home 2-4 days prior to completion on the sale of our current property for various reasons.

    The money we are being paid for our home will be lodged with our solicitor 5 days before completion but obviously is not accessible by us until completion.

    How could this be achieved simply and cheaply?
    A bridging loan (of around 700k) seems complicated and the term seems to start at a month.
    My current mortgage company and bank won't consider doing anything.

    Another option I guess is a short term tennancy agreement with the vendors
    ... any other ideas?
Page 1
    • ViolaLass
    • By ViolaLass 8th Jan 18, 3:13 PM
    • 5,382 Posts
    • 7,437 Thanks
    ViolaLass
    • #2
    • 8th Jan 18, 3:13 PM
    • #2
    • 8th Jan 18, 3:13 PM
    Tenancy would work but everyone on here would yell at the owners not to do it.
    • zx81
    • By zx81 8th Jan 18, 3:14 PM
    • 17,207 Posts
    • 18,283 Thanks
    zx81
    • #3
    • 8th Jan 18, 3:14 PM
    • #3
    • 8th Jan 18, 3:14 PM
    Another option I guess is a short term tennancy agreement with the vendors
    Originally posted by CarolFi
    You'd be banking on your vendors being out of their tiny minds to agree to that one.
    • ACG
    • By ACG 8th Jan 18, 3:16 PM
    • 17,015 Posts
    • 8,909 Thanks
    ACG
    • #4
    • 8th Jan 18, 3:16 PM
    • #4
    • 8th Jan 18, 3:16 PM
    For the sake of 4 days I would not do this.
    A bridging loan is probably the only legitimate way, but if you need a Mortgage then you are going to need to declare these changes to the lender.

    But it will also cost you an arm and a leg.

    A tenancy agreement is also unlikely, solicitors will advise against it for you and the vendor. Again, your Mortgage lender would need to be made aware and probably not like it.

    It would be cheaper to dump your stuff in storage for a week and go on a "mini break" for 4 days.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • CarolFi
    • By CarolFi 8th Jan 18, 3:27 PM
    • 4 Posts
    • 1 Thanks
    CarolFi
    • #5
    • 8th Jan 18, 3:27 PM
    • #5
    • 8th Jan 18, 3:27 PM
    ZX81 I think constructive comments would be far more useful. Please save your energy if you don't have anything constructive to say.

    Thank you ACG. I am not going to be sitting around doing nothing during that period. I have a lot to do to the current house which is why I want to spread the work out a bit.
    • ytfcmad
    • By ytfcmad 8th Jan 18, 3:44 PM
    • 252 Posts
    • 110 Thanks
    ytfcmad
    • #6
    • 8th Jan 18, 3:44 PM
    • #6
    • 8th Jan 18, 3:44 PM
    ZX81 I think constructive comments would be far more useful. Please save your energy if you don't have anything constructive to say.

    Thank you ACG. I am not going to be sitting around doing nothing during that period. I have a lot to do to the current house which is why I want to spread the work out a bit.
    Originally posted by CarolFi
    ZX81 made a very valid point !
    • CarolFi
    • By CarolFi 8th Jan 18, 3:52 PM
    • 4 Posts
    • 1 Thanks
    CarolFi
    • #7
    • 8th Jan 18, 3:52 PM
    • #7
    • 8th Jan 18, 3:52 PM
    ytfcmad well had I been interested in sharing more of the facts you'd see it isn't but I'm not going to, especially in such an aggressive environment.
    • davidmcn
    • By davidmcn 8th Jan 18, 3:52 PM
    • 7,808 Posts
    • 7,978 Thanks
    davidmcn
    • #8
    • 8th Jan 18, 3:52 PM
    • #8
    • 8th Jan 18, 3:52 PM
    ZX81 made a very valid point !
    Originally posted by ytfcmad
    And I'll third that (or fourth it, since ACG agreed). It would be very unwise of the vendors to let you move in before completion of your purchase.
    • CarolFi
    • By CarolFi 8th Jan 18, 3:55 PM
    • 4 Posts
    • 1 Thanks
    CarolFi
    • #9
    • 8th Jan 18, 3:55 PM
    • #9
    • 8th Jan 18, 3:55 PM
    Well that is advice for the vendors and nothing to do with helping me out. Thanks for nothing.
    • Browntoa
    • By Browntoa 8th Jan 18, 3:56 PM
    • 33,189 Posts
    • 39,102 Thanks
    Browntoa
    Cheapest safest way to achieve this is to move into a hotel for the 3-4 days and gave the removal people store stuff until completion

    No seller or solicitor in their right mind will let you move in
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • k3lvc
    • By k3lvc 8th Jan 18, 4:05 PM
    • 2,242 Posts
    • 3,724 Thanks
    k3lvc
    No seller or solicitor in their right mind will let you move in
    Originally posted by Browntoa


    How unhelpful even if it's the truth that the OP doesn't want to hear


    OP - you've got your answer with a bridging loan if it's that important to you then you need to stomach the cost. There's not another option that anyone on their right mind is going to agree to
    • davidmcn
    • By davidmcn 8th Jan 18, 4:07 PM
    • 7,808 Posts
    • 7,978 Thanks
    davidmcn
    Well that is advice for the vendors and nothing to do with helping me out. Thanks for nothing.
    Originally posted by CarolFi
    It's useful for you to know what you can realistically expect the vendors (or lenders) to agree to, surely?

    However, if you're going to be so thoroughly ungrateful about our free advice, I'll let you get on with it.
    • kingstreet
    • By kingstreet 8th Jan 18, 4:10 PM
    • 33,533 Posts
    • 18,170 Thanks
    kingstreet
    If contracts have been exchanged, the vendor might be prepared to allow you access under licence, but this will not permit you to move in, have building work, decorating etc done.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • zx81
    • By zx81 8th Jan 18, 4:11 PM
    • 17,207 Posts
    • 18,283 Thanks
    zx81
    Another option I guess is a short term tennancy agreement with the vendors
    Originally posted by CarolFi
    I think this is a wonderful idea and all efforts should be put into making it happen.
    • enthusiasticsaver
    • By enthusiasticsaver 8th Jan 18, 9:07 PM
    • 6,598 Posts
    • 13,782 Thanks
    enthusiasticsaver
    This is unlikely to be allowed for all sorts of reasons mainly legal in that if you gained access to the property without paying any dosh you have an advantage in that you are now a sitting tenant. No mortgage company will agree to hand over money for an asset not yet bought. We recently sold a flat where the new occupiers wanted to do a lot of work before moving in. They put their stuff in storage, stayed initially with their daughter then a hotel until the work was done.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Thrugelmir
    • By Thrugelmir 8th Jan 18, 9:36 PM
    • 58,876 Posts
    • 52,204 Thanks
    Thrugelmir
    Hi
    The money we are being paid for our home will be lodged with our solicitor 5 days before completion but obviously is not accessible by us until completion.
    Originally posted by CarolFi
    That's an unusual situation. Why was completion delayed if this is the case.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • davidmcn
    • By davidmcn 8th Jan 18, 10:23 PM
    • 7,808 Posts
    • 7,978 Thanks
    davidmcn
    That's an unusual situation. Why was completion delayed if this is the case.
    Originally posted by Thrugelmir
    I suspect the OP is referring to the loan funds for their purchase. Doesn't make much sense otherwise.
    • Tom99
    • By Tom99 9th Jan 18, 2:41 AM
    • 2,220 Posts
    • 1,506 Thanks
    Tom99
    If the vendor is prepared to help you out in this way and since the risk of completion not happening is mostly theirs, then download a model AST agreement and use that. Don't bother telling your solicitor.
    • getmore4less
    • By getmore4less 9th Jan 18, 4:25 AM
    • 32,173 Posts
    • 19,328 Thanks
    getmore4less
    Thank you ACG. I am not going to be sitting around doing nothing during that period. I have a lot to do to the current house which is why I want to spread the work out a bit.
    Originally posted by CarolFi
    What on earth need doing to the place you are selling?

    is completion dependent on these jobs?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

581Posts Today

5,960Users online

Martin's Twitter