to move into a rented house between exchange and completion of our sale?

(18 Posts)
dcb Sat 18-Jul-15 10:37:39

That's it really. Or is it better to wait for completion before moving?

NoArmaniNoPunani Sat 18-Jul-15 10:38:30

Wait for completion or you'll have to move twice.

ghostyslovesheep Sat 18-Jul-15 10:42:41

why? - are you moving into rented permanently?

if so it makes no difference really does it - just move when you want to

if not it's just bizarre

Meandyouandyouandme Sat 18-Jul-15 10:43:57

Are you staying in rented after completion?

MrsBigginsPieShop Sat 18-Jul-15 10:46:13

Why do you need to do this? Are you breaking a chain? If no reason to do so, then YABU! Why move twice?

TheRealAmyLee Sat 18-Jul-15 10:47:42

I can't understand this question? Whenever we've bought houses/known people buying houses exchange and completion were almost simultaneous?

dcb Sat 18-Jul-15 10:50:58

Sorry, I mean that we are selling then moving into rented whilst we look for somewhere to buy. But I mean is it safe to move in between exchange and completion - I know it's prob safe but just in case completion doesn't go ahead. I think it would be helpful to do it over a few days prior to completion but dh thinks we should wait til money is handed over and definite then it'll be a rush to get out.

Enkopkaffetak Sat 18-Jul-15 10:51:34

Yanbu you ARE utterly crazy to consider it unless your worried you will loose your sale. If worried about loosing sale thrn a short let woild be ok but a great deal of hassle in a already stressful situation.

dcb Sat 18-Jul-15 10:51:56

we need a gap between ex and com so we can find somewhere to rent

wowfudge Sat 18-Jul-15 10:53:34

If you have the keys then it would be sensible I think. You don't have to move lock, stock and barrel, but ime it's better to do it in one hit.

MrsBigginsPieShop Sat 18-Jul-15 10:53:41

If the Buyer doesn't complete on the agreed date then the deposit they have paid on exchange will be released to you immediately. You can then claim against them for failing to complete. Either way, on the completion date you either get the full amount (most likely) or several thousand pounds at least.
I see your DH's point but I think he is overthinking. It's very sensible of you to want a few days between moving to rented and selling.

specialsubject Sat 18-Jul-15 10:55:52

if I understand, the OP is selling a house and then going into rented while looking for another - not, as you might think from the first post, just going into rented for the two weeks that the real world allows between exchange and completion.

the question is whether the sale is guaranteed on exchange (England/Wales?). The answer is effectively yes, because if the other party fails to complete you get enough money not to care.

so to do this, start looking at rentals but do not sign up for tenancies until there is exchange.

usual cautions; depost protection, gas safe, property condition, maintenance arrangements, don't rent a dump. And remember you are committing for six months minimum.

tattychicken Sat 18-Jul-15 10:58:57

You'd be pretty unlucky to have someone pull out after exchange.

dcb Sat 18-Jul-15 11:00:15

Thanks v much for your replies. So we would get to keep the deposit once exchanged if the buyer fails to complete. In that case I would be happy to take a small chance it wouldn't go through and start moving a few bits in at least. The place we're hoping to rent is a few doors down and the owners are our neighbours, but just waiting to exchange before we sign. It's not available until late august, hence need for a gap.

MrsBigginsPieShop Sat 18-Jul-15 11:03:42

Yes you would get the deposit released. But definitely do not sign the tenancy agreement for the new place until you have exchanged on your sale.

sadwidow28 Sat 18-Jul-15 11:21:30

My NDN did this. But they did have to sign a tenancy agreement prior to completion date. However, that meant they could start moving things before they had to vacate. They knew the deposit would be released to cover the rental if anything went wrong on completion day.

It meant that they could 'break the chain' and look for a new house at their leisure. I think they were in the rental for 8 months but they got a 5-bed house which had been reduced because it had been on the market for 12 months (they couldn't afford it when they were selling originally).

OnGoldenPond Sat 18-Jul-15 12:35:57

We had our buyer fail to complete some years ago. It was because their mortgage company didn't come up with the cash on time due to surveyor requiring work done right at last minute ( surveyor was nuts and their mortgage co ended up sacking him confused).

It was a month before they managed to complete and they had to pay a massively extortionate daily rate of interest on the cash they owed until then. We made over £10k on it in the end.

Just don't allow your buyers any unsupervised access until they complete. Our buyers ripped out all the carpets without permission ��

Melonfool Sat 18-Jul-15 13:01:17

It's fine after exchange, there are guarantees.

I've never had simultaneous exchange and completion, always a couple of weeks in between.

Remember you'll have double costs though, rent and mortgage payable to completion date.

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