Confused and need help about moving

[runforthehills65]

I accepted an offer on my house back at the beginning of February and they asked for a completition date for the end of May. They were slow in getting things started and only had the valuation survey done a few weeks ago. All is ok and exchange is likely in the next week or so, fingers crossed.

I have been looking at houses to buy since the beginning of the year and have viewed 30+. The main problem is my budget is at the bottom end for the surrouding area, which I have expanded as far as I can go. Last week I found a house I really like that had just come on the market. My offer was accepted but they have only just started to look for their next property as last year they found their dream home but lost out on it so this time wanted an offer on their house first.

My main concern is I morally feel I must adhere to my buyers completition date of end May and move out. Also, I am selling my house because I was ill a couple of years ago and accumulated a lot of debt whilst undergoing treatment so cannot afford to lose them.

I can see no way that I will complete on my next purchase by that time. So my dilemma is this, do I go into rented accommodation and wait for my sellers to find somewhere? Or do I ask my sellers to complete by end of May?

My buyers are in rented accommodation but their lease is up and I am buying my next house without a mortgage, as I am downsizing.

Or should I forget about this house, rent and then take my time to find somewhere. I have a child, dog and cat so this may prove difficult. I have no family locally to stay with.

Any advice gratefully received as I have lost all perspective on this situation.

[LIZS]

6 weeks is tight but not impossible if they are prepared to commit to moving out into rented. What you don't want is to waste time on this house and then find yourself looking again at the last minute if they change their mind. If you go into rented then a minimum lease would be 6 month so you might as well take time to look around over the summer and sue your strong negotiating position to get a good deal.

[runforthehills65]

Thanks. I haven't rented anywhere for since college so know very little about terms and conditions of renting. I was hoping to find somewhere for maybe only 3 months but perhaps this isn't possible. I think maybe if my sellers will not go into rented I would be best to and then take my time to look. Not want I wanted to do but my main reason for moving is to get out of debt so I must keep that in mind.

[specialsubject]

most rentals are for a minimum of 6 months - but there are some short-let places around (I lived in one for two stints) and they aren't necessarily dodgy!

findaproperty.com has a 'short lets' section, you may be in luck. Your issue is the pets (not the kid!) -the cat may be acceptable but landlords don't like dogs due to destruction, smell and barking.

do whatever it takes to keep your current sale. And let your vendors know of the situation, they may want to do the same, with luck they will move quickly and be the ones who go into rental.

[runforthehills65]

Will check that out. Thanks.

My real confusion is should I be the one to go into rented accommodation or should I be pushing for my sellers to go into rented until they find their next house?

[flow4]

While I've been house-hunting, I've noticed something perhaps worth mentioning... I have viewed 3 houses now that have had tenants living in them on very short monthly rolling contracts, who have all been 'between houses' and waiting for their own purchases to complete after they have sold their old houses. I don't know how this works, but it might be worth asking a couple of estate agents...

[flow4]

(So in other words, when a house hasn't sold quickly yet the vendor has already moved out - ie. has bought but not sold - EAs have leased it out on very short-term contacts to help out other vendors who have sold but not bought).

[Mandy21]

The alternative is to agree to pay your buyers costs for staying their rented accommodation (beyond their deadline for a completion date) whilst you get everything tied up on your purchase. To make sure they don't drop out, you could exchange with completion set for a set date i.e. 2 or 3 months in the future. I don't know whether that is feasible but certainly makes sense if you feel your purchase is do-able within a reasonable period of time. Your buyers are likely to be able to give notice presumably at a month end or a quarter end, so you might have to stump up 3 months rent.

[wendybird77]

I would ask them to move into rented. It puts them in a better position to move anyway. If they say no, then they say no and you go into rented and keep your options open. We had an offer accepted and told them from the offer that we needed to be in by a certain date (4 months in advance). It became clear they were not hustling to find somewhere to buy and they refused to go into rented themselves. We started looking again (which they knew about) and we found a better house in the nick of time. Their house is still for sale. My point is you may very well lose your buyers. As you don't love this other house, I'd put it to them to do their best to secure the sale. If they won't I'd move into rented and keep your eye out for something better.

[runforthehills65]

Thanks for your suggestions.

I think I will speak to EA on Monday and see if my sellers have found anything over the weekend. He was going to show them houses with no chains. I will then say I really would like them to be out by 31st May.

My main concern is they are after their 'forever house' and fair enough may take ages to find it. Last year they found that house but missed out as they hadn't sold theirs.