Chain delay - rent the new house? WWYD

[Tobuyornot99]

If anyone can help me see the wood for the trees I'll be eternally grateful!
Due to move on Weds into an empty house, first time buyer moving into mine, should be simple. There is now some hold up with our vendor, she needs to get a valuation on the house she moved into, goodness knows why she didn't do this month's ago.
I'm packed, living out of an overnight bag and mother in laws providing meals. Life is chaos, have 6month old baby and DP working long hours.
Is it completely bonkers to rent the house off vendor, and my buyer rent off me, until we complete? Is it even legal?
We have movers booked, services switching, etc etc. I could cry and drink gin, although neither will help.
Any advice greatly appreciated.

[wowfudge]

Have you already exchanged contracts with Wednesday as the completion date or is Wednesday when exchange and completion are both due to take place?

[Tobuyornot99]

We were due to exchange and complete on Wednesday.

[Jayfee]

If you have exchanged contracts your vendor should be the one moving to rent. Talk to your solicitor asap

[Jayfee]

sorry jst read you are due to exchange and complete the same day

[Jayfee]

i think everyone will probably have to stay put. very unusual in my experience to exchange and comllete simultaneously

[Tobuyornot99]

Sorry, just to clarify, the house we are buying is empy. She took on a bridging loan and moved out a while ago.

[AntiHop]

we did this. No idea if it was legal.

[Phillipa12]

I did this, the house i was buying was empty and i had left my old house so both myself and my buyers rented our respective new houses till sale went through. We did have to get a solicitor to draw up a standard monthly rolling contract, all worked out absolutely fine but there is an element of trust on all parts.

[Tobuyornot99]

Antihop was it OK for you, any problems? Did you tell your solicitors or just sort it amongst yourselves?

[Tobuyornot99]

Phillipa that's really good to know. I'm going to suggest it to all parties and see how they feel. The thought of unpacking even the essentials (not to mention cleaning the bloody oven again) is so unappealing.

[Twooter]

Is it worth you selling your house anyway? If it falls through at least you'd be in a great position for another house?

[wowfudge]

I'd push for exchange and completion on different days - too much at stake on one day, as you have found.

[Tobuyornot99]

Twooter it's certainly something to think about. Wowfudge you're right, at least if we exchanged next week there would be a legall binding date to complete.

[specialsubject]

Those is why simultaneous exchange and complete is nuts. Way too late to dive into the dodgy waters of renting it. Sell yours, cancel everything else until you have exchange , and make sure completion is at least a week later.

You will need to sort temporary accommodation and storage.

[Bluntness100]

You should all exchange them set up a rental agreement. Your solicitor should do it. Don't rent before exchanging. We did it and it was fine, but you should at least exchange first.

[Bluntness100]

You could also do it all in a day, exchange tomorrow, set up the agreement, then move in wed. It's quick.

If she's not willing to exchange don't do it. It tells you she may not be willing to sell.

[Tobuyornot99]

Thanks all. She is up to her eyes with a bridging loan / few mortgages, she should be desperate to get moving. I'll be leaving the new house in a box as my lovely Nan says.

[Etymology23]

I would be wary of renting - not high risk for the tenant but it is for the landlord as you can't kick out the tenant for several months unless you could set it up as some kind of holiday let :s