Confused about renting a house

[JamieFraserskiltspeaksout]

I'd really appreciate some help as I'll be thinking about this all weekend unless I can get some opinions.

I am selling my house. I'm in quite a lot of debt and my house has accrued enough equity to pay off the debt.
Someone is buying my house, and I have the deposit for a rental and need to pay the first month's rent.
What happens if the buyer pulls out but I've signed a contract to start renting? I have no idea how to get a rental property sorted before the actual sale of the house.

Don't sign up to a tenancy until you have exchanged contracts

You will need to sign the house rental after you exchange (there's usually a week between sale and completion) but unless you live in a low demand area t could be tricky with timing

Ah right... That's what I didn't understand. The gap between the exchanging contract and completion!
So, I find a house, pay deposit, holding fee and then sign agreement after contracts exchanged? Presumably I can then give them the date I will be out?
Thank you for helping me understand

By the way, is that a Friday Night Dinners username okbobble? Brilliant

Yes. But depending how quickly rentals go in your area you might be better off waiting to look until you are nearly ready to exchange in case of hold ups.

Yes re Friday Night Dinner too

You have to agree the date for completion before you exchange contracts. Ask for whatever date you think is workable. A month is not unreasonable.

Be upfront with your solicitor that you'll need 2-4 weeks between exchange and completion, so it's communicated and agreed ASAP.

Ok thanks. That has cleared things up now. I have lots of options as there are lots of rentals available nearby. Thanks