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can we stay in current home whilst new one is being done up?

11 replies

Willow33 · 28/06/2013 20:57

Our place is under offer and we are considering buying a project but we have a baby so from a legal perspective, are
there any provisos whereby we can stay in our place until the work is done in the new place? We need to complete on ours to buy the new house though. Sorry if silly question!!

OP posts:
eurozammo · 28/06/2013 20:58

Bridging loan. Expensive though!

DameFanny · 28/06/2013 20:59

Cheaper to complete and rent - preferably somewhere near the new place for ease of managing the work and doing bits yourself

PastaBeeandCheese · 29/06/2013 07:19

I think complete and rent. We lived in our project but we didn't have children at the time. It was hideous and there's no way I'd do it with a baby.

If we did it again I'd rent a small flat for a few months.

BoundandRebound · 29/06/2013 07:35

You need to sell to buy?

You don't get the money until you complete and at that point the house no longer belongs to you so you must leave, or rent from new owners

Your options are bridging loan, rent, stay with family or friends, or live in building works

nextphase · 29/06/2013 07:42

Is the project house currently occupied? If empty, consider asking the vendors if they would let you start some of the work before completion - tho if the sale falls through, you loose the work.
Otherwise, I think your left with bridging loan or completing and renting.

forevergreek · 30/06/2013 08:27

I would just move and temp rent elsewhere

mydoorisalwaysopen · 30/06/2013 08:36

I have known someone rent their old house from the new owner while doing up their new place. Depending on the circumstances the new owners might consider renting to you.

PareyMortas · 30/06/2013 10:11

No you can't. I've lived in a project with a baby and toddler and would never doit again. Rent or stay with family or just don't buy a project.

insancerre · 30/06/2013 10:15

When you complete then the house does not belong to you anymore. The new owners will want to move in, surely?
I doubt many new owners would want the old owners renting.

Bowlersarm · 30/06/2013 10:25

Try and get permission from the vendors to do a certain amount of work between exchange and completion? The danger here is that if it didn't then complete you would be out of pocket.

ShoeWhore · 30/06/2013 10:26

Renting somewhere else for a few months is the simplest option although you will obv need to factor that into your costs.

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