Rental not ready and at risk of losing our buyer

[TabbyMcTatFace]

We're at a complete loss as to what to do in our situation. We're getting very close to exchange on our property that we've been trying to sell for a while now. We'd agreed to move to a rental property so as not to lose our buyers when our previous chain collapsed and have lined one up, but we've now found out that it's not ready to move into until they fix an issue that will be investigated further in the next few days. We've said to our agent that we're not happy to exchange until we know more about this repair and how long it will take to fix, but the buyers need to be out of their rental very soon and sounds like they're making noises about walking away if we can't make the completion date line up with their rental end date.

It comes down to who is going to have the hassle of bridging what will likely be a two week gap between moves. Obviously we're reluctant as we already feel like we're making all the sacrifices by moving to a rental plus we have two young kids so we really want to minimise upheaval for them. We can't see the wood for the trees anymore. Are we mad to throw away our buyers because we refuse to find temporary accommodation or are we mad to agree to exchange and complete on our property before we know when or even if our rental will be ready?

It’s 2 weeks! Travelodge? Air BnB?

Yes, you would be completely mad to throw away buyers for a property you’ve said yourself you’ve struggled to sell over this.

Agreed was just going to say the same as above ! It’s 2 weeks ! Don’t lose it all for that. Also if the buyer is making noises because they have to be out the rental … then they have to be out the rental therefore unlikely they will pull the plug as they’d be in same situation nowhere to go ! Probs just putting pressure on

I think your buyer is calling your bluff, they have to be out of their rental so presumably would have nowhere to move to if you aren't ready to move so are they saying they will then lose your property and be willing to start all over again in a chain?! How committed are they to buying if that's their attitude? I think you are already making a lot.of sacrifices going into longer term rental and they need to share some temporary discomfort themselves. Perhaps they are ftb and don't realize how tricky chains can be.

I don’t know … people can just refuse to move out of rentals and stay there for another fortnight or so without anyone being able to do a thing about it.

It’s a tricky situation. I think I would agree to exchange contracts as long as there can be a 4 week pause between exchange & completion even if that means they have to tell their LL they won’t be able to move out on the agreed date but one a couple of weeks later.

Could you offer to pay an extra month's rent for them to smooth the situation over?

>Obviously we're reluctant as we already feel like we're making all the sacrifices by moving to a rental plus we have two young kids

Are you kidding? I presume they're giving you hundreds of thousands of pounds.

I had to move into a hotel for a month during covid; they gave me a massive family room with two king sized beds, enough room to literally put our own furniture in, and we bought a camping fridge from B&Q and lived off salads and cooked chicken from Morrison's/meals from the hotel and washed plastic plates in the bath. It was absolutely fine. Quite nice, actually.

@Twiglets1 is right that tenants can put their foot down and say 'sorry, can't move', but on the one occassion I HAD to do that as I was deathly sick, the LL, who was moving back into the flat with his shiny new bride was really, really nasty about it, and pestered me constantly including turning up on move day (it took me 2 weeks to recover and move).

Over the last 3 days, I've noticed a sizeable number of reductions in my area. So, tread very gently about how you push your buyers. I was expecting a ton of new listings for BH weekend, not a ton of reductions.

From the perspective of someone who doesn't have kids: 'plus we have two young kids' - (as a potential buyer) - I don't care. I know that makes me mean AF but this is a business transaction and from a personal perspective, if it's been dragged out, your personal circumstances wouldn't matter a jot to me.

I accept that makes me beastly/uncouth/possibly deranged. Maybe you could do with hearing that from someone as blunt as I am.

Nevertheless, I DO hope it works out for you.

I’d move into a hotel/holiday let/ caravan/ family members house for 2 weeks if my house sale was on the line. Is it definitely 2 weeks?

I get it. It’s annoying. But can you genuinely afford to lose this sale over this? Of course you could call their bluff and refuse - but is it worth it if they stick to their guns?

Do you want to sell?
If yes, find a different rental to move into asap, or a hotel etc and stop messing your sellers around

I’m always saying rent …. But in this case Whoa! any other rentals around? What if it’s a big issue and your rental falls through you’ll be homeless?!

Oh god do not let your buyer go! If your rental isn't ready go to an Airbnb or a friend or hotel. Put your things in storage. Or if they can stay in their rental pay for them to stay another month.

If you alienate your buyer now you may not get another one for a long time.

Personally I would do this rather than play “who blinks first” with the purchasers. Is the stress worth it and the possible loss of your buyer.

We were in a similar position and our buyers threatened to back out. We spent two weeks in an Airbnb. It was stressful but worth it to not risk our sale.

I really wouldn’t risk the sale. Especially if you’ve been trying to sell for a while.

Appreciate the comments about it not being worth the risk of losing our buyers. I guess we've been focusing on worst case scenario of us losing our rental if the fix isn't straightforward and having no where to go for a few weeks, which will end up very expensive with using air b and b's not to mention incredibly stressful. In some ways this seems worse than losing our buyers and going back on the market but I guess it's shorterm stress vs longterm and we should prioritise getting the sale done.

Rent a caravan for a few weeks and put your belongings into storage

An option might be to offer to pay for your buyers to stay put for 2 weeks and delay completion. Their landlord might be willing - I had an issue years ago where I completely messed up the application for parking permits required for removal vans and landlord at the time agreed to a short extension of 2 weeks.

If this could be agreed you'd avoid the upheaval of moving and moving again.

Yes you would be absolutely mad. Get your stuff into storage and move into holiday accommodation for a few weeks. If your rental isn’t sorted in a couple of weeks get another one. In this market you may lose far more if you don’t move out. Also unless the issue in the rental is life theatening does it really stop you moving in?

We rented for 2 months in between our last sale and purchase with 3 kids, moving 3 times in total. It wasn’t much fun but I’d do it again as I love our house now.

I had to give my seller that choice (tbf to me it was NOT a chain when I offered and instructed...) because my landlord didn't want month to month and I would have to sign up for 6 months minimum again. I also absolutely refused to go into temporary accommodation because seller could still back out and I would be left in massive final minus and nearly homeless.

Overstaying tenancy can cause issues to people who are supposed to move in and are innocent in this. Iwoild also not want to fick about and pissing landlord off in case there are reprocussions later