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LiamConner

Currently Str-Ing - Looking For General Advice

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Just sold my house last week and looking for general advice on when to do things and anything I should also consider since this is my first selling a property. The EA said I should wait till the exchange of contracts before putting down a deposit for a rental property which sounds sensible. The part that worries me is the length of time between the exchange and the time I need to move out. How long should it really be taking into account of negotiation of rent and hunting for rental properties? 4 weeks?

Cheers in advance.

Edit: The title was meant to say "STR-ing" not "String" :/

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Also forgot to ask, it's been a while since the last time I looked for a price to rent. What should I make sure to do/check before I sign the contract to ensure my deposit is safe if the LL goes under/bankrupt etc?

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By law the deposit has to go into an approved scheme and you should receive a certificate indicating which one. I think there are 3 different ones eg Deposit Protection Service.

But that wont stop the LL being entitled to keep it if he enters into a contract and then changes his mind.

tim

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Just sold my house last week and looking for general advice on when to do things and anything I should also consider since this is my first selling a property. The EA said I should wait till the exchange of contracts before putting down a deposit for a rental property which sounds sensible. The part that worries me is the length of time between the exchange and the time I need to move out. How long should it really be taking into account of negotiation of rent and hunting for rental properties? 4 weeks?

Unless you are super fussy 4 weeks is more than enough time to find somewhere to rent.

Usually, if you are looking further ahead than that and a property is empty the LL will be reluctant to wait. And if it has tenants in it under notice they may be relectant to let you look around.

Finding somewhere suitable to move into on 4 weeks notice can be next to impossible, I've been the last 18 months trying to do this.

tim

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Ooh this thread is handy. I am in the same situation and I am finding the 'exchange - completion - move out' balance difficult to strike.

Had a look at a flat a fortnight ago that was perfect. As previously mentioned, I don't think the Landlord will wait for me to exchange & complete (especially as I intend to ask for a small rent reduction :D ).

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Ooh this thread is handy. I am in the same situation and I am finding the 'exchange - completion - move out' balance difficult to strike.

Had a look at a flat a fortnight ago that was perfect. As previously mentioned, I don't think the Landlord will wait for me to exchange & complete (especially as I intend to ask for a small rent reduction :D ).

When I last moved, I found a house that ticked all the boxes but I still had six weeks to run on my rental agreement. I put it to the agent that I wouldn't haggle on the (very reasonable) rent if the LL would wait for the six weeks. Agent was dubious, but I spoke to the LL and we struck a verbal agreement. Next day, someone else phoned the agent wanting to move in immediately. Fortunately, my LL is a man of his word, so am I, we've been living there for four years :).

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Why not start viewing rental properties now, that way when you do get your deposit it wouldn't be such a rush.?

Just explain this to the rental agents i'm sure they will understand.

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Why not start viewing rental properties now, that way when you do get your deposit it wouldn't be such a rush.?

Just explain this to the rental agents i'm sure they will understand.

I had only just sold the house STC so it isn't really worth viewing properties this early given that the exchange is going to happen 2-ish months down the line.

Point is moot at the moment as I just got called that it fell through as the buyer had a mortgage in principle but the bank has changed their mortgage deals and don't do the 10% deal any more.

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I had only just sold the house STC so it isn't really worth viewing properties this early given that the exchange is going to happen 2-ish months down the line.

Point is moot at the moment as I just got called that it fell through as the buyer had a mortgage in principle but the bank has changed their mortgage deals and don't do the 10% deal any more.

Why are you actually selling? If you're selling because you have too, fair enough. If you're selling because you think you'll be able to buy more for less at some time in the future then fundamentally you're just a property speculator and as with all speculation there is a chance that you could get badly burned....if that is the case, think carefully about what you're doing.

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Changed jobs and jumped onto the market too early by only having a 10% deposit. Thought it was a much better idea to sell at a profit and try again later when I have a much higher deposit to use and before prices (may) drop and lending becomes stricter. Renting it out doesn't cover the mortgage either.

Edited by LiamConner

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Changed jobs and jumped onto the market too early by only had a 10% deposit. Thought it was a much better idea to sell at a profit and try again later when I have a much higher deposit to use before prices (may) drop and lending becomes stricter.

Unless you're going to make a substantial profit my inclination would be to stay where I was rather than gamble (prices could go down, they could go down a lot, or not very much, they may remain static or even rise, and don't forget copntinuing problems with mortgage availibility which may get worse...)..but you know your circumstances best: whatever you choose to do hope it all works out well for you.

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  • 260 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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