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Bernie

Str - When To Move Into Rented House?

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We have just sold our house and are planning to rent. If all goes OK we should be exchanging sometime in January.

The question I have is when is the best time to start looking for and paying the deposit on a rented house? We are planning to leave a couple of weeks after exchanging before completing to allow time to find somewhere to rent and move.

The problem is that the town we ideally want to rent in doesn't have a huge amount of suitable rented houses and there may not be anything To Let when we exchange.

Would it be better to secure somewhere before contracts are exchanged? The problem being that presumably we would lose our deposit if the sale fell through?

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Hi Bernie, it can be very difficult beleive you me!

The best way to get as much time between xchange and completion as possible, but this may not always be very long, even if your buyer has agreed with you, someone further down may have been promised something else .......... we exchanged on a thursday, signed for the rental on friday and moved on the Saturday/Sunday and completed on the Monday..... complete nightmare.

Like you say you can find / apply for a prop before, come to an agreement with the LL / agent about the time scale .... but of course dont sign a tenancy agreement before you've exchanged, in case the move is delayed / falls through.

We lost several rental props along the way, then a nice place about 5 miles from our ideal location came up and we took it, so far we've been happy with the decision, but far from what we planned.

Moral of the story to stay as flexible as possible.

Edited by Mr Tickle

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The buyers hopefully should be quite flexible about the completion date as they are currently renting themselves.

Can you really find and move into a rented place in a couple of days? From what I remember about renting it seemed to take at least a week for the letting agent to follow up references, credit checks etc. Is there anyway of speeding this bit up e.g. taking along bank statements?

If we were to try and get somewhere before exchange is there any way you can guarantee that the landlord/agent won't rent the house out to someone else. From my understanding 'holding' deposits guarantee you nothing!

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The buyers hopefully should be quite flexible about the completion date as they are currently renting themselves.

Can you really find and move into a rented place in a couple of days? From what I remember about renting it seemed to take at least a week for the letting agent to follow up references, credit checks etc. Is there anyway of speeding this bit up e.g. taking along bank statements?

If we were to try and get somewhere before exchange is there any way you can guarantee that the landlord/agent won't rent the house out to someone else. From my understanding 'holding' deposits guarantee you nothing!

According to Estate Agency news the average time to rent a vacant property is 14 weeks; given that you will probably not need to delay signing the tenancy agreement by more than a month from finding the property you should be fairly safe anyway.

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Can you really find and move into a rented place in a couple of days? From what I remember about renting it seemed to take at least a week for the letting agent to follow up references, credit checks etc. Is there anyway of speeding this bit up e.g. taking along bank statements?

When I last moved, I had the opposite problem of a months notice on my old place to see out and everyone seemed to want to get someone in immediately, so I don't think you will have a problem.

If the property is empty, then usually the owner and the agent are keen to get someone into it as quickly as possible, so I think they can process things quickly. I had to get a letter from my previous landlord (not applicable in your case) and my employer, so you could make sure that your employer knows about this and can have it done immediately - perhaps get this prepared to take with you to the agents.

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The way it worked for me a couple of months back was that you paid a small deposit, about £200, to reserve the property that you wanted to rent. The agent then did a credit check on you and you are expected to move in within about two weeks. On the day that you move in you go to the agent with a bankers draft for the first month's rent plus one and half months rent security deposit. You sign the lease, they hand over the keys and it's yours. Very simple and nothing compared to the process of buying.

I suggest that you view properties in December after your buyer has had their survey and mortgage offer. Keep in close contact with rental agents and negotiate rents as you approach exchange, then put down your holding deposit on the same day as exchange takes place.

In my case I sold and rented through the same agent so it was even easier.

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  • 338 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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