Survey Next Week On House Sale, Should I Rent Now?

[The Masked Tulip]

Hi,

I am selling my house and the buyer's mortgage company is sending a surveyor round next week. In the meantime I am looking for a place to rent and wonder whether I should go ahead and sign a rental lease prior to the surveyor's report and selling the house?

I want to move out anyway. The house is being bought by a builder who is going to gut it/modernise it completely and move students in.

Even if the house sale does not go ahead - another builder/landlord is also keen now - I want to move out anyway and get on with my life. I do not want to go through the winter living next to students and have more or less decided to convert it myself next year if the sale falls through. (btw, I have no reason to believe the sale would fall through.). In a way I suppose I have answered my own question but I would be grateful for advice from those of you who have stred.

This is the first time I have sold a house so I am not really familiar with the course of things/speed of things once a survey is done.

Thanks for any advice,

TMT.

[Planner]

Hi,

I am selling my house and the buyer's mortgage company is sending a surveyor round next week. In the meantime I am looking for a place to rent and wonder whether I should go ahead and sign a rental lease prior to the surveyor's report and selling the house?

I want to move out anyway. The house is being bought by a builder who is going to gut it/modernise it completely and move students in.

Even if the house sale does not go ahead - another builder/landlord is also keen now - I want to move out anyway and get on with my life. I do not want to go through the winter living next to students and have more or less decided to convert it myself next year if the sale falls through. (btw, I have no reason to believe the sale would fall through.). In a way I suppose I have answered my own question but I would be grateful for advice from those of you who have stred.

This is the first time I have sold a house so I am not really familiar with the course of things/speed of things once a survey is done.

Thanks for any advice,

TMT.

To be honest with you rented properties are 10 a penny now a days....why rush in? Could you afford to pay outgoings on the property you are selling - (Mortgage?, C/TAX, water rates etc) as well as outgoings on the rented property (Rent, C/Tax, water rates etc) both at the same time? - should the worst happen and the sales fall through?

Edited September 27, 2007 by Planner

[Surrey cash buyer]

When I STR'd I put down a holding deposit on the rented house on the same day that we exchanged contracts on the sale.

Didn't actually sign the lease on the rental until the day we moved in. Went to the agent with a bankers draft for deposit + first month's rent, signed the lease, collected the keys and moved in straight away.

I wouldn't rush in if I were you. Once you've signed that lease you are committed to at least six months rent.

[tigsrenting]

Hi,

I am selling my house and the buyer's mortgage company is sending a surveyor round next week. In the meantime I am looking for a place to rent and wonder whether I should go ahead and sign a rental lease prior to the surveyor's report and selling the house?

I want to move out anyway. The house is being bought by a builder who is going to gut it/modernise it completely and move students in.

Even if the house sale does not go ahead - another builder/landlord is also keen now - I want to move out anyway and get on with my life. I do not want to go through the winter living next to students and have more or less decided to convert it myself next year if the sale falls through. (btw, I have no reason to believe the sale would fall through.). In a way I suppose I have answered my own question but I would be grateful for advice from those of you who have stred.

This is the first time I have sold a house so I am not really familiar with the course of things/speed of things once a survey is done.

Thanks for any advice,

TMT.

I STR'd though not out of choice. I thought I would rent for six months take my time and look for something to buy. I have had the time to think it through and am in no rush now to buy.

Sometimes the sale can take forever. As you say, however, it is being bought by a builder so it will probably be quicker. I didn't do anything about a rental until I had exchanged contracts. I would hold back on the rental lease until then. Also dont let the letting agents pressure you into taking the rental too soon, take it from the date you want to move in.

[Muskoka]

When I STR'd I put down a holding deposit on the rented house on the same day that we exchanged contracts on the sale.

Didn't actually sign the lease on the rental until the day we moved in. Went to the agent with a bankers draft for deposit + first month's rent, signed the lease, collected the keys and moved in straight away.

I wouldn't rush in if I were you. Once you've signed that lease you are committed to at least six months rent.

Smart thinking! I wouldn't commit to 6 months rent until you have sold. Plan 'B'- put stuff into storage & stay with friend/family short term until you find a rental property if its just you?

[niksimms]

Hi,

I am selling my house and the buyer's mortgage company is sending a surveyor round next week. In the meantime I am looking for a place to rent and wonder whether I should go ahead and sign a rental lease prior to the surveyor's report and selling the house?

I want to move out anyway. The house is being bought by a builder who is going to gut it/modernise it completely and move students in.

Even if the house sale does not go ahead - another builder/landlord is also keen now - I want to move out anyway and get on with my life. I do not want to go through the winter living next to students and have more or less decided to convert it myself next year if the sale falls through. (btw, I have no reason to believe the sale would fall through.). In a way I suppose I have answered my own question but I would be grateful for advice from those of you who have stred.

This is the first time I have sold a house so I am not really familiar with the course of things/speed of things once a survey is done.

Thanks for any advice,

TMT.

Just a quick question or two:

Are they first time buyers?

How long did it take for the survey to come through from accepting the offer?

[markyh]

Hi,

I am selling my house and the buyer's mortgage company is sending a surveyor round next week. In the meantime I am looking for a place to rent and wonder whether I should go ahead and sign a rental lease prior to the surveyor's report and selling the house?

I want to move out anyway. The house is being bought by a builder who is going to gut it/modernise it completely and move students in.

Even if the house sale does not go ahead - another builder/landlord is also keen now - I want to move out anyway and get on with my life. I do not want to go through the winter living next to students and have more or less decided to convert it myself next year if the sale falls through. (btw, I have no reason to believe the sale would fall through.). In a way I suppose I have answered my own question but I would be grateful for advice from those of you who have stred.

This is the first time I have sold a house so I am not really familiar with the course of things/speed of things once a survey is done.

Thanks for any advice,

TMT.

I recently STR and completed at the end of August. If you had the trouble we did most EA LA would not let us proceed with and AST, or even financial checks until we had exchanged just incase the sale fell through and the LL lost "Marketing Time".

This is because as you must realise up until exchange you have ne buyers deposit protection and they can pull out at anytime penalty free.

If you want you can take an AST now, but you have to realise the AST is legalyy binding so if your buyer bulls out you will have a mortgage and AST rental to pay and you LL may refuse to let you sub let the AST meaning you have to pay both!!!

We found most of the best nicest / vs good price rental properties where gone within 1-2 weeks of being advertised with only the crap hanging about. One tip is to offer the EA LA / LL and refundable upon AST completion "Marketing Loss" deposit of say £200.

This is what I agreed with the EA & LL. They reserved the rental propertie for us 10 days before we exchanged and refunded this by cheque when we signed the AST.

The idea was if our buyer didn't exchange and we pulled out of signing the AST then the LL kept this deposit for loss of "Marketing Time" and the rented it to someone else while you remain in your house until you get a new buyer and start again.

It worked well. And as everything went through cost us nothing.

M