House Purchase / Renovations

[SSG1000]

Hi all,

I’m currently in the process of selling my property and buying another. The property I’m purchasing, is due to undergo significant renovations and we won’t be able to actually live in there for the first 8 weeks.

The buyers of my property are presently renting.

My question is:

Can we complete the exchange but ask to rent our house off the new buyer for 8 weeks? (Providing they are happy to do so) Or is it a case of just going out and finding a rental property until the new property is ready to move into?

[R5_BOY]

Caravan on the drive ?
You could ask the question, however if it was me I wouldn’t be too keen. Everyone’s different though. I look at it if your not ready to move the house shouldn’t have gone on the market. Understand the new house may not be liveable but as harsh as it sounds it’s your problem not theirs..anyhow they may be more reasonable than me!

Option 2 like you say is finding a short rental which may be harder than it sounds as most tenancies will be 6 month.

[Sarnie]

Your buyers lender wouldn't allow it..............

[CubanPete]

I'd be looking at the caravan option. I would expect it would be difficult to get an 8 week rental.

I imagine the buyers will be desparate for possession once they have exchanged.

[22s]

The easiest way would be to agree to exchange with completion 8 weeks later.

The only tricky part would be getting the vendors of your onward to agree to you doing works between exchange and completion.

This second part assumes you have to sell your current property to fund the purchase of the next one.

[anonymous-user]

Sarnie said:

Your buyers lender wouldn't allow it.......

This. They want the buyer to get what's called "vacant possession". In other words a clean start where the previous owner has packed their belongings and headed off into the sunset.

[SSG1000]

Thanks all for the info, appreciate the advice.

Fortunately I have a few rental properties, one with a contract due to finish imminently. Best course of action, will be to stay here until the renovations are complete! (Saves the hassle of going into a 6 month let elsewhere).