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Just sold my house...help!
Just accepted an offer on my house. Now I need to find myself a home. If I cant find one after say 2 months, will I become homeless if the solictors have done their bit for the 3rd party?? Or can I live there until I find a home?
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You will agree a completion date - the day you move out and the new owners move in.
In reality, it can take time for the legal bits to be sorted out - the buyers will not want to complete until all the searches and inspections have been carried out.
But f you delay for an unreasonable length of time, then your buyers may pull out.
Time to start looking!
In reality, it can take time for the legal bits to be sorted out - the buyers will not want to complete until all the searches and inspections have been carried out.
But f you delay for an unreasonable length of time, then your buyers may pull out.
Time to start looking!
If you pulled out of a sale after four or five months - I'd be furious and wanting to sue you if we'd got to that stage !!
Usually - you accept and the other people have an offer and it becomes a chain very quickly and you're a link in that chain. Surely you could find somewhere in that amount of time - have you started looking or have you found somewhere ? Usually things can go through in 6-8 weeks (1 and half to 2 months) if all goes well - if you were still stalling after 8 weeks - I'd want to know why. 5 Months and I'd be pulling out of the sale myself. Never look a gifhorse in the mouth - sell yours at all costs and rent if necessary - you won't be homeless and no-one can force you to be. It would get very costly if you started stalling though.
It's always a problem which to do first - Look for somwehere and then market your house or market your house and then look for somewhere. Usually people do both at the same time - just in case a buyer comes up for yours.
At the moment most of the UK is a buyers market and you would be able to find a bargain out there. You never know - might be able to do a deal and save the money that you might have to pay out on rent.
Step 1) Get looking quick !! Use the internet and browse all the estate agents in your area online - register your details with as many as you can - All this would take about an hour of your time.
Step2) Make a load of appointments on a Saturday/evening when you are free and get out there having a look see
Step 3) Enquire about short term rental - less than 6 months in your area & storage of your furniture if necessary.
Step 4) Don't do anything to jeopardise your sale!
Move and sell - not at all costs - but try not to lose the sale as you never know when the next buyer will be along .
Usually - you accept and the other people have an offer and it becomes a chain very quickly and you're a link in that chain. Surely you could find somewhere in that amount of time - have you started looking or have you found somewhere ? Usually things can go through in 6-8 weeks (1 and half to 2 months) if all goes well - if you were still stalling after 8 weeks - I'd want to know why. 5 Months and I'd be pulling out of the sale myself. Never look a gifhorse in the mouth - sell yours at all costs and rent if necessary - you won't be homeless and no-one can force you to be. It would get very costly if you started stalling though.
It's always a problem which to do first - Look for somwehere and then market your house or market your house and then look for somewhere. Usually people do both at the same time - just in case a buyer comes up for yours.
At the moment most of the UK is a buyers market and you would be able to find a bargain out there. You never know - might be able to do a deal and save the money that you might have to pay out on rent.
Step 1) Get looking quick !! Use the internet and browse all the estate agents in your area online - register your details with as many as you can - All this would take about an hour of your time.
Step2) Make a load of appointments on a Saturday/evening when you are free and get out there having a look see
Step 3) Enquire about short term rental - less than 6 months in your area & storage of your furniture if necessary.
Step 4) Don't do anything to jeopardise your sale!
Move and sell - not at all costs - but try not to lose the sale as you never know when the next buyer will be along .
Well seeing as you do not explain why you say this is dubious - I shall say why it is true.
Firstly, the housing market is in a bit of a slump at the moment interest rates have just increased. Also there are far too many houses on the market at the moment in relation to buyers this gives the buyer the upper hand on the bargaining front. People imagine that the value of their property has risen ten fold when in reality it hasn't risen as much as they have thought. The valuation of a property is then decreased and people have to accept that their property isn't worth as much as they thought. Houses are staying for sale for quite a long time and sellers will often accept lower offers than they would do when they set out to sell in the first place. Maybe 'spaced' can get a good deal on the house he/she does want by offering lower than he/she would do normally. After all if you know there are loads of people after the same house - you offer around the asking price. If there's no interest but yours - offer a lot lower
Secondly this would help if 'spaced' has to rent as normally you have a budget - if the offer is accepted lower then you have a bit left over which you can put towards rent/storage/unforseen expenses that you wouldn't have had if you have to offer the asking price for the property you want to buy.
Surely instead of being dubious - this is just mathmatics, being canny and thinking about the housing market as a whole and not just the transaction that you yourself are entering into.
Firstly, the housing market is in a bit of a slump at the moment interest rates have just increased. Also there are far too many houses on the market at the moment in relation to buyers this gives the buyer the upper hand on the bargaining front. People imagine that the value of their property has risen ten fold when in reality it hasn't risen as much as they have thought. The valuation of a property is then decreased and people have to accept that their property isn't worth as much as they thought. Houses are staying for sale for quite a long time and sellers will often accept lower offers than they would do when they set out to sell in the first place. Maybe 'spaced' can get a good deal on the house he/she does want by offering lower than he/she would do normally. After all if you know there are loads of people after the same house - you offer around the asking price. If there's no interest but yours - offer a lot lower
Secondly this would help if 'spaced' has to rent as normally you have a budget - if the offer is accepted lower then you have a bit left over which you can put towards rent/storage/unforseen expenses that you wouldn't have had if you have to offer the asking price for the property you want to buy.
Surely instead of being dubious - this is just mathmatics, being canny and thinking about the housing market as a whole and not just the transaction that you yourself are entering into.
Just to confirm, either party can pull out at any time until exchange of contracts. So advisable not to exchange until you have found somewhere, if buying and selling it is usual to tie the two in so they exchange and complete together.
You are not legally bound to complete the purchase until exchange of contracts.
The completion date is set then and written into the contract and you are contractually bound to complete on that date. If you do not there are a number of remedies that can be used. Interest can be charged at the contract rate (usually 4/5% above the base rate of a certain bank so can be around 9/10%) of the full purchase price per day you don't complete, including weekends.
If the other party is ready, willing and able to complete they can serve notice to complete can also be served giving usually 10 working days to complete or the other party can rescind (pull out) of the contract and keep the deposit. Even if less than the usual 10% was paid they are entitled to the full 10%.
A notice fee would also be payable as specified in the contract, can be �75-125.00 plus VAT which you would be liable for.
Exchange and completion can take place simultaneously on the same day if required, unlikely if there is a chain though.
As said above, a significant delay may cause problems especially if a chain is involved and there is a danger of the chain collapsing. It depends on the buyer's circumstances, even if they have no related sale they may need to give notice for rental accomodation or may be relocating so will have to sort out employment issues, removals and other issues.
Proably best to find somewhere or have the circumstances made clear to a purchaser. Speak to the agents.
You are not legally bound to complete the purchase until exchange of contracts.
The completion date is set then and written into the contract and you are contractually bound to complete on that date. If you do not there are a number of remedies that can be used. Interest can be charged at the contract rate (usually 4/5% above the base rate of a certain bank so can be around 9/10%) of the full purchase price per day you don't complete, including weekends.
If the other party is ready, willing and able to complete they can serve notice to complete can also be served giving usually 10 working days to complete or the other party can rescind (pull out) of the contract and keep the deposit. Even if less than the usual 10% was paid they are entitled to the full 10%.
A notice fee would also be payable as specified in the contract, can be �75-125.00 plus VAT which you would be liable for.
Exchange and completion can take place simultaneously on the same day if required, unlikely if there is a chain though.
As said above, a significant delay may cause problems especially if a chain is involved and there is a danger of the chain collapsing. It depends on the buyer's circumstances, even if they have no related sale they may need to give notice for rental accomodation or may be relocating so will have to sort out employment issues, removals and other issues.
Proably best to find somewhere or have the circumstances made clear to a purchaser. Speak to the agents.
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