We are moving in two weeks, and upto a week ago, hadn’t had a great deal of interest in our house. We had formulated a plan that if, by this weekend, nothing was happening, then the house would be rented out through an agent. Last week we had a viewing and now we have a good offer on our house – but- they need to sell their house first. If we accept their offer, can we still rent our house out as if it is empty it costs us money and we have no idea how long it would take to sell their house and we can’t afford for the house to be empty for an unspecified amount of time. If we rent it out, a minimum term of 6 months would mean that the buyers couldn’t move in until say the end of June next year. When does the process of ‘buying/selling ‘ actually start – once we have accepted their offer, or when they have the money to buy it? If we rent our house out, the tenant may not take too kindly to surveyers etc entering the house as part of the selling/buying process.

It’ll be at least 3 months and if they haven’t sold most likely longer and still a good chance the whole thing will fall through. I’d rent it out. You could offer a cheaper rent based on the chance of getting kicked out or just do a normal month tenancy and see how it goes. Round here there is a massive shortage of rental property and it’s being snapped up. If it’s the similar where you are then it should be possible to find an agreeable tenant. I certainly would stretch myself for buyer who isn’t in a position to buy.

You probably need to make a judgement on how serious they are, and if they have a realistic chance of selling their property quickly. Is it advertised, is the price it is advertised at reasonable or optimistic, do they need to get asking price for theirs to buy yours etc etc

If there is a good chance that they can sell reasonably quickly then suck up the costs, otherwise I wouldn’t even accept on offer from them until they have sold, in which case renting your house out might be the better option (You are aware of the tax changes anounced in the last mini budget? If either you or your spouce are over or close to the higher rate tax band then BTL makes no financial sence and you would be much better reducing the rpice of your house for a quick sale)

If you live in Scotland it’s different, but in England:

You can accept an offer with conditions – e.g. yes, your offer is accepted, but you need to have and offer on your place within two weeks and we need to exchange contracts in 4.

Nothing is set in stone until the contracts are exchanged.

I don’t think you can rent out a place which you are intending to sell unless you make it clear in the marketing blurb that it’s currently being rented out.

It took us 4 weeks to buy our first house. But it’s taken 12 weeks so far to sell it and buy our new house. The time depends massively on the situation, solicitors, and the people involved. Both time periods were from offers being accpeted.

I don’t think it’s reasonable to tell your buyers that they need to wait 6 months before they can have the house, if I was told that by the sellers, i’d probably tell them to stuff it. You need to decide whether you want to sell it, or keep it and rent it out.

Also bear in mind that, you may not be able to rent it out straight away, so the house could be on the rental market fot months, still empty

Darryl, but conversely, it is reasonable for the buyer to say ‘ I want your house but have no idea when I will have the money to buy it’

If we rent it out, a minimum term of 6 months would mean that the buyers couldn’t move in until say the end of June next year.

If you get have a tenant on a 6 month lease then by the time your possible buyer has found a buyer for their place and all the legal stuff is done it’ll take well over 3 months. If your buyer still hasn’t sold their house after the six months and your tenant wants to stay the lease automatically switches to 1 months rolling anyway – unless they specify otherwise.

Or find a tenant that wants a short term 3 month lease.

I think it’s reasonable to tell the buyer that made the offer, that you’re willing to accept the offer, but until there house is sold, you’re not willing to take the house off the market, or something along them lines. Maybe give them a deadline, before you put it up for rent as suggested above even.

Selling a house with a chain, is never a simple process. Adding in the complication or renters into the equation, will only make things worse.

To be honest though, if you can afford to go down the rented route, i’d be tempted to give that a try for a while. There is alot of money to be made in renting a house out, provided you don’t get stuck with bad tenants.