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Changing rental properties

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  • Changing rental properties

    Hi,
    my husband and I are currently renting a 2 bed house, and have been actively looking for a 3 bed locally for a similar price.
    A house has come up which is perfect and hope to enquire further tomorrow, but i was just wondering if we did want to change rental properties what the process would be?
    I have to give two months notice in my current property, would i be able to put a holding deposit on the other property whilst this occured, and then pay the rest of the fees once the current tenancy had ended as obviously i have a huge sum of money lodged in the rental deposit which i would need for the other property?!

    very confused, anybody have any advice??? this house is perfect and i would hate for it to slip away!
    (the rental agents are different)

  • #2
    Re: Changing rental properties

    Yes it should be possible to put down a small-ish holding deposit whilst the new landlord (or agent) carries out the usual credit checks and prepares the paperwork, but it does depend on the timing and availability of the new place.

    For example, if the new place is vacant and ready to let right now, the landlord of the new property would probably be very keen to move quickly and to fill the property as soon as possible. I doubt whether he would be keen to wait for two months while your current tenancy is nearing completion before he rents the property out and sees a cash flow to cover the mortgage. If this is the case, I would say do not place a holding deposit down on this property as you're just not in a position to do anything about it right now. Let it go... see out some of your notice period at the current property and then, about 1 month before, begin your search again.

    Saying that, if the new property isn't ready to let, ask the landlord how long it will be before it becomes available. For example the landlord may be looking to refurbish the property before letting it out again. How long would this take and when would the landlord expect the property to become available. The timing may just be good for you in this case and you can work something out with the new landlord about move-in date etc.

    Everything is flexible and negotiable, but it takes either time or money to see it through to completion. You may be short on both so you need to plan your exit strategy and transfer into a new place very carefully rather than pay for two rental properties in the same period.

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    • #3
      Re: Changing rental properties

      I agree

      Ask all the questions before handing over your hard earned!

      G

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