Move or not - in a quandry

MKPhil05

We are presently in a 2-bed flat - that's my wife, daughter and myself, plus we have one-on-the-way. It's been our medium-term plan to move in Summer 2010, and possibly a bit nearer my wife's parents (i.e. moving about 50miles north).

However, on a whim I did a "Rightmove" search on Friday and turned up exactly one 4-bed house, two streets away which we might be able to afford (subject to getting a reasonable price for our flat).

Our current place isn't on the market and we don't really know what we could expect to sell it for (or when!) - getting it valued on Wednesday and then we'd know if we could afford the house. Mortgage shouldn't be a problem as we would have around a 40% deposit.

Now, the quandry is, assuming we can afford it, should we move? The main issues we see are:

• We have a baby due in July and could probably do without the stress of moving as well!
• If this house falls through there are exactly zero other properties within 5 miles (by Rightmove) that we could afford (or in an area we would want to move to) so we could be stuck if we've accepted an offer on our flat!

My questions are:

• Given the current climate, would an Estate Agent let us set a maximum duration of, say, 8 weeks and if our flat is not sold in that time, we take it off the market?
• If we accept an offer then pull out (e.g. unable to find somewhere to buy), what might the financial and legal implications be?
• Should we sit tight for another few months, get the baby out of the way (so to speak!) and see what the market does?

Hope someone out there can give us some advice!

Robert_Sterling_3

[ on a whim I did a "Rightmove" search on Friday and turned up exactly one 4-bed house, two streets away which we might be able to afford.

GR8 so far.

Now, the quandry is, assuming we can afford it, should we move? The main issues we see are:

• We have a baby due in July and could probably do without the stress of moving as well!

Having grandparents nearby does help a lot.

• If this house falls through there are exactly zero other properties within 5 miles (by Rightmove) that we could afford (or in an area we would want to move to) so we could be stuck if we've accepted an offer on our flat!

If you try you might or might not get the house. If you do not try you will not get it. As Elvis sang "Its now or never."


My questions are:

• Given the current climate, would an Estate Agent let us set a maximum duration of, say, 8 weeks and if our flat is not sold in that time, we take it off the market?

Tricky one this. Until you have exchanged contracts you do not have to actually do the deals.

How ever if an Estate Agent produces a buyer who is "ready, willing and able" to purchase your house at the asking price I think they might claim their fee.

• Should we sit tight for another few months, get the baby out of the way (so to speak!) and see what the market does?

Hope someone out there can give us some advice![/quote]

Moving is often a nightmare.

QTPie

philcooling wrote: »

My questions are:

• Given the current climate, would an Estate Agent let us set a maximum duration of, say, 8 weeks and if our flat is not sold in that time, we take it off the market?
• If we accept an offer then pull out (e.g. unable to find somewhere to buy), what might the financial and legal implications be?
• Should we sit tight for another few months, get the baby out of the way (so to speak!) and see what the market does?

Hope someone out there can give us some advice!

The first two questions would be on your contract with your estate agent... Looking at my contract with my estate agent:
- Minimum marketing period with them is 12 weeks. We could pull it off the market before then, but we would be liable for £500 + VAT (marketing costs).
- If we accepted an offer from a buyer, but later pulled out, then we would be liable for 25% of their fee + VAT (the fee we have agreed is 1.6% of the sale price - so to withdraw would be 0.4% of the sale price + VAT).

Those would be dependent on your specific estate agent. You could ask their policies and try to negotiate?

To be perfectly honest, I think that you are creating too much stress at this time. Unless you pitch the price JUST right (and, at the moment, buyers are expecting prices too take into account further falls) AND are just lucky, I doubt that you can expect a quick sale. You might be lucky, but don't count on it....

Also look at the property that you are looking at: you haven't seen it in the flesh yet (properties aren't all that they seem on rightmove), you "might" be able to afford it, and that is the only one that you would be willing to move to. That all sounds like a LOT of uncertainty... Also if it is a "must have" property for you - and the buyers get wind of this - don't expect much of a bargain.

If selling and moving into rented accomodation is an option (i.e. good supply of affordable and suitable rental accomodation in the area AND you are happy to risk being off the property ladder), then that is another possibility: then at least you are stuck if that one property falls through...

Personally I think that there are too many uncertainties in your plan and would stick tight until after the baby is born and setted. If you want to go ahead, then make sure that you have really thought it through and have some back-up plans: don't put all of your eggs (and dreams) in one basket.

Good luck, whatever you decide

QT