Our attempt at being MF!!

lulabelle1

Hi Cath - I'm not sure I understand what you are trying to achieve in regards to listing the house as no chain and moving in to rented. There are a couple of things that I'd be worried about:
-Paying rent & mortgage
- What if the house still doesn't sell and you're tied to a rental agreement for 6 months?
-what if the house sells the moment you commit to a rental agreement? You'll be stuck paying rent for 6 months even though you may never need to live in the house
-in order to rent you'll need to fund a deposit plus a month in advance
-I'm not sure that no chain makes any different to potential buyers
-upheaval of moving twice
-if your house is empty your home insurance will no longer be valid
-if your house completes before you find a new one, you will have to do a whole new mortgage and will not be able to port your existing mortgage to the new property

I'm sorry to sound like a negative ninny

CathT

HI Newgirly and Lulabelle, thanks for your posts. My thoughts were to advertise as 'no chain' amd go into a rental on sale of this (should that ever happen!) I do understand your thoughts, my mum did this when she sold her house but one landlord wanted her to commit to a tenancy before she knew she would complete on the sale.

Really didn't consider not being able to port the mortgage. Lots to consider, thank you.

Went to see dd nativity today, she was fabulous amd remembered all her lines. She had quite a big part and even sang a duet. So proud of her. She is an all rounder and never fails to amaze me! She is the image of her dad, clearly all the other qualities she gets from her mother :rotfl:

Friday tomorrow, this week just gets better :j

Clarey008

I think it is a good idea to be flexible, a potential buyer may not mind waiting for you to find another house but on the other hand it could be a deal breaker for them. It also means you are not stuck in a chain. With a bit of luck you may find somewhere to move to quickly & avoid the added cost of renting.

jeanangeo

Wow, I am struggling with a simple decision of how much to start OP with... Sorry, can't advise as I have never been in this situation and it's one of those that requires a crystal ball but I send my best wishes.

CathT

I was woken at 2am by dd and lay awake for hours worrying. I had no idea how consuming this would be!

smallholdingsister

Cath. SLOW DOWN.
Selling houses is not easy or fast. What does your DH think?

babyb06

De-lurking.....We moved a few years ago and as we had an offer on our property with a fixed date they had to move (3 months away) we knew we had to be careful with chains. House we bought had ppl moving into rented on sale to ensure no chain, we thought great!

But it turned out to be a lot of hassle - once paperwork was trundling along seller refused to commit to a rental agreement until exchange had occurred, because of the high turnover of rental property that meant in reality he couldn't start to look for a rental property until exchange occurred. So he wanted a month between exchange and completion which would have jeopardised our sale as he had been slow with paperwork earlier in the process.

We flat out refused and were going to walk away - we had no choice - it would mean us moving out of property A, renting for fortnight (hotel?) and then moving into property B. At the last minute he saw sense, but that caused a nightmare as we'd cancelled the move!

Because of that experience the offer of seller moving into rented would not appeal to me!

From your perspective maybe you need to consider the rental market in your area - how quickly do properties move? Would you need a lengthy gap between exchange and completion in order to sign up to a rental? Such details would be something I'd be asking a seller in your position.

Just wanted to give an alternative perspective. Feel free to ignore!

PS - I really like reading your diary - please keep it up!

BabyB

lulabelle1

On the surface of it, advertising with no chain and going in to rental seems like a logical solution, however, having previously considering this, all of the points I raised above are very real issues and really need to be looked in to fully before you make any kind of decision. (Until recently DH was a mortgage advisor for one of the big lenders and the mortgage issues you face alone could be a nightmare before the minefield of rental issues).

Sorry to be so negative but I'd rather share what I know from experience that see you go along with thinking you have a solution when it might all fall down around your ears

Goldiegirl

lulabelle1 wrote: »

Hi Cath - I'm not sure I understand what you are trying to achieve in regards to listing the house as no chain and moving in to rented. There are a couple of things that I'd be worried about:
-Paying rent & mortgage
- What if the house still doesn't sell and you're tied to a rental agreement for 6 months?
-what if the house sells the moment you commit to a rental agreement? You'll be stuck paying rent for 6 months even though you may never need to live in the house
-in order to rent you'll need to fund a deposit plus a month in advance
-I'm not sure that no chain makes any different to potential buyers
-upheaval of moving twice
-if your house is empty your home insurance will no longer be valid
-if your house completes before you find a new one, you will have to do a whole new mortgage and will not be able to port your existing mortgage to the new property

I'm sorry to sound like a negative ninny

Very much agree with this post.


Plus, if you go into rented accommodation, and you find a house you want to buy, you'd want to complete at the end of your tenancy period. This could cause you a lot of stress, as the chain in the purchase might not allow a convenient exchange and completion date. You'd risk having to renew the tenancy for 6 more months, or, even worse, have to move to another rented property, so that'd be three moves in a short time.


On balance, I'd find it less stressful to stay where I'm living now, and wait it out

CathT

Hi, thanks everyone for your posts. I am fed up of going around in circles with the decision. I feel like I am in a 'no win' situation.

I think we will reduce this and just hope it sells. Have seen some new properties come on the market which meet our needs. I am also going to focus on NEED rather than WANT when searching. I am finding it all so stressful and when DH and I talk extension ideas we end up bickering which isn't the idea!

Mini disaster this morning as the WM keeps filling and not emptying. It's a few years old but will ring the helpline and see if it can be repaired. Normally I would just buy a new one.

Food - £103
Petrol - £96.54