To overpay for the house or for the rent?

Eric1

Fly_Baby wrote: »

With this house, the EA says that they don't anticipate any delays in the house purchase.

They never do.
My attempt to buy would have taken 4 months but fell through. There was no chain.

Fly_Baby wrote: »

I just hate to be pushed into anything - and right now I feel that I am being pushed where a lot of money is involved.

I'd start looking for another rental now, and tell the LL to expect your 1-month notice as soon as you find a better short-term deal. It's risky, but as you say a lot of money is at stake.

Fly_Baby

Eric1 wrote: »

They never do.
My attempt to buy would have taken 4 months but fell through. There was no chain.


I'd start looking for another rental now, and tell the LL to expect your 1-month notice as soon as you find a better short-term deal. It's risky, but as you say a lot of money is at stake.

Thanks.

I am expecting a 2-month notice from them if we don't sign a contract now.

Our rental period is the 7th - which means that if we give a notice we will spend the festive period looking for properties. And we have children so cannot move them into another rental if we are buying anyway. With EA fees, we will not save a lot anyway, but the hassle will be enormous.

I am prepared to the thought of spending money I don't want to spend - the thing to decide is what's better for US - to spend a bit more on rent (and possibly let it overlap with mortgage in the end of the term) or to spend a bit more on the house.

G_M

Why give notice? If you do, you have to give one month (and a bit to align with the rental period).

Just don't sign the new fixed term contract. The LL may well be bluffing, trying to pressure you to sign. Will they really give you notice if you refuse? Then they have an empty period with no rent and the cost/hastle of getting a new tenant.

And if he does give you notice, he has to give you 2 months (plus a bit), which gives you longer to look for somewhere new. Just sit tight, stall on the new contract ("I'm thinking it over/ need to discuss with my other half/have just had some bad news - I'll let you know......"). Force the LL to make the decision - chances are he'll do nothing and all the time you're gaining time.

And remember it's a criminal offence to harrass a tenant - too much knocking on your door, phoning, pressure.....

As for the house, sounds like you know the answer. It's priced as high as a similar, better house locally. So all depends if the removal of stress and uncertainty is worth the 'extra' cost. Or whether you can get the price down by being a) patient and b) persistant and c) convincing (FTB, no chain, mortgage in place, fast process).

How long? 6 weeks if you're lucky, 6 months if you're not. But take what the EA says with a pinch of salt - he just wants a sale, so sweet-talking you into believing it will all be smooth is part of his job.

Catblue

If the landlord thinks that the house is difficult to let in the winter, then he is unlikely to boot his current tentants (who have faithfully been paying rent) out at the beginning of February. It would make no sense.

I would just be evasive with the landlord until the 7th has been and gone. So then even if the landlord does give notice after that, it will be nearly 3 months before the notice period is up.

poppysarah

Fly_Baby wrote: »

We are on periodic. They want a new fixed one now, to ensure the house occupancy until summer (when they are more likely to find a new tenant).

That's their problem not yours.


Why summer ? Is it studenty area? Or is the house freezing in winter?

Jackinbox99

With regards to the house price, id offer 280k. There is no way based up on what you have said they will ever get the 295k they are looking for. Some sellers just have no idea. I would be very reluctant to pay any more than that. It amazes me some sellers have no idea of the market value of their homes. I made several offers on houses 8 weeks back and only 1 seller would drop their asking price. Now, as a seller myself, im having to drop my price no end to get a sale. I can only assume these sellers dont want to sell, or they must have bought 2 years back when prices were sky high and just dont want to loose too much money on the sale.

Fly_Baby

poppysarah wrote: »

That's their problem not yours.


Why summer ? Is it studenty area? Or is the house freezing in winter?

No, it's a family area. The house is OK to heat in winter.

Fly_Baby

Jackinbox99 wrote: »

With regards to the house price, id offer 280k. There is no way based up on what you have said they will ever get the 295k they are looking for. Some sellers just have no idea. I would be very reluctant to pay any more than that. It amazes me some sellers have no idea of the market value of their homes. I made several offers on houses 8 weeks back and only 1 seller would drop their asking price. Now, as a seller myself, im having to drop my price no end to get a sale. I can only assume these sellers dont want to sell, or they must have bought 2 years back when prices were sky high and just dont want to loose too much money on the sale.

We have offered more and it was rejected - that's when we were told that they want asking price or ONO.

They bought it in 2007 for 245K - but they have refurbished it nicely, maybe put in a new kitchen/bathroom/guest cloakroom, new wiring.

Fly_Baby

So if the house is overpriced now - is it economically wiser to go for the rental contract? And either wait for it to drop in price or find another one, of better value?

Is market more active after New Year?

poppysarah

Fly_Baby wrote: »

No, it's a family area. The house is OK to heat in winter.

So why does it matter to them when they let it?