buyer pulled out, i'm now out of pocket

property.advert

Gwhiz wrote: »

Agreed. Or sell your house and move to rented so yo do not get stuck in a chain when you find that "ideal" house.

A hardly ideal position unless prices are falling like a stone. You're tied into a lease (or paying over the odds for a short let), your rent is dead money, you've deposits tied up, your credit rating will fall due to moving and you will feel pressure to get back on the ladder ASAP, potentially resulting in an unwise purchase.

And when you do find that house you want, you can still lose it to a broken chain upwards and may well be forced to lose months worth of rent to match the required completion date of your seller.

Not saying it cannot be done successfully but this idea is not a panacea for all the problems of buying a house.

hazyjo

property.advert wrote: »

A hardly ideal position unless prices are falling like a stone. You're tied into a lease (or paying over the odds for a short let), your rent is dead money, you've deposits tied up, your credit rating will fall due to moving and you will feel pressure to get back on the ladder ASAP, potentially resulting in an unwise purchase.

And when you do find that house you want, you can still lose it to a broken chain upwards and may well be forced to lose months worth of rent to match the required completion date of your seller.

Not saying it cannot be done successfully but this idea is not a panacea for all the problems of buying a house.

Even in a static market (which it's not) it seems like a good idea to me. Might be able to get more off what you're buying because you'll be in a good position.

No, it's not 'dead money' - it's paying for a roof over your head along with other services, facilities, etc.

Why's the deposit tied up? Not much interest to be made on it anyway. Tie it up for 3 months if you have to, take a 6 month rental agreement and take the money out after say 3-4 months. Ours ended up sitting in a current account for around five months.

Why would anyone's credit rating fall? People who rent can go on to get mortgages.

Jx

Gwhiz

property.advert wrote: »

A hardly ideal position unless prices are falling like a stone. You're tied into a lease (or paying over the odds for a short let), your rent is dead money, you've deposits tied up, your credit rating will fall due to moving and you will feel pressure to get back on the ladder ASAP, potentially resulting in an unwise purchase.

And when you do find that house you want, you can still lose it to a broken chain upwards and may well be forced to lose months worth of rent to match the required completion date of your seller.

Not saying it cannot be done successfully but this idea is not a panacea for all the problems of buying a house.

Sorry, but that is total rubbish. You're in that black or white mindset without seeing the bigger picture.

Rent is NOT dead money if it breaks the chain and puts you in a cash buying situation. It's a very clever use of your money. In addition, you are now not paying a mortgage and, assuming you ave equity, you also start making interest (although I grant very little).

Your comment on credit ratings is totally without fact, and is very misleading.

Your deposit is tied up!!!! What, £1000 against everything tied up in a house you cannot sell you mean?

What pressure, and even if there is pressure what's so bad about that in the short term if it puts you in the driving seat?


My god, I'd hate to have you as a friend - you sound like "glass half empty on steroids"