Time to sell?

hyposmurf

Recently accepted an offer on our property an the buyer wants to move in ASAP,preferably 8 weeks.We havent currently found a property to purchase and my patrner is expecting a baby in around 11 weeks.The purchase I believe will be cash ,so no mortgage or mortgage survey required and not sure if they will even do a building survey.Not sure what to do.If we sell the place and rent,as there will be only one wage it could mean any spare savings left over could run out.Could end up in a situation where we are renting and paying a mortgage.Moving in with parents might not be possible either.

Whats the minimum tie in usually for renting?
Any idea if things go smoothly with the solicitors how long the whole process will take?Bearing in mind there may not be any surveys done.
Any ideas?
Last I want to do is jepoardise the sale by dragging my heels and slowing things up but at the same time we could really do with some time.Realistic intersted buyers are pretty rare at the moment.

devotee

Sorry, but why did you put a property up for sale if you're having second thoughts and expecting a baby?

phoebe1989seb

Back in 2007 we sold a house to cash buyers who didn't have a survey and the whole process from offer to completion took between 6 and 7 weeks........

hcb42

most rentals are six months

can you not buy and sell at same time?

DVardysShadow

Pregnant Buyers? Never again. Woman with hormones looking for a nest to drop her child? Seller's dream, you might think. But when your own purchase hits snags you are placed under pressure by the pregnancy and forced to think about rental yourself. It turns into pressure and stress up and down the chain. We dropped them when our purchase went wrong and their solicitor started asking for indemnity policies at a very late stage. Felt bad about it, but the demands for access for this and that based on the pregnancy were increasing, and the indemnity policy was a last straw or we would have rented.

That's the view from the other side. 11 weeks is just too short to sustain a plan that you will buy, without a backup. I suggest that if you choose to complete the sale, you plan and budget for 12 months in rental. And you don't do it if that plan is unsustainable.

Once you move into rental and the baby comes, you will take 3 months to get over the move and the baby and to be able to think straight again. So that will take you to month 4 of a tenancy. You'll take another month tuning back into the market and almost certainly, your specification will change, so don't rush. Allow another 3 months for the purchase to complete. And bear in mind the possibility of an abortive purchase. So allow 12 months.

Now, when it comes to a tenancy, you need to plan on a 6 month AST, during which period you are committed to the rent. So you will not want to complete a purchase before 6 months, else you will be paying mortgage and rent. And you need a tenancy where the landlord will let you go 'periodic' [1 moth notice from you, 2 from the Landlord] after the 6 months, rather than demanding you sign up for another 6 months.

hyposmurf

devotee wrote: »

Sorry, but why did you put a property up for sale if you're having second thoughts and expecting a baby?

Not having any second thoughts,just don't have a property to go to yet and worried buyer will drop or we'' end up renting and paying a mortgage.We were looking to move before the pregnancy,but as the market has been alot slower than we thought it would be things look different now.

hcb42 wrote: »

most rentals are six months

can you not buy and sell at same time?

Yes that would be the ideal situation,but as I said above we have not found a property to move to yet.

DVardysShadow wrote: »

Pregnant Buyers? Never again. Woman with hormones looking for a nest to drop her child? Seller's dream, you might think. But when your own purchase hits snags you are placed under pressure by the pregnancy and forced to think about rental yourself. It turns into pressure and stress up and down the chain. We dropped them when our purchase went wrong and their solicitor started asking for indemnity policies at a very late stage. Felt bad about it, but the demands for access for this and that based on the pregnancy were increasing, and the indemnity policy was a last straw or we would have rented.

That's the view from the other side. 11 weeks is just too short to sustain a plan that you will buy, without a backup. I suggest that if you choose to complete the sale, you plan and budget for 12 months in rental. And you don't do it if that plan is unsustainable.

Once you move into rental and the baby comes, you will take 3 months to get over the move and the baby and to be able to think straight again. So that will take you to month 4 of a tenancy. You'll take another month tuning back into the market and almost certainly, your specification will change, so don't rush. Allow another 3 months for the purchase to complete. And bear in mind the possibility of an abortive purchase. So allow 12 months.

Now, when it comes to a tenancy, you need to plan on a 6 month AST, during which period you are committed to the rent. So you will not want to complete a purchase before 6 months, else you will be paying mortgage and rent. And you need a tenancy where the landlord will let you go 'periodic' [1 moth notice from you, 2 from the Landlord] after the 6 months, rather than demanding you sign up for another 6 months.

Would it reasonably take fourth months to move into rental and be looking for properties?I'm watching the property movements daily in the areas were interested.My partner seems less like the typical pregnant woman in that respect,even more fussy than me on choosing a place,things could change though nearer the delivery date.

cramg

Sell the house and move into rented - if you dont sell now, it may be another 12 months, 24 months before another buyer comes along.
Discuss with letting agents your circumstances, try and get a rental agreement to commence only when your property is sold and contract exchanged etc.
Stay in rented for 12 Months or so, save towards a mortgage deposit and enjoy your time with your newborn - its scary how quick they grow up and you cant get that time back!

hyposmurf

cramg wrote: »

Sell the house and move into rented - if you dont sell now, it may be another 12 months, 24 months before another buyer comes along.
Discuss with letting agents your circumstances, try and get a rental agreement to commence only when your property is sold and contract exchanged etc.
Stay in rented for 12 Months or so, save towards a mortgage deposit and enjoy your time with your newborn - its scary how quick they grow up and you cant get that time back!

Yes thats my feeling.The market still isnt great and realistic buyers are in short supply.Surely if I discuss with a letting agent the situation theyll be put off and want to tie me in as long as they can.

DannyboyMidlands

Jeez, you have a cash buyer. Bite their frikking hand off. Move into rented or whatever it takes.

hyposmurf

DannyboyMidlands wrote: »

Jeez, you have a cash buyer. Bite their frikking hand off. Move into rented or whatever it takes.

Yes youre probably right.If your pay enough attention to the market on a dialy basis you can see property under off/sold stc and then back on the market.We should be pleased with what we have, but at the same time its hard not to be confused as what to do in the situation .

satchmeister

hyposmurf wrote: »

Yes youre probably right.If your pay enough attention to the market on a dialy basis you can see property under off/sold stc and then back on the market.We should be pleased with what we have, but at the same time its hard not to be confused as what to do in the situation .

All I see on a daily basis are Avail ... SSTC ... Avail, price reductions and new to market at 2007 + x% that sit there for a couple of months then disappear and re-appear with a new EA. The market is gridlocked and I suspect that the only sales taking place are chain free, either selling and going into rental or the three Ds.

Trying to tie together multiple sales in a chain I suspect is impossible in a market with so few sales. Have seen some SSTC ... Avail after six months which must be a broken chain.