Chain fallen in at bottom - should we rent???

swc

OK, so I found out last night that out chain collapsed at the very bottom!

We are unfortunatley in the middle of a chain of 4:

1 - FTB - Broke the chain due to "cold feet" after survey, mortgate and all searches etc done. 9 weeks into the process :mad:

2 - Our buyer - needs to sell house to buy ours. Everything in place to exchange, but their buyer just dropped out. They are still desparate to buy our house.

3. - Us - Need to sell ours for deposit on the house we have found and have an offer accepted on. Everything in place to exchange. We had planned to excahnge next week amd complete on 25 July due to availability of nursery place for our children from 1 Aug.

4 - Our vendor: House is currently being rented out. Tenants to vacate 1 July.

So that's where we are at at the moment. We are desparate not to lose our house (4) but obviously the vendor wants to put it back on the market as we are not in a position to move forward as we have in reality lost our buyer. They said they would consider renting the house to us until we have secured our sale. So in effect we could be paying rent and a mortgage. We would have to borrow from family to cover our old mortgage as the new property is v expensive and we have no leeway.

My question is: Do you think we are MAD to consider renting house number 4 from 1 Aug in hope that we will have secured a sale by then. We are willing to move out of our house and risk having to pay the mortgate until we find a buyer. If we back out of this house and lose it we could lose 1.5K in fees, surveys and nusery registration - this is equivalent to 2 months mortgate payment on out property.

We really don't want to lose the house, but want your objective thoughts on whether it's a BAD idea!

Dan-Dan

with no guranteed sale of your house , there is no other way to look it at other than its incredibly risky and i perosnally wouldnt do it but having found the house for you ifeel really sorry for you

Cissi

I too feel very sorry for you but think it would be very risky and I wouldn't do it in your situation. You say that you have no leeway and would have to borrow from family to cover rent and mortgage even for a few months - what if the selling process takes a lot more than that, which it easily could do if you start from scratch?

A question: how were you hoping to exchange next week with tenants still in the house, on notice to leave July 1st? Does your mortgage provider not require vacant possession? There is always a possibility that the tenants don't vacate the house on that date. If they don't, then the LL would have to go through the courts to get them evicted which could take months.

I think both you and your buyer need to re-market your houses ASAP, and the vendor of the house you're hoping to buy will probably do the same. With a bit of luck, the bottom of the chain might form itself fast enough again that your purchase still works out - but it will almost certainly mean a delay in your plans. Not a good place to be, I feel for you!

swc

Ok, so we would not be able to exchange until 1 July....I'm a bit green on legalities etc.

I know it's so risky. We would have to borrow to cover the mortgage on our old house 740 per month.

Maybe it is best to hope for the best.

The house is not the only problem, it's mainly our nursey place in the area we want to move to is only available until 1 oct. so if we have to start from scratch we may lose that along with the 1.5K. Tbh my driver is stability for my two young children more than the house we have found.

Feel like just staying put and taking our off the market now, it's far to stressful and disruptive when you have got kids :-/

Mr_Moo_2

Sympathise with your situation...... given your focus on stability for the kids, how much risk are you prepared to take. You could get the chain back together very quickly, but what if you were still renting and paying your mortgage in 6 months time. what about 12 months time? Think carefully.... hope it all pans out.

Cissi

swc wrote: »

Feel like just staying put and taking our off the market now, it's far to stressful and disruptive when you have got kids :-/

That's totally understandable, but I think it would be better to at least try to put the chain together again - you still have time before Oct 1st. It may all fall into place very quickly, fingers crossed!

Seabee42

I can see your downhearted and moving is stress. If you can cope you really have nothing to loose by trying to see if the chain or another cannot be built up in time.

If nothing happens then that is your default position of staying put.

Good luck:beer:

Excited13

Has anyone tried talking to the FTBs? They may have cold feet but a bit of reassurance from either their EA, vendors or solicitor may help.