Moving house after divorce

thecrazy1_2

Hi all,

I am still living at the FMH with my stbx. We are at the latter stages of our divorce and have now sold our house, we are about 4 weeks from completion and I am still to find a suitable property to buy. My dilemma is that I can put off the sale (not ideal) rent, I can do this but I will be tied into a 6 month contract and when I find somewhere it will possibly complete in 3-4 months so I will be renting and paying mortgage for 2-3 months (unrealistic). Has anyone been through the same thing and can suggest a solution. Thanks.

caprikid1

To be honest if you have not found anywhere yet, chances are you can probably pad things out so there is not too much overlap.

More importantly only go with 6 months and refuse to resign and go onto a periodic tenancy.

Get you house sold is priority number 1. In an ideal world you will be able to get a better price because of your situation so extra rent maybe offset.

thecrazy1_2

Well I have decided to go down the rental route. Once completion I will come out with my share of the equity.

I do have a concern that if I do not carry on a mortgage, will I then become a first time buyer again? Is that good or bad as I am 42?

Thanks

bouicca21

I went into rental and ended up there far longer than expected. Getting mortgage was no problem and of course you have all the advantages of being in the same position as a ftb but probably with a lot more cash.

jonathanrolande

You should also worry in case prices rise whilst you rent which will reduce the value of your capital. If the market is rising in your area now, it may be worth stalling the sale.

gwynlas

Not the same circumstances but we sold up and rented for 6 months in order to find right property. Unless you are committed to living in immediate area for work/family reasons you could use time to find right place to move to rather than rushing. Purchase will take time particularly if obtaining mortgage, have to allow for searches etc so you might not have long from exchange to end of tenancy. Use time to redecorate move in at leisure.

Argghhh

you can always delay completion on a new home to suit your rental agreement - not hard to do or you can just be upfront on offer saying completion must be by XXX date or offer wothdrawn etc