Sold but can't find new place to buy

PasturesNew

Roz74 wrote: »

It's just some people made me worry saying if I'm off the market too long I'll never get back on.

In my opinion (although every area is different) it's nonsense. You're not talking of having a 3-5 year break.... you're just taking your time to wait for a better one than is currently available.

The market, for most areas, isn't moving at all much - prices are pretty stable and lots that are for sale are reducing by £10k.

You'll not miss out.

jb66

No brainer, move in with your mum and when your dream home comes in you will be in a very good position of snapping it up as you have no chain

Waterlily24

Opposite opinion here, we would never move out before we had found somewhere.

AlexMac

Waterlily's tactic is at odds with the majority advice, to sell asap...
The comment that once out of the market you can't get back in isn't true- but refers to extreme cases such as people who, for example, sell in prime London, move to rural France then, 3 years later find that their Islington flat would have doubled in value while the French gaff is worth less due to stagnacy in the local market.

As everyone has said, sell (on the 'bird in the hand' / 'strike while iron hot'...principle), stick the money somewhere and save lots while reminding yourself why you wanted to move out of your mum's house in the first place (this making the next independent home all the sweeter!).

The only downside would be if (like us) you have a stonkingly low 'portable' mortgage whose bargain rate will disappear if you repay it; so maybe a quick word with your lender to see waht you'd get in a few months time if they can predict...?

And if you get cold feet and pull out of your sale now, you may well regret it if either, you a) struggle to find another purchaser, or b) p1ss the local agents off so they are less inclined to be uber-helpful on future sales and/or purchases...

And finally- I'm a believer in the power of the random (or serendipity for more pedantic readers); all the houses we've bought have fallen unexpectantly into our laps, so next week (or next year) you'll probably find 'the one'...

ViolaLass

AlexMac wrote: »

The only downside would be if (like us) you have a stonkingly low 'portable' mortgage whose bargain rate will disappear if you repay it; so maybe a quick word with your lender to see waht you'd get in a few months time if they can predict...?

I wouldn't bother. The opinion of some minion on the phone or in a branch won't be worth the air used up to express it because 1. What do they know? and 2. What do they care?

pinkshoes

Move in with your mum!

We moved in with the inlaws as we couldnt find anywhere after accepting an offer on ours, and due to being chain free it meant we were in a great position when we found somewhere to buy, and saved us about £20k in the asking price.

Jhoney_2

Who will be moving? kids? pets? does you mum have the room realistically? Also you say you don't like living in current house so why hesitate?

It is not always the economics that make things a sensible choice. Look at your overall situation and then make your decision based on those sometimes competing circumstances.

Hopefully by doing that the solution is then the best choice - for you.

Waterlily24

I think that in Roz74's case it's probably the right thing to do but it's an absolute no no for us.

Angie_B

Are you out of your fixed term for your mortgage (or will be by the time you sale goes through)?

If you are still tied in and split your sale and purchase, you may get hit with thousands of pounds of ERC if you are unable to port your mortgage. Worth checking if that makes a difference to your moving fund/deposit.

Jhoney_2

Waterlily24 wrote: »

I think that in Roz74's case it's probably the right thing to do but it's an absolute no no for us.

Probably same here too. I have to consider storage for a family household of possessions and a pet when moving anywhere including family.

Then there's a big school consideration and to top it all, I love my home, neighbours, street and area. The area I am currently in, is a rising and fast moving market - but so is the one i'm moving to where property goes under offer within a week or two. I couldn't risk it as I know the property I want is not easy to find in my location of choice ( I check constantly!)

Many of those things may not be relevant in OP's case so I feel I nor anyone else can advise what should be done - only what to consider in coming to a decision.