Quit everything , and start again over 50?

PrincessTillyBear

Hi AC and everyone else, long time lurker here.

Just wanted to say well done on finding a flat that you like, everything seems to be moving along at quite a pace now.

My only thought was that when speaking to the letting agent don't be too forthcoming with your plans, my feeling is, & please anyone correct me if I am wrong, that in a situation where more than one party is showing interest in the flat they might be inclined to favour someone who is going to be there long term as they don't want to go through the letting process again in 6 months.

What you are doing is right for you AC, a 6 month or 12 month let is perfect for your very sensible plan and I wouldn't dream of derailing that, just keep the plans under your hat as it were.

Right, back to the shadows I go

gallygirl

The flat looks lovely and you're doing the right thing to work out how to raise funds for deposit. Also let estate agent know you are interested. But that's it. DON'T sign up for it. There is still the potential for your sale to fall through, or be delayed by a month, so don't commit yourself to something yet, no way could you afford to pay the rent without the house sale.

Be patient AC. 'What's for ye will o go by ye'.

enthusiasticsaver

Sounds like things are moving ahead for you AC. My DD is going through moving cities from Midlands back to Bristol in South West (although she has new job to go through) and selling up and buying is tricky. She is lucky in that her friend is putting her up while waiting for sale/purchase going through but I understand that is not possible for all.

You will need to find letting fees, deposit etc so ring agent tomorrow to find out how much those are. Have you actually exchanged yet? I would have a short list of properties rather than just 1. Work out 6 months rent (ignore deposit as you will get that back) and calculate your budget to make sure you don't dip into capital fund. I would find a one bed as well as the Blair avenue one just to weigh up difference. What is second bedroom for if it is just you? Can you cull some of your stuff?

I know this is a big move for you but Poole is so much nicer than London and giving up the job will certainly help your frame of mind. We noticed this weekend in Bristol when flat hunting with our DD that there is quite a lot on market so hopefully as a cash buyer you will find somewhere quick once you moved. Look forward to hearing more.

enthusiasticsaver

I would also agree that you don't fork out anything until exchange. Can you ask for a one or two week gap between exchange and completion so you have time to sort out storage if needed and a short term let? I don't like this exchanging and completing on same day which often seems to happen. No time to get your head round things or prepare.

enthusiasticsaver

I think I would be tempted to ask for 4 week gap between exchange and completion to give you time to give in your notice at work and sort out future living accommodation in Poole. That way you are not paying out before your buyers committed and you don't have to worry about finding somewhere to stay in London while you work out your notice unless your employers will take shorter notice period. Don't get too attached to any rental property until then as it may not be available when you actually free to commit to one. New ones come on all the time.

Unless your brother can put you up?

lessonlearned

Hi AC.

Just to echo what everyone else has said - do not comit yourself to anything til contracts are exchanged.

1. Sorry but you are not quite Home and dry yet.
2. The banks are unlikely to advance you any money until exchange of contract.

I would also try and go for 4 weeks until legal completion so as to allow you to work your notice and make other living arrangements.

I also agree don't fixate on this one apartment, you need a short list as back up.

None of my business.......but do you really need two beds.

£825 pcm is a lot of money. (Well it is to me). Can you not manage with one bed for the short term. If you can shave say £150 a month then that will go towards your buying fees. Even at 6 months that's £900 and if you do go to 12. Months then that's £1800 - your legal fees.

I would suggest that you Try to think and plan long term and don't be seduced into paying out any more than is absolutely necessary on rent.

But hey, it's your call.

dreaming

There is a 1 bed flat for rent on Alexandra Road (doesn't look too far from Blair Avenue) for £625 which looks reasonable for 6 months (has better outlook than Blair Avenue in my opinion).
The other ting I was thinking about was where to "park" your cash if you do not have other bank accounts available other than Nationwide. As mentioned you should try to spread it round to be covered under the £75k rule but appreciate that it might be difficult to open new accounts whilst on DMP (or shortly after it's paid off). Definitely something to be looked into, but agree with others that you should keep your cards close to your chest about your plans as much as possible until exchange. But nothing is impossible.

enthusiasticsaver

You can park more than 75k in a national savings account as it is covered by the uk guarantee. You also won't be credit scored as it is savings rather than current account and pays 1% interest. Not a fortune but better than nothing

another_casualty

Wow! So much great advice , in such a short time . Plus it's Sunday morning . Thanks . Hello princess
Felling rough as hell , this morning . I'll get over that later, I'm sure.

It may look in the surface , that I am jumpy and trying to keep up with usain bolt . What is going on my head is that everything seems to be going full steam ahead , since Friday .
The buyers want to be in my home ASAP . Rather than being obstructive to them or to myself , I know that October is the month and with all of the pressure .. Why not ?
I sent an email regarding Blair avenue . I have looked at others and will continue to do so, time permitted .
1 or 2 bedroom? I don't mind, but I may have panicked slightly with the Blair avenue flat . However , it looks like it will be a weds completion on either the last weds or the middle weds of this month. This is why I am jumpy .
With Christmas coming( how old is this thread ?), people want to be settled.
Now , please answer me this: once I have signed the contract, I can proceed with everything- giving in my notice / getting the advance etc.??
If I don't get the advance , you may find me floating in the Thames .

Normally , I would give a months notice to my employers .
Screw them! Anyway , I have more than 10 days of holiday entitlement left.
I will obviously be polite , and politely explain my reasons for termination of contract .Its not a normal situation I am in , and I am not normal anymore.

So,recap : talk to estate agents tomorrow/ talk to nationwide /
( my solicitor will be contacting me tomorrow / tues btw)/ look for one or 2 Othet properties to rent /Wait until I have signed contract .. Then go to parkstone to checkout properties and pick one .
Btw - if you see a nice 1 bed, send me a link .
If I'm doing something wrong , please prod me ASAP

Thanks thanks thanks

Smodlet

Good morning AC, all.

Signing the contract to sell your place is not the same thing as exchanging contracts. Your buyers are not committed until the contracts have been exchanged. I would advise you to wait until they have been before handing in your notice, signing a lease agreement or anything else which commits you to anything.

It can often be weeks between the vendor (you) and the buyer(s) signing the contracts and the contracts being exchanged (between your solicitor and theirs) Once exchange has happened, both parties are committed to the purchase going ahead and, if either pulls out at that stage, that party is liable for all the other parties' costs. For instance, if your buyers tried to change their minds after exchange, you would get to keep their deposit. If you were to pull out, you would be liable for all their legal costs, survey costs, mortgage broker costs, etc.

Until contracts are exchanged, your buyers can walk away with impunity, possibly leaving you high and dry if you have handed in your notice, signed a rental agreement, you dig?

I am sure LL, GG and a host of others can say it better than I have, but HTH.