Would you go into rented if you run the risk of losing your buyer?

wateva

Hi,

Just seeking your opinion on a matter which has been hounding me for sometime but now we are faced with the situation.

We have accepted an offer on our property twice since last year May. First set of buyer's fell through in February this year as buyer needed to extend mortgage offer but was declined due to starting a new job therefore as a result, we lost our onwards purchase. Our flat was relisted and new set of buyer's came forward in March. We found our onwards purchase in April.

Thing is our vendor is yet to find a property to move into and it is has been three months since everything has stalled but we have our mortgage offer in place and are ready to go.
Our buyer is ready to exchange and complete but we can't move forward due to vendor's position. The suggestion of renting has been put forward and considering I have given birth three weeks ago, I am not keen on the idea but my partner doesn't want to lose our buyer and spend more time re listing and going through a long drawn out process as our home is a shared ownership flat.

Given the circumstances, would you advise going into rented? How long is a reasonable time to wait for our vendor to find her onwards purchase? She is moving to a new area and on average 2-3 properties a day appear on Rightmove for the region she is looking at. I must add we have looked at other properties since a month ago but to no avail.

Thank you in advance

foxy-stoat

If it was me, I would rent for 6 months and go into the next purchase chain free. It puts you in a stronger position against someone else who has a property to sell.

sniggings

I don't know why more people don't go into rented.

It would save a load of stress.

Yes moving can be stressful, but if you start from the beginning of the process that going into rented is all part of the selling/buying process then I don't think it adds as much stress as not going into rented can add.

You pack anyway, send most of the stuff into storage, limit what you take into rented, seems a no brainer to me.

Waterlily24

I wouldn't but we are in a position where we don't have a mortgage and it would be money down the drain.

brodawel

We did this but easy for us having no kids living at home. Rents tend to be min 6 months. Storage for all our stuff is £80 per month (in a container). We rent a tiny place to keep cost down but it's not ideal, fun at first but after 9 months I think a bigger place might have been better. Having no chain hasn't really helped, we find buyers not really appreciating our situ i.e. cash and NTS, and they still wanting asking price or near as. However the main advantage is we can jump in when the right property comes on, and no worry about losing it through any chain below us.

ancientofdays

I would and, for the second time, we have. Not enjoying it uh but at least we are in a good position to buy when we find our next home.

MistyZ

Yes I would. It's tough if you've got pets though. We have the best-behaved, smallest dog imaginable and a cat. I rent out a house & am okay with pets within reason. Anyone would think we were planning to install zoo animals. Another tough thing is being tied into a 6 months tenancy plus quite a few landlords seem to want people who'll stay longer so perhaps best to be vague about your future plans.
It does put you in a good position for buying though and in a chain something's got to give. Short term pain for long term gain.

steph2901

I would. We were all prepared to do that if we didn't find a house. We set ourselves a target of 4 weeks from receiving an offer on ours, and decided if we didn't find anything we'd rent. In the third week we found a house to buy. It's still all going through so who knows what'll happen!

Good luck

lisyloo

There is no way I would if I had just given birth but would otherwise.
It sounds massively stressful considering your circs.
Has it been suggested that your vendor goes into rented?
I would stand your ground, it's you that has to move, clean etc. And not anyone else, so it doesn't matter what anyone else thinks, but I don't see why your vendor can't be the one to go into rented.

pinkshoes

We were in your vendors position, and could not find anywhwere, so moved in with the inlaws for 4 months.

It meant we were chain free so in an excellent position to put in a cheeky offer!

You could always offer the vendors a little extra for THEM to move into rented so that the chain can complete. We got an extra £4k from our buyers on the condition that we moved into rented.

agrinnall

Yes, and have done several times (not through fear of losing a buyer but because it made the process easier to have a gap between selling and buying), but it really does depend on your personal circumstances.