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

Niv

glasgowdan wrote: »

I hope you're keeping an eye out for other houses to buy.

We ended up going into rented as we found ourselves being very fussy about buying a new place. It's been ok, but is expensive. Our mortgage was cleared and we've ended up paying £950/m for a house a similar size for 6 months. No storage fees though.

If I could go back and do it again I'd wait until we had a 100% purchase before agreeing to sell ours, and try and do it all within a chain, but we were in a different situation in that our house sold in 5 days in a desirable area so we should have been picky.

In your shoes, I'd agree that a rental is a good idea.

In my area (Somerset) no one will accept your offer until you have sold your house so your plan would not work here for sure.

Melaniep101

We moved into rented to keep our buyers. In fact they offered us cash to move into rented. Was stressful moving twice, and putting some our things in storage in between, but we were lucky to find a landlord that let us out of our contract after just 3 months (he knew our situation from the beginning).

nicmyles

Think it really depends on how hard it was to find the buyer in the first place - if you're already on the second lot, doesn't sound like it's that hard for your property?

We recently sold our flat ahead of our purchase and the rest of the chain being ready to exchange. Currently staying with family, but if the chain collapses or takes significantly longer we'll then need to rent while we look at other options.

That's obviously a risk to us, but we felt we needed to do it as prices in our area were stagnant, it was right before the referendum and there were a few issues with the flat that apparently weren't a problem for our buyer but would have been for others (on a main road, development site out the back). And realistically we thought it was going to be another 1-2 months and we weren't sure we could hang on to him for that long.

So really came down to how hard we thought he'd be to replace! Would probably have held the line if none of those issues had existed.

cloo

We were asked if we'd move out to make things easier for our buyers, but said 'No way'. With two young kids in school and childcare and us both working full time it was way too stressful and there was nothing really pushing our buyers other than that they'd like to move in sooner. Plus in London deposits are huge and tie-in times for contracts are long. And those buyers pulled out anyway in the end!


But horses for courses, it clearly worked out well for several posters here as long as you can find a convenient solution and if you don't have any very particular needs for location or type of property.