Needing a home

Lukesxp

Hi all,
We are currently in a rented property with the landlord having give us 2 months notice to leave (wants to sell) prior to the pandemic. We only have a 5% deposit and were going through an application on a property we had an offer accepted on when lockdown initiated and the lenders withdrew high LTV mortgages. This meant the vendor had to move on and now we are being pressured by the landlord to leave with having exceeded the notice period during lockdown. We looked at renting again but are reluctant to leave the area with our children settled in the nearby school and nothing affordable locally. We are continuing to save for a 10% deposit but this will take several months. I know an eviction process would take several months (even longer with a backlog) and we are trying to negotiate extending a tennancy with the landlord. Any other suggestions or options we could look at? The landlord did offer an asking price on our current property when we asked but its way out of our budget, even if we could get a mortgage. Our jobs are luckily secure with being key workers. Thanks for reading.  

Sistergold

Could you maybe buy in a less desirable area but with not so bad schools? If let’s say the area is much cheaper then maybe your current deposit could go a longer way and with ruthless saving you can achieve the required 10% quicker? Honestly children adapt so quickly and your own place in a not so good an area is better than renting any day. If the not so desirable area is still not too far from current school but with you needing to drive the children to same school maybe? Just a thought thats all. I personally always just buy where I can afford not where I think I should stay. I prefer not to wait and wait as prices and mortgage conditions just keep revolving. Also you can always then move and upgrade from your one place! 

burge1983

Lukesxp said:

Hi all,
We are currently in a rented property with the landlord having give us 2 months notice to leave (wants to sell) prior to the pandemic. We only have a 5% deposit and were going through an application on a property we had an offer accepted on when lockdown initiated and the lenders withdrew high LTV mortgages. This meant the vendor had to move on and now we are being pressured by the landlord to leave with having exceeded the notice period during lockdown. We looked at renting again but are reluctant to leave the area with our children settled in the nearby school and nothing affordable locally. We are continuing to save for a 10% deposit but this will take several months. I know an eviction process would take several months (even longer with a backlog) and we are trying to negotiate extending a tennancy with the landlord. Any other suggestions or options we could look at? The landlord did offer an asking price on our current property when we asked but its way out of our budget, even if we could get a mortgage. Our jobs are luckily secure with being key workers. Thanks for reading.  

I absolutely 100% empathise with your circumstances as the same happened to us in June. Its horrible to have to leave the place youve made a home at such short notice, and genuinely believe that the laws need to change to give renters a greater sense of security and more adequate time to plan should th landlord decide to sell for example. Especially when children are settled in the area and schools. I think it would also cause potential landlords to consider more their responsibilities to the their tenants and not just see them as a commodity, as has been our experience of renting. Is there an possibility of family helping you out in any way deposit wise? That's the route we ended up going down