Delaying completion on our house....nightmare finding anything!

trakky14

Hi everyone, we have sold our house SSTC. Buyer very keen to exchange end of June (fits in with her sale) but we cannot find anything to buy. We did have a house lined up but the purchase fell through so we are back to square one. We looked into renting over the summer but there are ZERO options as we have pets, a child and every holiday let or airbnb are booked throughout summer. It's an absolute nightmare for buying here with multiple offers over asking price, we can't even get into view places as the minute things are listed 10+ viewings are made and they won't book more. We are offering 20-30k over asking price and still not getting anything.

Our buyer has suggested we exchange end of June and complete by the end of September. Our solicitor is happy with that agreement. Downside for us is we then have to be out by the end of September, plus side is we can say we have exchanged when we are making offers which I think will make us stand out more than all the other buyers...however we then have the hassle of trying to find renting again at the end of September. Our buyer has offered to move to family accommodation between exchange and completion. Are we mad to be considering this as an option? 
Thanks

hazyjo

Lots of things can happen within 3 months. Seeing as many solicitors are still advising exchange and completion on the same day, it seems incredibly risky. What if you lose your job?

Why September? What do you think will be different to now? 

Have you asked about accommodation (to buy or to rent) on local FB groups? 

Do you have family or friends who could put you up if you complete sooner until a suitable rental turns up?

trakky14

hazyjo said:

Lots of things can happen within 3 months. Seeing as many solicitors are still advising exchange and completion on the same day, it seems incredibly risky. What if you lose your job?

Why September? What do you think will be different to now? 

Have you asked about accommodation (to buy or to rent) on local FB groups? 

Do you have family or friends who could put you up if you complete sooner until a suitable rental turns up?

Because of the stamp duty deadline for the end of September, she wants to save paying full whack and she wants the security of our house by a deadline. 
Yes we've done all the local FB groups, nothing. Ones we found wanted 12 months plus. 
Yes family from August onwards, just nothing till then. I appreciate it is a risk however both work in NHS so unlikely to lose jobs. 

pinkteapot

I wouldn't be averse to taking a 12 month rental contract. We did that when we relocated and thought we'd waste some months as we'd have bought well before. Took a long time to find something and when we did it was a new-build that wasn't finished yet. 12 months ended up being spot on. If you can find a rental that is happy with the pets and kids, I'd be really tempted to do it, even if it's for that long. 12 months is no time when you're trying to find a buy a house!

Gives you breathing space to really look at what you want and can get, and you can keep phoning agents saying "We're renting and really want to get bought - keep us in mind." (Not that that seems to work these days - houses just go on Rightmove regardless). 

On one move back in 2014 we ended up with 2 months between exchange and completion (long story). It was fine - really relaxed in fact as had loads of time to sort removals! But, as mentioned above, only do it if you're confident of finding a rental or being able to afford to buy. Any change of circumstances could scupper things so it is risky. Far more for your buyer though if you're going into rented. 

trakky14

pinkteapot said:

I wouldn't be averse to taking a 12 month rental contract. We did that when we relocated and thought we'd waste some months as we'd have bought well before. Took a long time to find something and when we did it was a new-build that wasn't finished yet. 12 months ended up being spot on. If you can find a rental that is happy with the pets and kids, I'd be really tempted to do it, even if it's for that long. 12 months is no time when you're trying to find a buy a house!

Gives you breathing space to really look at what you want and can get, and you can keep phoning agents saying "We're renting and really want to get bought - keep us in mind." (Not that that seems to work these days - houses just go on Rightmove regardless). 

On one move back in 2014 we ended up with 2 months between exchange and completion (long story). It was fine - really relaxed in fact as had loads of time to sort removals! But, as mentioned above, only do it if you're confident of finding a rental or being able to afford to buy. Any change of circumstances could scupper things so it is risky. Far more for your buyer though if you're going into rented. 

Thanks, yes I'm not sure we will find anything to buy in this market so we probably do still need to look at rentals. Can't see any end to the stampede of people wanting to buy here, only a couple of houses have been listed in the past week and they have already sold. 

catshark88

Don't get pressured into building someone else's efficient purchase, if it is at too much cost to you. Do you NEED to sell to this deadline?To this buyer? If you need to wait, then wait and if necessary, sell to someone else. Renting can be useful but there needs to be something in it for you too.

trakky14

catshark88 said:

Don't get pressured into building someone else's efficient purchase, if it is at too much cost to you. Do you NEED to sell to this deadline?To this buyer? If you need to wait, then wait and if necessary, sell to someone else. Renting can be useful but there needs to be something in it for you too.

This is absolutely the conclusion we have come to, I forgot to mention the early mortgage repayment fees we would have to pay if we went into rented! She'll have to wait. Thanks

thriftytracey

I agree.  We can't find anything suitable in our desired location, properties seemed to have dried up over the last week.  We are in our 60's, have two dogs and would dread having to find a rental.  The estate agents are starting to hassle us, despite our buyer initially saying they would move in with their parents, they are now chasing.  We have been looking for six weeks made one offer over asking price which then went to best and final and we lost out.  Also, in the interim whilst renting, property prices could end up going up even further.  I believe this is already happening in our location just over the past couple of weeks, have noticed a hike.

trakky14

thriftytracey said:

I agree.  We can't find anything suitable in our desired location, properties seemed to have dried up over the last week.  We are in our 60's, have two dogs and would dread having to find a rental.  The estate agents are starting to hassle us, despite our buyer initially saying they would move in with their parents, they are now chasing.  We have been looking for six weeks made one offer over asking price which then went to best and final and we lost out.  Also, in the interim whilst renting, property prices could end up going up even further.  I believe this is already happening in our location just over the past couple of weeks, have noticed a hike.

Awful isn't it?! I can't see it being any better any time soon with so few new houses on the market near us, the only ones coming on are ones that have fallen though and we can't even get into view as they they a string of people who missed out on them the first time. Really grim....so far our buyer is waiting but will see how long for! 

lookstraightahead

I've never ever had a problem with finding rentals, I've done it to break chains all through my life, with pets, with kids etc. Albeit minimum of 12 months.
can you look at a wider radius whilst renting? Say, an extra 5 miles out?

trakky14

lookstraightahead said:

I've never ever had a problem with finding rentals, I've done it to break chains all through my life, with pets, with kids etc. Albeit minimum of 12 months.
can you look at a wider radius whilst renting? Say, an extra 5 miles out?

Part of the problem is there are no rentals because there are tonnes of people sitting in them waiting for houses to buy...we have a massive search radius. Once one is listed the agents get so many enquiries that we can't get an appointment to view. I spent over 3 weeks trying and only saw 1 house which wasn't suitable. Nobody in this area has ever seen anything like it! Every day people post on the local fb groups looking for rentals there just aren't any. Lots of second homes have been sold the last few  months as people are cashing in on the crazy demand....its utter madness!