To complete on sale and rent (and be chain free) or stay put and keep looking for new house

jelajelavic

Not sure if anyone cares too much about an update but just in case anyone is having a similar dilemma, we have decided to go for completing on our sale and moving into the rental.

It was a hard decision but given the fact we don't have any kids, wanted to move anyway, have received a little more for our flat and will be chain free whilst testing out the new neighbourhood, we think on balance its the right thing to do. Not losing our buyer (although probably would have found another quickly enough) and being chain free was probably the main factor, but also having a garden in the rental will be good to have in the new area.

Just hoping we find a place to buy soon enough!

donutandbeer

jelajelavic said:

Not sure if anyone cares too much about an update but just in case anyone is having a similar dilemma, we have decided to go for completing on our sale and moving into the rental.

It was a hard decision but given the fact we don't have any kids, wanted to move anyway, have received a little more for our flat and will be chain free whilst testing out the new neighbourhood, we think on balance its the right thing to do. Not losing our buyer (although probably would have found another quickly enough) and being chain free was probably the main factor, but also having a garden in the rental will be good to have in the new area.

Just hoping we find a place to buy soon enough!

Finger crossed for you. We completed on our sale and moved into family member’s house two weeks ago and we just had our offer accepted last Thursday. We have been viewing houses and making offers since March, but our offers never got accepted (even when being the highest) until now when we are finally chain-free. I hope you find somewhere to buy soon! 

AFF8879

I moved out of London to Hampshire countryside last year, and moved in with parents for 8 months after selling my flat chain free. Appreciate living with family is cheaper/less hassle than renting privately, although it was definitely the right decision for me - primarily because it allowed me to attend viewings at relatively short notice, which was/is a must in this market. Prior to that I was trying to book viewings in advance and getting nowhere, in fact one time I was about to arrive in Overton on the train (having travelled over an hour and a half from east London just to view a house) when the agent called me to cancel just as I was about to get off…. not fun  

A secondary factor was that I was panicking that London flats were going to crash in value, and didn’t want to get attached to a house only for my sale to fall through. So completing on the sale first definitely gave me more confidence during the onward buying process.

jelajelavic

donutandbeer said:

jelajelavic said:

Not sure if anyone cares too much about an update but just in case anyone is having a similar dilemma, we have decided to go for completing on our sale and moving into the rental.

It was a hard decision but given the fact we don't have any kids, wanted to move anyway, have received a little more for our flat and will be chain free whilst testing out the new neighbourhood, we think on balance its the right thing to do. Not losing our buyer (although probably would have found another quickly enough) and being chain free was probably the main factor, but also having a garden in the rental will be good to have in the new area.

Just hoping we find a place to buy soon enough!

Finger crossed for you. We completed on our sale and moved into family member’s house two weeks ago and we just had our offer accepted last Thursday. We have been viewing houses and making offers since March, but our offers never got accepted (even when being the highest) until now when we are finally chain-free. I hope you find somewhere to buy soon! 

Congrats, hope it all goes through smoothly and thanks yes hopefully we find something too, maybe being chain free will be the edge we nee!

theartfullodger

Could be wise - suspect there's a price slump coming, interest rates rising, even more benefits from Brexsh+t impacting economy.

I had a for then large mortgage in November 1979 (Thatcher) when Bank of England base rate hit 17%. Painful.

lookstraightahead

SuseOrm said:

I stepped off the ladder for 12 months if they’re  had been anyway I could’ve avoided it I would’ve it was awful,  do not believe anybody that tells you you’re in a better position for the fact that you’re in rented it makes absolutely no difference in this market whatsoever.  It’s all about the money and you’ll have a couple of grand more in your pocket if you don’t have to move twice and pay rental costs.  

I had the absolute opposite experience. Renting was by far the cheapest and easiest option for me between selling and buying. Put me in a much stronger buying position.

Woolsery

lookstraightahead said:

SuseOrm said:

I stepped off the ladder for 12 months if they’re  had been anyway I could’ve avoided it I would’ve it was awful,  do not believe anybody that tells you you’re in a better position for the fact that you’re in rented it makes absolutely no difference in this market whatsoever.  It’s all about the money and you’ll have a couple of grand more in your pocket if you don’t have to move twice and pay rental costs.  

I had the absolute opposite experience. Renting was by far the cheapest and easiest option for me between selling and buying. Put me in a much stronger buying position.

It was like that for us, but interest rates on cash in the bank were 6% in 2008/9 and house prices were falling rapidly at the time so the situations aren't directly comparable. We were 'ghouls' according to some people on MSE, looking for a highly motivated seller and determined to make the inconvenience of two moves worthwhile. We were mortgage free and pretty much mortgage ineligible too!.

We achieved our objective, completing a purchase within 9 months. It could easily have been double that, as we wanted something in very short supply. Our vendor was in a dificult situation and needed a quick, uncomplicated cash sale which we provided. Someone tried a gazump at the 11th hour, but their attempt was rejected. As for being ghouls, things worked out well for both parties and we remain friends.

Would we do the same in the current climate? Possibly, but I think the uncertainties are harder to call now. While a deep recession looks likely, so does war, and with stocks currently falling will the smart money go into property instead? While being a landlord has never been so unattractive, posh homes and houses with potential in the country are still being snapped up by those  looking to escape urban areas. I don't blame them; things could turn nasty if civil unrest kicks off. The fuel protest on the M4 and more 'creative' activities of Dutch farmers this week may be outlying indicators. Certain types of property may remain in high demand and hold value. In short, who knows?