New build delay- going into rental!

Doorlock21

Hi all!

we’ve just been told our new build is not going to be completed until December so a 4 month delay.
we haven’t exchanged yet but we were about to and waiting to see what our buyers want to do.

Obviously we could go into rental but I am so nervous about that option.
I’m nervous that we will go into rental and something wrong will happen between exchange and completion and we are left without our old house and our new house and left in a flat renting with 2 kids.

has anyone does this before and it all been ok? Or not ok?

lookstraightahead

Doorlock21 said:

Hi all!

we’ve just been told our new build is not going to be completed until December so a 4 month delay.
we haven’t exchanged yet but we were about to and waiting to see what our buyers want to do.

Obviously we could go into rental but I am so nervous about that option.
I’m nervous that we will go into rental and something wrong will happen between exchange and completion and we are left without our old house and our new house and left in a flat renting with 2 kids.

has anyone does this before and it all been ok? Or not ok?

Yes. I've rented always between transactions. With kids. With pets. Hours away from where I'm going to be living.

I've also rented privately. Why are you nervous? Millions of people rent. Millions of people live in flats.

UnderOffer

Are your buyers also selling or FTB? You may find they will wait particularly if they are first time buyers, so start there first. 

Rentals, is there plenty of choice and availability in your area? I’ve been reading it’s quite difficult to get a short term let i.e 6 months as landlords are seeking longer term tenants. 

I’d also be hesitant giving up my current home, but if I felt I might lose my current buyers and was confident the builders wouldn’t extend a delay again, I’d probably weigh up all the pros and cons and rent. 

user1977

It's pretty commonplace to rent inbetween if you're buying off-plan and it makes things substantially easier rather than have to drag along your buyers with your builder's timescales. Yes, you'll need to take on the risk of the new house being further delayed. Such are the downsides of buying a shiny new house! If you need certainty about whether/when your new house will be built, you'll need to find one which isn't still being constructed...

Doorlock21

lookstraightahead said:

Doorlock21 said:

Hi all!

we’ve just been told our new build is not going to be completed until December so a 4 month delay.
we haven’t exchanged yet but we were about to and waiting to see what our buyers want to do.

Obviously we could go into rental but I am so nervous about that option.
I’m nervous that we will go into rental and something wrong will happen between exchange and completion and we are left without our old house and our new house and left in a flat renting with 2 kids.

has anyone does this before and it all been ok? Or not ok?

Yes. I've rented always between transactions. With kids. With pets. Hours away from where I'm going to be living.

I've also rented privately. Why are you nervous? Millions of people rent. Millions of people live in flats.

Oh really!

im nervous incase we exchange and move out and then something wrong can happen with the mortgage and it all falls through? I’m a nervous person? Can. It happen?

HailMax

I'd stay where you are and delay Exchange.  Yes, you risk losing your buyer but your wellbeing of your family is most important. Rental properties are incredibly difficult to come by, expensive, and not worth the hassle for c4months.  You may end up with something too small, storage costs etc etc.  Stay in your house til you can move straight into new build.

Doorlock21

UnderOffer said:

Are your buyers also selling or FTB? You may find they will wait particularly if they are first time buyers, so start there first. 

Rentals, is there plenty of choice and availability in your area? I’ve been reading it’s quite difficult to get a short term let i.e 6 months as landlords are seeking longer term tenants. 

I’d also be hesitant giving up my current home, but if I felt I might lose my current buyers and was confident the builders wouldn’t extend a delay again, I’d probably weigh up all the pros and cons and rent. 

Our buyers have buyers and then that’s it.
i think there are places to rent but not so sure. But our estate agents said they could help.

we may lose our buyers and that will be it so I am nervous but I’m nervous incase something goes terribly wrong, but not sure what but just scared

Doorlock21

user1977 said:

It's pretty commonplace to rent inbetween if you're buying off-plan and it makes things substantially easier rather than have to drag along your buyers with your builder's timescales. Yes, you'll need to take on the risk of the new house being further delayed. Such are the downsides of buying a shiny new house! If you need certainty about whether/when your new house will be built, you'll need to find one which isn't still being constructed...

Our house is built just delays in the utility services?

comeandgo

I have always moved into rental after sale of my house, especially when moving into new build with all the problems associated with new builds that developers have no control over.  Our last rental was a log holiday chalet we had over their quiet months in winter.  A lovely place to spend Christmas.  I think you have to weigh up what’s your worst outcome, will you be able to cope if your buyer walks away due to uncertain time and you loose the new house or you sell your house and in rental for six months and then into new house.

sheramber

Are these delays likely to be sorted soon or are they open ended i'e. materials not available so no guarantee when they will be?

Doorlock21

sheramber said:

Are these delays likely to be sorted soon or are they open ended i'e. materials not available so no guarantee when they will be?

To do with utility services not being put in in our part of the road which needs to be done.