New build delay- going into rental!

Standingstrong

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’ve rented between buying houses and it’s actually not that bad. Just think of it being a little holiday/ adventure for yourself and your family. 

And before you know it you’ll have your new home.

Just think the rental is temporary until the mortgage is sorted.

start thinking ahead. 

TripleH

Not to be pessimistic but we've had delays on a new build where the deadline kept getting postponed further and further. If they want you to exchange, you need to force them to finish the house in a timely fashion (not always easy) otherwise the developer looses interest and focuses on the next project. You want to push them to finish the job properly.

We have a new build where our house was the last finished and as a result a lot of corners have been cut in terms of finish.

Doorlock21

TripleH said:

Not to be pessimistic but we've had delays on a new build where the deadline kept getting postponed further and further. If they want you to exchange, you need to force them to finish the house in a timely fashion (not always easy) otherwise the developer looses interest and focuses on the next project. You want to push them to finish the job properly.

We have a new build where our house was the last finished and as a result a lot of corners have been cut in terms of finish.

Yeah I know what you mean. How can we force them to finish in a timely manner? We are literally asking then and begging them to buy obviously can’t guarantee.

Doorlock21

Standingstrong 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’ve rented between buying houses and it’s actually not that bad. Just think of it being a little holiday/ adventure for yourself and your family. 

And before you know it you’ll have your new home.

Just think the rental is temporary until the mortgage is sorted.

start thinking ahead. 

Fear is our mortgage offer expiring and then no house? Then we are left 

RAS

Why another thread?

koalakoala

No other houses to buy that you like ?

Doorlock21

koalakoala said:

No other houses to buy that you like ?

Unfortunately not 😢

pinkteapot

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

Doorlock21

pinkteapot said:

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

pinkteapot said:

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

The risk we have is we move out into family.
and they delay over our mortgage offer expiry which is February and we can’t extend and then we are left without both houses 

Doorlock21

Doorlock21 said:

pinkteapot said:

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

pinkteapot said:

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

The risk we have is we move out into family.
and they delay over our mortgage offer expiry which is February and we can’t extend and then we are left without both houses 

pinkteapot said:

OP, I get that this is a really stressful situation - I've moved house several times and it's never straightforward. But with the number of threads you're starting it feels like you're now over-thinking and possibly a bit fixated on hearing about peoples' bad experiences to justify a decision.

You have two options, both with risks: 

1) You refuse to go into rented. Risk: Your buyer gets fed up and pulls out. You can only buy your new-build if you find a new buyer. Downside: Faff of moving twice, and finding a rental in the first place as they're in short supply at the minute.

2) You go into rented. Risks: The new-build is further delayed and you're in a rental longer than you want to be. That's really the only risk. At the start you were worried about the new-build somehow becoming completely unavailable, but that's EXTREMELY unlikely. Even if your builder goes bust, another builder would take over the site if it's profitable. Unless your circumstances change (e.g. job loss) so you can't get your mortgage anymore, you'll buy your new-build. And the loss of job risk applies whatever decision you make.

What this decision really comes down to is whether you can risk losing your buyer. How quickly did your house sell and how near asking price did you get? If you had lots of people interested, you can probably get a new buyer at the same or close to the same price - is that your sense? 

If your buyer is easily replaced then there's no point you taking on the hassle of going into rented. If they're not, take their cash and clear out.

I should also say the lender has already said no extension.
we have a estimated completion of December with a long drop clause until feb.

currently doing first fix electrics on the new house