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Rental regrets
Comments
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17 years ago, we moved into a very large rented house in much worse condition than the one we'd sold. It was cold, the house was unappealing, and we felt slightly miserable, but prices were falling (like now in the south) and we were getting a good % on our money in the bank (not quite so high now.)
It was another in a series of 'going backwards to move forwards' moves. Those had been usual in our youth, but I was 60. We expected to be there maybe 18 months, but having the ability to move fast paid off. We were in during January, and out by August.
We're still in the property bought as a result of taking a punt on renting. It wouldn't have been an option if we'd had something to sell. Will it also work for you? There are no guarantees in this life, but you have a much better chance of finding somewhere which will be a good move, and I hope you do.
Weak men. Hard times.
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Once one's offer is accepted it is exceptionally poor form to carry on looking at other properties. Not illegal, but if I was the EA I wouldn't entertain it. What if the chain is near completion and someone decides to pull out because they found something better. That whole chain collapses because they wanted to keep their options open. House buying in England is difficult enough without people playing silly games.
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Biw long are you going to wait for a seller who has not got an offer accepted on a purchase?
The seller is not on a position to proceed and might never be. They may withdraw from the market in six months time and you have been hanging on all that time?
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If the vendor doesn't get an offer accepted on an onward purchase in a timeline that suits their buyer, they can withdraw their offer, then look elsewhere. They shouldn't be looking elsewhere whilst keeping their offer on the table IMO.
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If the seller gets an offer accepted what is going to be quicker, an offer on the table from a buyer who has no chain, or finding a new buyer who may have a chain behind them.
Up to the seller to decide.
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Moving from a detached to a flat is going to be a shock, you probably have 1/4 of the space you are used to.
Why did you decide on a small property in a lovely area you can't afford to buy in?
Could you look at renting somewhere for the same cost but in a different (less lovely) area that would give you more space?
It's unclear if you want to move in the same area or further afield but if I was renting I'd want to be in the area I want to move to. Being in the local area means you start making friends and connections where you want to be long term.
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I have not been through this myself, as we are still on the buying side, but reading your post I wondered whether the hardest bit is that renting feels like a step backwards when really it is a pause. The detached house to downstairs flat jump is a big adjustment, and it is normal to wobble about the decision. A few of the replies make a fair point that you are in a strong position, with no chain to hold you up and the cash side settled. Sellers who are stuck in a chain that keeps falling through often take a lower offer from someone who can move quickly. Practically, I would ask your landlord for a shorter or rolling term, if you have not already, so you are not locked in when the right house appears. And try not to keep chasing the one that fell through, it sounds like a house with a lot of uncertainty hanging on it. Hope you find the right place soon.
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The Renters Rights Act, means there is no fixed term. OP can give 2 months notice, to end at the end of a rent period, whenever they want. It puts them in a good position.
The mistake may be renting a place too small to live comfortably, in what has stretched to a longer time scale than first planned. The option is to move to a bigger rental or stay put.
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That rather depends on the cost of the rent and how much that is eating into the available pot of money every month!
How many areas have house prices falling at the same pace as the average UK rent of £1445 per month?
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We sold our last property in March this year and accepted a lower offer from chain free first time buyers. We already had our offer accepted on our onward purchase which had no upper chain so we were keen to complete the chain with as few "links" as possible.
So I agree being chain free can lead to you having a lower offer accepted which should be at least some good news for the OP.
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