Moving in with parents in between selling and buying

Hi all,



I'm faced with the prospect of selling my current house and moving in with my parents/friends/whoever will take me until I can find a new place. This isn't an entirely forced situation as I could make my buyers just wait it out until I've found a new place. However, it has already been two months and I've still not found a place.



As such, I was wondering if anyone can give any pointers as to the pitfalls of this approach. Obviously there's the fact that you're out of the market for a while, but I'm hoping/planning on it only being a month or two.



I'm mainly concerned with things like how it might affect no claims for buildings insurance, any possible issues with credit rating for a new mortgage, given the change in address, etc. Things like that which could catch me out.



Cheers,

Ed

Replies

  • muz3562muz3562 Forumite
    81 Posts
    Ninth Anniversary 10 Posts Combo Breaker
    Obviously on the plus side it will mean that you can go back into the market chain free .



    As you said it might show up on your credit report . But it should be a perfectly understandable situation to any lender and you have a perfectly reasonable explanation . And as long as you have an otherwise good credit report and can substantiate previous address details I cannot see this being a big issue .
  • PhilEPhilE
    566 Posts
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    Being a chain free cash buyer could help.

    Delay the buyer and there's always the chance the deal may fall through, depending on their position.

    As long as you get along with your parents, I'd take that option. Exchange contracts before you finally move out though.

    Can't comment on lending and credit rating.
  • SG27SG27 Forumite
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    Im doing exactly this as a family of 3 heres my thinking:

    Benefits:

    Having no bills, mortgage to pay (just rent to parents) enabling large monthly savings
    Buying chain free
    Time to find the right house, no pressure.
    Easier sale/ purchase not trying to tie everything up.
    Much less stressful moving day (move stuff out in advance)

    Downsides

    Having to live with parents as a family of 3 with a toddler!
    Changing addresses twice.
  • ReadingTimReadingTim Forumite
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    SG27 wrote: »
    Downsides

    Having to live with parents as a family of 3 with a toddler!
    Changing addresses twice.

    add to that:

    Costs of moving twice
    Costs of storage - your stuff in your parents' house might be a bit of a squeeze given they're likely to have stuff too
    A limited pool of willing hosts, especially if the timeframe for moving out again isn't certain.
  • diggingdudediggingdude Forumite
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    i think it really depends on your relationship with family. If its good it will stay good for a while so long as you are actively looking to buy and they can see you are trying. If the relationship is already a little strained at times this will magnify and damage the relationship further.

    *spoken by someone who is currently at home and getting sick of having to laundry at specific times :) *
    An answer isn't spam just because you don't like it......
  • MossfarrMossfarr Forumite
    530 Posts
    Ninth Anniversary Combo Breaker Hung up my suit!
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    I've done this twice, the first time without children and the second time with two children. I also had my son and his family living with us between houses!
    I can't say it was easy - you definitely get used to having your own space - so the lack of privacy can be a difficult adjustment.
    We decided to live as one household rather than trying to do things as separate unit - like cooking, washing, cleaning etc etc, We shared expenses such as shopping in the same way as we did before I married.
    It really depends how you get on as a family (and how big the house is), it definitely brought us closer and it was a joy for my parents to have so much time with their grandchildren. When my son and his wife decided to emigrate to Canada with our precious grandson after living with us for 6 months it was a real wrench.
  • scottishgirl87scottishgirl87 Forumite
    689 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    As someone who is currently at home, having sold our flat in September 2017, I agree with pretty much everything that has already been said. The other thing I would add is expect to be home longer than you planned...we thought we would only be here until Christmas but that date soon passed. We!!!8217;ve only now in the last week had an offer accepted on a new house so overall we will have been home for around a year!
  • ReadingTim wrote: »
    add to that:

    Costs of moving twice
    Costs of storage - your stuff in your parents' house might be a bit of a squeeze given they're likely to have stuff too
    A limited pool of willing hosts, especially if the timeframe for moving out again isn't certain.

    Well there is always a chance to find a cheap company that organizes relocations. You can use moving cost calculator to find the best sutible option.
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