our house is sold, but the house we were buying has fallen through wwyd?

(8 Posts)
carlajean Wed 29-Jan-14 17:39:19

I hope it's ok to ask another question...? It's been very useful to get people's views.
We had an offer accepted on our dream house at the beginning of October. Much to our surprise, our house sold at the end of November.
So we waited as our vendor's vendor hadn't found anywhere. We've reluctantly decided to try and find somewhere else, and have just had an offer accepted on a house that ticks most of the boxes, but hasn't got the wow factor.
The trouble is, we want to be in a specific area (Bristol Harbourside) and there's very little on the market, plus houses prices are climbing.
We could go into rented accommodation, but it just feels like too much hassle.
So i'm just wondering if anyone's been in a similar situation, and what they did.

VivaLeBeaver Wed 29-Jan-14 17:41:22

Not been in your position but if you can I'd go into rented. Otherwise you may lose your buyer. Once in rented you're in a strong position for cheeky offers on houses.

VivaLeBeaver Wed 29-Jan-14 17:41:56

Though I suppose if prices are climbing you don't want to be in rented for too long.

Clawdy Wed 29-Jan-14 20:59:05

We're in a similar position, house we were buying fell through, and ours is sold,we have to move out by the beginning of March. We were prepared to rent but a bit put off by finding that most rental agreements in our area are for six months. We've just found a house we like,had offer accepted and our solicitor is trying to rush the searches through,so we may be able to move into it by March - or maybe not! a friend suggested looking for a short-term holiday cottage let if the overlap time is only a few weeks. Of course that's a problem if you have school age children,or need to get to work miles away. Other possibility is staying with family or friends - not ideal, I know. Hope it works out for you.

Elderberri Wed 29-Jan-14 21:14:41

Just been through this, being in rented makes no difference, we deliberately did this so we could put in lower offers. In this market it carries no weight. We lost my dream house because the vendor went with a five house chain for an extra 4 grand, we could have bought in 4 weeks, but he waited 3 months for the extra cash.

Speak to your buyers and ask them to let you find something else, we had to do this with the people we eventually bought off.

specialsubject Wed 29-Jan-14 22:21:01

it shouldn't be you that goes into rental - it's the person who doesn't have a place to go, i.e. your vendor. BUT if prices are rising, they may not be too keen on that.

there's always another house.

Waggamamma Wed 29-Jan-14 22:34:06

This happened to us last year, our new house fell through 3 days before we were due to move, as the sale of our flat was already complete (Scotland) we had no choice but to put our belongings in storage and move to my parents whilst we looked for something else. We found another in a few weeks which also fell through! Four months later we moved into the perfect house for us smile .

Such a stressful time but totally worth it in the end to wait for the right property. It also meant we were chain free on our next purchase.

littlecrystal Thu 30-Jan-14 08:32:41

We are going through this at the moment. My house is being sold (for the 4th time) and I have not found anywhere to buy. I am at the point if my house buyer is happy with the survey, I will move into rental just to save the sale. Every buyer so far said they are willing to wait but none of them waited too long. I will lose about 10k for 6 months rent and mortgage early redemption fee and will have to rush to buy as prices are rising and there are about 20 instant viewers for every house that I am looking at. But I will be in a good position to offer and proceed and no worries of chain at my end. I must say that I am more worried to lose my long term low rate lifetracker mortgage rate than going into rented.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now