I am new to this board but would really appreciate some impartial advice!
So, we were in a chain on 3 people. We were the middle house. We were due to exchange contracts last Friday but Friday morning, the lady selling the house we were buying pulled out and took her house off the market. We are now stuck trying to decide whether to go ahead with our sale and move into a rented house while we look for another house to purchase. I have put some bullet points below to try and help outline the situation!
- Our house sold very quickly twice. Literally the day it went on the market. First buyer dropped out as we hadn't found a property to move to and they waited about 3 months for us to find somewhere.
- The area we are looking to move to is very popular, good lifestyle, schools etc. When houses do come on the market there is literally 20/30 people attending on block viewing days and the houses go for well above asking price. Just to give you an idea of what we are up against.
*We need to be in the new house by September next year to apply for my sons school.
*We would rent in the area we want to buy but the cost of renting is the same price as our new mortgage for a house half the size.
*Do I want to uproot my family twice?
*We would be in a better position if we rented, no chain, no stress of selling a house.
We just cannot decide what to do for the best. Part of me thinks to just sell and go. Start a fresh, chain free. But the other part of me thinks, thats my home. It sells easily, do I want to lose it and be renting in a tiny house for what could possibly be a year.
Any independent advice would be gratefully received! Oh, and our buyers have given us until end of the month to find somewhere to rent otherwise they are going to have to pull out as they can't wait forever.