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Worth hassle to break the chain??

(7 Posts)
emsyj37 Mon 17-Apr-17 14:41:19

Hello, we are putting our house on the market next week (just finished a ton of jobs) and wondering whether it might be worth selling as 'no chain'. We could achieve this by moving into another house that we own when our tenants vacate in about 10 weeks. I am just wondering whether it is likely to have much benefit for us? In terms of cost it will involve 2 lots of removal costs plus storage (the other house is much much smaller and we will only be able to fit a few items of furtniture in there) but the mortgage is very small (so not equivalent to moving into rented). It will be a hassle as the other house is a 2 bed terrace and we are moving with 3 DCs from a 4 bed semi... However in the area we live in, the kind of house we want (in the school catchment we need) is hard to get - maybe two or three might come on the market over the course of a year. I am firmly wedded to the idea of living on a particular road, and although it is quite a long road with a lot of houses on, we could wait 6-12 months for a house to come up on there.

So would anyone have any wise words? We have never moved with a chain before so have no experience of it - we rented out our first house when we bought our current one (negative equity as we bought at the top of the market) so we have never sold a house and we have been at the end of the chain both times. Will it be more hassle squashing into a tiny house for (possibly) months and months, or worse to be in a chain? Is it that bad being in a chain....?? Will we be much better off as chain-free sellers and buyers? The thought of wedging into the old house is not a fun one, but the houses we like are so few and far between that we want to make sure we dont miss out.

wowfudge Mon 17-Apr-17 15:16:36

Have you thought about selling the smaller house as the tenants are moving out if you are now out of negative equity? Just thinking it might be money you could put towards your next purchase. If it's empty and the kind of place that's in demand, it could sell quickly.

feelinginthedark Mon 17-Apr-17 15:17:00

We've just bought (well sale agreed, fingers crossed) in a very similar market to you. We were chain free and it was a massive benefit. We just wouldn't have been in the running against cash buyers and chain free mortgage buyers.

emsyj37 Mon 17-Apr-17 15:42:38

Not really worth it wowfudge - we would get max 20k out of it and we're looking at a purchase of 550/575k so wouldnt make much difference to what we can afford - it's worth more to us as a self-funding long term investment (at the moment).

That's interesting feeling - we dont have much of a feel for how much competition there is at the price point we're looking at - but I guess it cant hurt to get ourselves in a prime position. Just not sure how long I can cope with the lack of space!

TheNumberfaker Mon 17-Apr-17 15:50:12

Couldn't you put your house on the market, see what happens, then if nothing comes up, move into your rental as a fallback? Now is the prime time for properties to come on the market, so if you can position yourself as 'no onward chain' that could speed up the selling for you.

We have gone from owning a spacious 3-bed to renting a tiny 2-bed in the hope that a suitable property will come up in the area that we want. Currently tearing out hair out as we are so cramped but hopefully it's just a short term thing...

emsyj37 Mon 17-Apr-17 17:16:37

I think that is what we will end up doing Number - we can leave the other house empty for a couple of months if need be without it costing much, and we should be able to get new tenants quickly when we're done. Demand for rentals far outstrips supply here.

Indaba Thu 20-Apr-17 07:29:39

Just be aware you need to get special insurance if building empty.

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