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Original poster

Anyone sold up and rented before buying new place

27 replies

sockdraw · 20/02/2021 12:51

Wondering if people done this? My vendor pulled out just as about to exchange. Buyer still wants to buy. I can see pros and cons. Want new address for school place.

OP posts:
Theluggage15 · 20/02/2021 13:03

Yes we did this. It really worked for us. We rolled over our tenancy monthly when the fixed term ended so were in a position to move quickly and were attractive to sellers as we had no chain. It took a lot of stress away. Won’t work for everyone of course.

UnderperformingSeal · 20/02/2021 13:13

I did this. There are indeed pros and cons. You can take your time finding the right property since you aren't under pressure to keep the chain moving. But you'll have to sign up for a minimum rental term, we found most landlords wanted 12 months, so you may well end up paying rent and mortgage for a number of months.

Myheadmyheart · 20/02/2021 13:21

I did this and it was better than being in a chain. However it was costly with obviously the monthly rental and also agency fees and two lots of moving costs. It’s a definite advantage when buying.

Pascha · 20/02/2021 13:55

We did this due to a failed sale earlier in the year. I just wanted to get it done and have a breathing space. We found our next house about a week before moving day so we actually lived in a caravan for 3 months to save some money. It was OK but pre children so much easier back then.

Dreamylemon · 20/02/2021 14:07

We did and couldn't have managed otherwise. We moved to a new area at short notice so it was a good chance to suss the place out before buying. Depends how quickly you need to school place. We rented the cheapest, smallest place we could.

thriftyhen · 20/02/2021 15:02

We've have bought and sold a lot! Each time we have only once bought and sold at the same time and in that instance there was no chain.

The things we have done is moved into rented, moved in with family and also have bought a very cheap property to live in which isn't part of the sale/purchase. You will find you are in a much stronger position when you buy and can often get a bargain!

user1471538283 · 20/02/2021 16:11

I'm doing this now! There was overlap when I sold and there with be overlap when I buy but i really needed some time to think. I'm hoping to get the exact right home next time.

Pippa234 · 20/02/2021 16:13

Yes we did, put us in a great position for buying and moving day is easier where you aren't all moving out and in on the same day.

dividedwefall · 20/02/2021 16:14

Yes I have done it twice. Once as I hadn't found a new house to buy an didn't want to lose my sale, and the other because the new house needed urgent work before moving in.

It worked out great both times. First time I took a 6 month tenancy and extended it to 1 year, 2nd time I rented a holiday home for a couple of months. It was nice getting to live somewhere totally new for a bit, knowing we weren't stuck there.

HumourReplacementTherapy · 20/02/2021 16:30

We’re just about to do it. Fortunately it’s a friends property so we’re not tied into a minimum term. Can’t say I’m looking forward to it. It’s tiny and no garden but it is what it is and puts us in a great position. We might have to put some stuff in storage which will add to costs but still less than our current mortgage

Original poster
sockdraw · 20/02/2021 17:02

Really interesting to hear such positive views. My dilemma is I have practically no mortgage on the place I’m selling so renting somewhere will be ten times more expensive. But I want to move for schools and don’t want lose buyer.

OP posts:
nettytree · 20/02/2021 17:46

We did this as we moved to a completely new area. Didn't want to buy til we got a feel of the area.

PerfidiousAlbion · 20/02/2021 17:49

Yes, I did this. Hated my old house and couldnt wait to move. Made me an ideal buyer when looking for a new place, took the pressure off etc..

Scarby9 · 20/02/2021 17:51

Yes, on a monthly contract. I was there for a year as it turned out. It worked well.

Thatnameistaken · 20/02/2021 18:17

Yes, we were moving to a different area so sold our house and rented in the new area for a year, it gave us time to get to know the area and work out where we wanted to be permanently

SarahSissions · 20/02/2021 18:22

We did this and then end up buying the property we were renting as we fell in love with it. So you could possibly say it worked a bit too well!!!

RedFoxes · 20/02/2021 18:33

I'm doing this now.
We are moving to a new area and new jobs, so have to move next month whatever happens with the house, even though it's a small mortgage. I'm glad, no rush now and I'm excited to not do any decorating! It is a bit more money but we hope the market will be better for buyers next year and being able to move fast will be an advantage. I think all in all it will work out.

Also our first buyer from Nov pulled out, we've sold the house again recently but it's a different market now and the offers weren't as high this time.

CheeseAndBaconOatcake · 20/02/2021 18:45

We did it, won't lie, it was a bit of a PITA but eight years on it's a distant memory and soooooo worth it.

Baws · 20/02/2021 20:51

I did and it was definitely worth it.

Skysblue · 20/02/2021 23:20

Yes. We had a buyer and a vendor, both were end of chain so we thought it would be easy. The buyer strung us along with lies for three months then pulled out. We’d spend £1500 on fees by this time. We told our vendor what had happened nad asked for a week before they go back on market to gove us a chance of finding a new buyer. Vendor said no and accepted a different offer the next day. A few days later we got a buyer but now had nowhere to move to and where completely drained. We didn’t want to lose the new buyer so we sold and went into rented. It was a load of hassle but the next time a property came up that we liked, our offer was accepted straight away because we were now the ‘cash buyer’ everyone wants.

I’m not sorry that we moved into rented, I think I’d have gone mad trying to put another chain together. (But the original buyer’s decision to pull out cost us a total of £32000 in rent, extra fees, and house price market rise so I reeeeeally hate that ‘buyer’.)

mm40 · 20/02/2021 23:30

Sell sell sell...... get rid and sit with the money in the bank. Something will come along soon and you’ll be better placed being as you’re not in a chain and can move swiftly.

cochineal7 · 20/02/2021 23:43

Done this too. Sold flat and moved to rental in new area. Took my time and bought dream house 2 years later. Best decision I ever made, as was in much stronger position as a chain-free buyer with cash in the bank from previous sale.

NoseOfJericho · 21/02/2021 00:02

Yes. Wanted to sell, had lots of time wasters who wouldn't believe that the land couldn't be developed so decided to rent as soon as we could sell.

Got a buyer, rented, moved, then bought. Knowing that you don't have to stay in the rental if you don't like it makes things much easier.

Scarlettpixie · 21/02/2021 19:53

I have and would do it again. Last time it was because I was buying with my mum and we both had houses to sell. I sold first then rented while she sold hers. It would have been a nightmare to try to coordinate both at once and it wasn’t practical for her to move twice.

NoMackerelInSwindon · 21/02/2021 19:54

I have always done this. It has always worked out the best in every way possible.