DD1 is in Y1 and thriving at her current outstanding school. She is very bright, her levels are a few years ahead in most subjects and she is on the G&T register for reading. Her current school is very used to mixed ability groups as we're in a deprived very multicultural area, so she's getting work set to her ability which is why she's doing so well.
We're relocating in a few weeks to a completely new area and of course all the decent schools are oversubscribed. We're moving really close to one of the decent schools, but it's a one form entry so who knows how long we would have to wait, especially as until next September when DD2 would hopefully get a place there, we wouldn't have sibling priority.
The only schools with spaces available don't immediately appeal as they're waaaay down the rankings. I don't believe such a school could support DD very well (after all surely most if not all of the brighter children would be at the better schools) and her current teacher unofficially told me as much herself, that they wouldn't know what to do with her. I worry that without proper challenges she'll get bored and all the issues that come with that, even if we still support her at home.
She is a sensitive and fairly naive child who could easily attract bullies for being bright and the new kid, much as I did at her age when I changed schools when moving. She also does not like change and will be experiencing enough upheaval as it is with the move. I worry that it will do her more harm than good to send her to a less than ideal school for a few terms before swapping her again if and when a place became available.
I'm a SAHM. DD is very self motivated and can concentrate on work better than I can. She already thrives on the various exercise books we buy her at home in addition to her schoolwork. She would be a good candidate for HE, far more so than her ditzy younger sister!!
It makes sense to home educate her, but I can't help but feel we'd be doing it for all the wrong reasons. I fully support HE and would of course do my very best for her and commit to it totally, but it was never something I imagined I'd end up doing, even temporarily. I feel like I'd be doing it for all the wrong reasons (out of necessity rather than want) and that it is only a temporary thing, so for those reasons it may not be such a good idea.
I'd really appreciate any thoughts on this - are there people here who are home educating for similar reasons? How is it working out?
Thank you!! 
PS - Also if we turned down the offered place the LA give us, does that mean she would no longer be on any waiting lists for the good school/s?