Homeless due to chain! WWYD?

[Smerlin]

We are in a pretty nasty situation. We started trying to buy a flat on the edge of London in Jan. Everywhere we looked at had block viewings, multiple offers over asking price/sealed bids etc. Plus we kept losing out as we are buying with a 5% deposit and people kept coming along with 70+% deposits so estate agents recommended them to buyers over us.

Finally we found a flat we could afford end Feb, sellers agreed to sell to us, valuation has gone through fine. However the property is in a chain - sellers have only just found a property to buy, now the people they have committed to buy from are just starting to look for a place etc.

We are chain free as FTB and allowed ourselves 4 months to find and buy a house before our tenancy agreement ran out on our rented place. However it has taken so long that we have to move out end Apr and have nowhere to go! And we have a 5 month old baby .

Our options seem to be

• move into a new rental place but min term is 6 months and chain might be complete before then
• move into a short let place but these are impossible to find/cost double normal rent
• pull out of this purchase and find a chain free property to buy where the vendors don't mind selling to us, take a chance on a new valuation etc

MIL has said we can stay with her for 1 month max but after that we literally have nowhere to go. Any advice??

will your current landlord let you extend? you can go on to a month-to-month rolling tenancy, which is one month's notice your side, two months his. Perfectly legal.

No she has refused!

Short term let, if you can possibly afford it.

I think I would move in with mil, and hope it proceeds quickly, or that if she can see you have a completion date she'll let you stay a bit longer.

If the month plus hopefully a little longer with her aren't enough, then I think you'll have to take another rental and start the process again. But renew your rental agreement on a month by month basis after the initial tenancy is up. Then you can work your rental agreement to end roughly when your completion happens.

you are never going to buy if you want to be chain free or not pay six months rent and possibly only live in rental for three or four months

It is a shame your present LL will not let you do a rolling contract but there may be a good reason why they can't.

As it is april and you have the offer of one month free to last you till May I would suggest you take it - but look at renting a caravan or similar for june and july?

let the chain know you really need to move either asap or rent for another 6 months and see what the response is like?

I'd move in with mil for the month. If everything comes together quicker than you think, then she may let you stay a little longer (We went to my Mums for three weeks, just as we moved in the chain fell apart. We did ask if we could stay on, but made it clear we'd go into rented, but I think she'd got used to having us around).

I know renting is expensive, but at least you're not having to pay a mortgage for now. If you take a six month rental and only need half of it, you could spend some of that time doing anything you want to the flat before you move in, ie giving it a really good clean, decorating etc.

Hope it all sorts itself out soon.

Sorry, forgot to say that if you do pull out, you may find it hard to find something that you like which is also chain free.

I'd discount option 3 of your list. I'd move in with MIL at end April, do everything you can to have things completed by then, but if that's looking unlikely it will have to be 6 month let or short term let (depending on which you think will cost least).

I think it had better be the six month let - that should be unfurnished and so you won't need to pay storage too.

also (hope not) remember that 'committed to buy' means nothing until contracts exchanged.

Absolutely loads of sympathy OP. We were in the same position in November. We took a 2 month let through Foxtons - cost a bloody fortune but we had no choice. In your position I would probably ho with the MIL option but only if you feel it won't drive you insane. I really hope things move along for you quickly, its a horrible position to be in.

I'd go for a 6 month let, the cheapest decent place you can find.

Thanks for the advice everyone. Since posting the LL is now pressurising us to move out a week earlier so things even more desperate- feeling quite tearful!

When people suggest doing a 6 month rent, do you mean sign up for the full 12 month tenancy but give notice for 6 month break clause?

I'd do that Smerlin. If you think about it, 12 month contract with a 6 month break will be the same cost roughly as being in a "temporary" rental for 3 months, which is totally possible given the current situation, and you don't want to be extending a temporary rental. You'd be better just having the security of a rental and taking off the time pressure and stress! And that way, if it does fall through you have not paid over loads of money in rent. Good luck! I really feel for you!

I would go into cheapest decent 6 month let. Stress and anxiety removed. The chain sounds long (and could still collapse) so I think you are in for 3 months certainly.

the landlord cannot pressure you to move out before the end of the lease. did they serve a Section 21 notice at least 2 months before the end of the lease? if not you are entitled to stay for another two months legally.

if you dont want any hassle i would do as others have suggested and take a 12 month contract with a 6 month break.

No it's my fault- we asked to stay a month extra on the end of the lease ages ago and the landlord agreed bit it was only verbally and now she's changed her mind.

Can you stay with you mum for a month, then look to see if you can house sit anywhere?

6 month contract. You'll need at least two months and even if you waste 4 months rent, relative to the total purchase price is worth it. Chain free is very hard to find

If you are buying why not stay put until evicted?

First of all congratulations on finding a home.

Someone up thread asked if you had received an S21. i'm wondering the same since if your landlord has not issued you with a valid s21 notice then they have no leg to stand on. Potentially you still have your 2months' stay before you have to move. I would not even consider option 3.