Moving into rented to break chain

[NotNowFGS]

I can't find a rental that will accept less than 12 months. AIBU to pull out of sale? We did promise to break chain but I don't want to be stuck in a rental or paying mortgage and rental at the same time. We accepted the offer just before lockdown and early June our buyer pressed for a move at the end of this month but now it's not looking possible from our end. Anything half decent in the right location is going within a day or two and seems like it's a landlord's market as no one prepared to accept less than 12 months let. I feel stupid as I've just discovered this at what will look like the last minute. I expect moving into rented to cost about 10k including moving twice if we have to sign up to 12 months.

We did exactly the same back in June! We agreed to break the chain but after offering on approximately 8 rentals, we constantly got knocked back as the landlords all went for those wanting 12 months (which I totally understand). The rental market is crazy busy it seems and even agents we’re saying it’s not normally like this. Tbh we found the whole process more stressful than buying a house! We did eventually find a 6 month rental which we’re in at the moment. It’s not an ideal place but it’ll do temporarily. My advice would be to try offering 6 months upfront if you can, it might sway potential landlords.

Have you tried Airbnb which do month long stays, or holiday home companies? If you look for somewhere off the beaten track, you can often negotiate a month long stay?

Can you find a 12 month contract with a 6 month break clause?

This is food for thought as I'm doing the same. I was going to insist on a month between exchange and completion as everything goes so quickly. I'll most likely be in for 9 months as I'm relocating and can't until DS finishes school next June....how do you sign a lease unless you've exchanged?

An Airbnb would be an option. Or trying to move to a different location for a bit where the rental market is less competitive. I would ask the estate agent who is handling your sale to help as well. They will have various landlords on their books and might be able to suggest someone who does short lets.

Thanks for the responses everyone. I'm already nervous about signing a rental contract before exchange but hadn't thought of asking for a month between exchange and completion. Moving to a different location isn't possible because I've a child in school. I could look at Airbnb that's a good idea. I will ask the estate agent to help me look as well.

The main thing is you all seem to agree that moving into a 12 month let is not a good option. I want to get on and buy/pay off a mortgage, not be stuck in limbo. I feel like I've been pressurized in the first place - the pandemic messed things up but the buyer is not sympathetic.

I was going to suggest air bnb too

We refused to sign any rental agreement before exchanging. We’re glad we didn’t as our buyers had to resubmit some info on day of exchange meaning we couldn’t exchange that day. If things had fallen through at that stage it would have been a nightmare had we signed up to the rental already. We ended up exchanging and signing up for the rental on the same day and completing a week after.

Speak to your estate agent, perhaps they could negotiate a rolling contract

I know you've got a seller all lined up, but if it fell through, do you think it would be easy enough to sell again? It sounds like it's really stressful and taking it's toll on you, I understand the buyer is stressed too but if you're struggling to find somewhere to rent is it worth trying to break the chain? How is your house hunt going?

I really sympathise, it's incredibly stressful. We were in the same position last year. We negotiated 6 weeks from exchange to completion and ended up in an Airbnb. It's definitely pricier than a long-term rental but in the end served us well as we found and purchased a house much more quickly than we'd anticipated, which would have left us paying several months of rent for a flat we wouldn't have been using. It was really hard to find anywhere with a six month break clause, and the ones that were available as short term lets were astronomically expensive.

@NachoNachoMan I kind of put off looking for a house to buy on the back burner because the pressure was on to complete by a certain date. I'm working full time, as is DH and he's really busy. I've had two teenagers at home one trying to get on with school work, the other anxious about results. It's been full on. Oh and I have to change roles at work, on top of everything else so work has been manic.

I think we'd find another buyer if this one wouldn't wait. No fun starting again but no fun losing a load of money to rent somewhere. And it has to be a nice place because I'm working from home and will spend a lot of time there.

Thank you everyone else for your advice. It is incredibly stressful and it is affecting my sleep and general well being now.

Definitely look on Airbnb! I'm just about to list my flat on there as I need to rent it out for four or five months as I'm away with work. I have the same problem that I don't want a normal 12 month tenancy with a break at 6 months.

Sending you @NotNowFGS

Sounds like you're having a really stressful time, fingers crossed you find somewhere soon

I had the same last year but HAD to move into a rental as my new job was 4 hours drive away. It was further complicated but all landlords refusing to accept my cat. In the end I had to rent a run down holiday lodge in a horrible area which accepted animals and was on a three monthly contract. Although I still had to pay the mortgage and rent at least it was only for three months.
Its a really tough decision to make and personally I would not do it if you can stay put. Its very very expensive and then you run the risk of having a further three months if the sale doesn't go through and is held up. Its better to stay in the chain in my opinion.

Oh yes and then you have to pay for storage costs too.

We are doing exactly this, I would say if you don’t need to move don’t do it! We have had to take on a nine month rental paying more than we’d like as we have cats. My new job forces us to move as can’t do commute to new school and get the kids to school.

We have found a rental with a double garage so not having to pay for storage.

We have had a two week gap between exchange and completion. Although this has meant my husband has decided to move ourselves to save money.

Ive decided to not look at Rightmove till January and finger crossed perfect place come up.

We are doing this however, some rentals are 6 months. We expect to pay a bit more as we have cats however, we need to hang onto our buyer. If you think you can get another buyer easily you could pull out if the sale. If not then perhaps try to find somewhere with a 6 month break clause. It is an expensive thing to do but I cannot wait to leave

Thanks all. I've had an email from buyer's solicitor. Let's just say there is no wriggle room indicated therein! Why do people act like tw*ts when it comes to moving?

Does your estate agent do rentals as well as sales? If so then explain your issue and they should help you, after all they want the commission from your sale so the house actually needs to sell!

I'd pull out if I were you. I won't be pushed into rented unless I find something I feel comfortable with. My house would sell again tomorrow if the buyers pulled out so they can either wait for me or lose the purchase.

Thank you @NachoNachoMan

That's the problem @boredboredboredboredbored It's not just the length of the tenancy, it's finding somewhere nice. I really think that I'd be depressed if I was unhappy where I was living especially when we're all spending so much time WFH for the forseeable.

@NotNowFGS I know exactly what you mean. I have Ds 15 who loves his bedroom and I'm pulling him out for a relocation that he's not keen on anyway! Although only in a rental for 6-8 months I still won't sign up for a shit hole. The fact is I'm not desperate to sell right now (can wait up until April if needed) so if the buyers push me they have a choice!