Please help with our situation, anxious and mentally stressed

[Mollyeyes]

Hello

We regrettably sold our flat in lovely area of west London earlier this year and now in short term rental in Hertfordshire. We went into short term rental thinking we will find a place to buy.

Having been to loads of areas our hearts belong back to where we used to live in west London and if we went back there we will only be able to afford to buy a flat there again not house.

Bad news is the owners of our rental place in Hertfordshire need to move back into their house mid Aug the very latest so we have to find another place to live.

On top of this I lost my job since but my other partner is still working full time but his salary is quite low. We also have a cat who needs outdoor space too (as well as us if we can).

We are very limited to finding a decent flat to rent that allows pets (not many allow one) based on my partner’s salary (only 900 pcm rental) now ☹️ Air B&B is very expensive

We don’t have option to move in with family or friends neither.

So stressed with our situation, sick with worry, don’t eat much or sleep well as time is ticking.

Desperately need your help please. This this what we think our options are:

Option A - keep looking for a small flat to rent based on my partners salary only that will allow a pet with a little outdoor space and pray one comes up before mid Aug.

Option B - there is a small ex-local authority one bed flat in the west London area we used to live in which is no chain. It’s not great but we could buy that fully cash (from sale of previous flat) but it needs some work, no garden or outside space however but at least we will be in nice area we like. Hopefully we can push for completion before mid Aug. We could sell it in future (within one year) when I have a job and we can then get a mortgage to buy a better and bigger flat in that same area.

Option C - look to buy a bigger flat or small house which is no chain with outdoor space in any area outside London with cash and then sell it in future and buy back in west London area. My other half needs to commute into central London five days a week.

I appreciate there are EA and solicitors costs to consider but feel we have very little choice.

Which option would you go for? Are there any other options we haven’t considered.

Desperate for your advise please. I feel I cannot make rational decisions in my state of mind at the moment.

Thank you so much

Option C, OP.

B is no good as no outside space for your cat, and what are the service charges there on top of the work you need to do? Also it's a push to complete in mid-Aug even if cash, but ok, may be possible.

With op.C as you aer buying cash, you can buy something well and prices aer growing in any good commuting areas, just make sure it's a popular area. You may actually LIKE living there once you have own house and get used to the space and commutee. If not you can downsize again to London - I bet even after a year there you could sell at a profit, meanwhile you and the cat will have space and garden.

I don't know what you budget is, but may try places like Sutton which is not a million miles from West London yet still a lot cheaper and nice enough. Good links to Victoria AND St.Pancras.
Herts is more expensive but there are threads on cheaper areas there. Or what about Kent (links to Victoria same as Sutton but also to Charing Cross) i.e. Tonbridge.

@CatAndHisKit thank you. Do you recommend a house then as opposed to a ground floor flat with doors to private patio/communal gardens? I think buying leasehold flat takes longer too. I also heard some flat has restrictions with not allowing pets but I find it so bizarre given some people love their animals like family and where do they live if they can’t afford a house.

Our budget cash is around 325k max. There doesn’t seem to many coming on ground floor flat with direct outside space or house with no chain.

So petrified.

Thanks

How about a 2-3 bed in Bedford or Hatfield with room for a cat and space to expand?

I think you are remembering west London with rose tinted glasses. You left for a reason but with all the change, no wonder you're confused. Hold your nerve and I hope you get a job very soon.

OP - I'm really sorry you find yourself in this situation. You are in a good chain free position as a prospective buyer. I hope you find a job soon.

I would go for option C too.
Look for a small house with good transport links to London and also consider school catchment areas. Thinking ahead for resale, school catchment areas are important.

Your landlords are obliged to give you 6 months notice currently, if they want to end your tenancy. This has been changed due to the covid situation and is a legal requirement. The can't insist on having it back in August, if you haven't been given sufficient notice. Just in case that helps.

Thank you everyone for your kind words and support. Unfortunately as we signed to a short term rental we are on one months notice.

Do you think if we find a no chain flat/house in next couple of weeks being cash buyers we stand a chance to complete before mid Aug. I suppose if it overruns in the worst case scenario we will have to fork out for an air bnb for very few weeks that accepts a cat.

We were stuck after selling our last house and the purchase of the new one fell through. We bought a new build. From start to finish, as cash buyers, it took 13 days from reservation to completion. We are just over an hour to London by high speed train. Kent is swamped with new builds. You would definitely be in one by August as most developers want rapid completion.

@Iwantcauliflowercheese thank you, we explored new buils but the build completion on lot of them was well past our deadline and into latter part of year☹️

Since you are clearly very cash-rich you also have the option D of choosing to use a bit of your capital topping up a more expensive rental for a year while you find a job and you find a flat to buy that you genuinely like. Once you factor in fees it would be cheaper than moving twice.

Thanks @Babamamananarama I spoke to letting agents they won’t take our lump sum cash into consideration which is bizarre I know.

Have you thought about areas like Uxbridge? West London and with the Piccadilly and Metropolitan line you can get directly into London on the Tube. With your budget, there are properties in the area (flats/maisonettes) and some with outside space.

I think I'd buy a house outside of London with a 2 year plan in mind. Places like Leighton Buzzard have a small town appeal but have good links to London. This 3 bed is 1 mile from the station (30 mins in to Euston). Prices are rising there too and houses sell fairly easily, so you could sell in 2 years, if you still want to, and hopefully at a profit so that you can afford to move on.

www.rightmove.co.uk/properties/107030576#/

I would probably go into rental for a while.

We were in quite a similar position last year, in that we had the cash from the sale of our house, but I only have a very low paid job and my husband was out of work.

We sold our house and felt very rushed into buying somewhere unsuitable. Fortunately it fell through for other reasons, and living with family for a while gave us time to work out what we wanted, and also get a slightly higher income behind us.

We are moving into a lovely house in a few weeks. I would think very carefully about location - decide on that - and take it from there.

Get back on the propery ladder ASAP op. You risk loosing more and more the longer you’re out.

Fabulous house link Rina66

Option E: if you are not tied by jobs - OH's salary is "quite low" and you lost your job - then you could be brave and cut loose. Move somewhere totally different, and cheaper, in the UK.

You have enough cash to buy a flat outright. Please don't be so stressed! Surely your first priority is finding another job and then working out where you need to live from there.

Option c. Buy a small house suitable for your cat. Gives you time to find a new job then in a couple of years buy again.

If you come a little further out of Hertfordshire- towards Bedford or go to the other line with Milton Keynes and Leighton Buzzard on you will get more for your money. Can you afford Hemel Hempsted as a shorter commute.

Thank you everyone fir your valuable advice, it means a lot to me. Do you think buying flat can be achieved by mid August being it will probably be leasehold?

@Rina66

I think I'd buy a house outside of London with a 2 year plan in mind. Places like Leighton Buzzard have a small town appeal but have good links to London. This 3 bed is 1 mile from the station (30 mins in to Euston). Prices are rising there too and houses sell fairly easily, so you could sell in 2 years, if you still want to, and hopefully at a profit so that you can afford to move on.

www.rightmove.co.uk/properties/107030576#/

This is so random but that's my house 🤣

Is the option B flat a good price? Will they take an offer? I think it is actually a good time to buy in London if you are looking at flats with no outside space and the sellers need to sell. One thing to think about when buying ex-LA is you can be hit with huge service charges, you will need to investigate very carefully if there are any big works planned.

However, living in it for just one year isn't a good idea as the costs of buying and moving etc. are so great. If you were to buy this, and wanted to move, I would be looking at keeping it and maybe getting a Let-to-buy mortgage on it and with those funds you might be able to buy a second flat when you needed more space. It is probably a good idea to discuss your options with a mortgage broker to see if this was even a possibility.

Otherwise, I think I would be making offers on other flats that might even be out of your budget, in the hope that someone might want to sell quickly and to a cash buyer....

Izzpop your house looks lovely.

@Izzpop that's a lovely house.

Lovely house @Izzpop
What a coincidence!!

Sorry for taking the thread off tangent above. Thought Thought I might offer an opinion. I think getting back on the housing ladder is the best option if that's what you are intending to do anyway further down the line.