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Original poster

Those who broke the chain and moved into rental - please tell me your positive stories

30 replies

Gettingonabitnow · 10/07/2021 13:22

Hi

For fear of losing our buyer we broke the chain and are living with relatives before likely going into rental, as our dream house we took the risk for, doesn’t look like it’s happening.

I’m desperately desperately unhappy. I fear we’ve made a huge mistake and am pining for our old house, which looking back wasn’t so bad.

X

OP posts:
Glovesandscarf · 10/07/2021 13:30

Can’t offer much hope I’m afraid. We were glad to have sold, but 2.5 yes later, still renting.

Livingintheclouds · 10/07/2021 13:38

I'm in an expensive holiday let- actually the second one and also stayed in two hotels! Our first house fell through but I found another quickly and we were only going to spend two weeks in a holiday let (no family nearby) Then the seller pulled out so I added another week, then went to a hotel, and now at an incredibly expensive holiday home waiting for my third house to complete.
This is a necessary move, planned a couple years ago. The house I sold took a while and I did not want to lose my buyers, so even though I have kids and dogs I risked it. I missed the stamp duty too.
But having sold put me in the best position to buy in a competitive market (I had lost out to at least one home to cash buyers). Not ideal, but the third house is £20k cheaper, helping to make the loss of stamp duty benefit and other costs bearable (though I'd still like to be spending it on home improvements)!
Hang in there - keep an eagle eye out and you'll find your next home.

Devondonkey · 10/07/2021 13:40

Me, but it was in London and I was fairly open to where I moved next. As it was, it worked out perfectly as the house I had liked came back on the market and was in three months after sale. But was just me then. Wouldn’t do it, I don’t think, with a family or if I had a v narrow search area.

Devondonkey · 10/07/2021 13:46

Sorry- I misread your post. Basically, yes it did work out perfectly for me. The house I had wanted came back on the market the day after I exchanged, and for various reasons I ended up paying £25k less for it than I had offered before (my purchaser had dropped price on mine so I had less to play with!). So ended up in a house I loved - and absolutely sure they wouldn’t have taken the price drop if I hadn’t been chain free. You will find somewhere and it will be lovely. Good luck.

coffeequeenindevon · 10/07/2021 13:53

No positive story but in a very similar situation here. Got gazumped on our new house days before exchange. It’s still in play but I’m not holding up much hope. In the meantime we are living with family.

Els1e · 10/07/2021 13:55

I did it and it worked out fine. The place I was buying was a probate one and moved at a snail’s pace. I didn’t want to keep my buyers hanging on, so moved out. Was able to buy a bit cheaper and get work done before I moved in. Was a lot less stressful.

Original poster
Gettingonabitnow · 10/07/2021 13:55

@coffeequeenindevon I recognise you from the trying to complete before June thread. I’m sorry to hear that, what the hell happnened?

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umbel · 10/07/2021 15:03

We are due to complete our sale and move in with a friend in October. I am feeling fairly positive about it but we shall see.

coffeequeenindevon · 10/07/2021 16:41

@Gettingonabitnow, we had an offer accepted on best and finals about six weeks ago so went ahead with the completion of our sale for 30th as you know. As the vendor is moving abroad into rented there’s no chain and all of the conveyancing happened quite quickly. Then on Monday we had a call to say one of the bidders that lost out at best and final (there were lots) has swooped in at £300k over asking (it was already well over but this is a big jump). We’d had our mortgage offer etc. so know that is way over the mortgage valuation. We could match it but it’s a project house and that just takes a big lump out of the cash for renovations. Plus it’s completely bananas. Trouble is there’s nothing else on the market. Zilch.

The really irritating thing is if our solicitor wasn’t on holiday we would have most likely have exchanged, but she went off with no warning at all - I spoke to her the day before and no mention - and no one else in the firm seems to be able to help us.

ballsdeep · 10/07/2021 16:43

Me!!! It was the best thing I've done. I was like you and cried and cried worrying about it. But the thought of going through the selling process again made me feel sick . We moved into our dream forever home a month later. It was much better for us where we were able to move out, pop things in storage and then just love in and it wasn't such a rush on moving day. Good luck. I know how utterly shit it is

Original poster
Gettingonabitnow · 10/07/2021 16:45

@coffeequeenindevon oh man that is really crap, I’m sorry. I’m amazed they’ve let that happen given it was ‘best and final’. If you can match it I maybe would, just to be at peace in being somewhere. Bastards though.

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Original poster
Gettingonabitnow · 10/07/2021 16:46

Thanks @ballsdeep, nice name! I’m so worried as there is nothing on the market to buy, and the rentals are vile, and I mean vile.

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Grainjar · 10/07/2021 16:47

It can cost a bit more ultimately but it takes the pressure off. You have 6 months of having no decorating or maintenance to do then when a good home comes up, you're ready to go. It's fine. We found one after 18 months. Which seems like a long time but it flew by. Then you get to decorate before you move in. There's no rush with moving in.

Subbaxeo · 10/07/2021 18:23

We have just moved into our new home. We sold our 2 houses just before pandemic and we moved into rented to be in a good position in early summer. We were thinking everything would be in our favour. It wasn’t. It’s been horrendous. We lost out on several, 2 houses fell through, one because of covid, another had legal dispute. Our rental was shabby and grimy and landlords grabby. However, we bought this house for slightly over-we we’re the only interested party chain free and aim sure we wouldn’t have got it otherwise. Now we’re here, we love it and it feels like home. So don’t get disheartened if things fall through-new houses WILL come on and you will be in a prime position. It was also more relaxed not having to pack up everything and clean the old house and move everything all on the same day. I thought I would go mad with the stress of it and our bad luck but am so happy we have this home now.

Original poster
Gettingonabitnow · 10/07/2021 19:28

Thanks ladies, it has helped. I just feel ill from it all, I wish I could just rewind a few weeks and make different decisions x

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ShaunaTheSheep · 10/07/2021 19:44

We've done this on our last two moves and it was fine. This time round the market is different, and it feels more risky as we have more considerations in play. We don't want to lose our buyers though, so will probably bite the bullet and complete our sale.

Plan is to get rid of a decade of accumulated stuff, sell most of our furniture so there's very little to put in storage, and start afresh when we find somewhere.

Jijithecat · 10/07/2021 20:01

We moved into rental accommodation after the owners of the property we were buying pulled out as they decided they couldn't afford to sell afterall.
We were sad to lose out on a lovely house, but it was further out than we had originally planned, which in hindsight would have made a big impact on our lives. Six months after we sold our property it was compulsory purchased, so we could have sold it for more money but would have been stuck in the house for another three years whilst everything was going through. I do feel a bit bad for the people that bought our house, but it feels like we had a lucky escape.

TryingtoBuy2021 · 10/07/2021 20:06

We’ve just done it - have agreed a 12 month lease with 6 month break clause on a place we’re going to be more than happy while we look. We have lots within our price range in the area we are looking so feeling positive about it particularly as the place we are renting is both nice and affordable so we won’t be buying under pressure.

SparkyBlue · 10/07/2021 20:22

We did it four years ago. Our situation was that we had a fantastic buyer. First time buyer and no chain and really enthusiastic. Our house that were buying had tenants in situ and the owner hadn't given them the correct notice so they were not obliged to move out for another three months plus then our sellers solicitor messed up a few things on the contract and it was a nightmare. We sold and moved into temporary rented accommodation it was really stressful. However we are four years in this house now and we are so happy here it was all worth it. However unless I won several millions on the lottery I will never move again.

Original poster
Gettingonabitnow · 10/07/2021 21:06

Thanks everyone. What is the six month break clause? Every rents I’ve enquired about has said 12 months minimum

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Starseeking · 10/07/2021 21:40

I completed on my sale just before the stamp duty deadline, then moved me and the DC in with family. It's not ideal, but having put in an offer on a decent place yesterday, I'm hoping it will all go through smoothly. With this house, I've compromised on things that I would like to have in a few years, but as the location is ideal, I figure it would easy to sell on if needed (it's only been on a week, and already had offers).

I've made lots of Pinterest boards which I've pinned ideas for bathrooms, kitchens and house decorations, and framed this move in my mind as a stepping stone to my perfect home. If you can try and focus on thinking about how lovely it will be when you do get there, rather than your current situation, it may help you to see things more positively.

Don't panic just yet, @Gettingonabitnow, the right house for you will come up soon, and I'm sure it will all work out in the end.

Heronwatcher · 10/07/2021 22:24

I think you’ve done the right thing. Imagine if the perfect house had come onto the market/ will come on to the market in a few weeks- if you’d let your sale fall through likely you would miss out on it. Now you are in the perfect position to move quickly. My advice would be to find a decent rental (think outside the box, if you can go small but nice and put stuff into storage that’s fine), spend a bit of money getting it painted/ cleaned and consider houses which have a 12 month contract with a break clause (means you can leave after 6 months). It’s likely that the market will calm down and a lot more will come on the market in the autumn. So make sure you keep an eye on the market and get yourself to the top of every estate agents’ “ready to go” list. I bet it will work out fine by Christmas.

QuentinBunbury · 10/07/2021 22:30

I haven't been in that position but lived in rentals for a couple of years post divorce and it's so much easier to buy a house while renting. You can paint/carpet etc while you have the rental and moving day is much more relaxed. I think you are doing the right thing. Hope you find your perfect home soon

Subbaxeo · 10/07/2021 22:31

I would also add if you do rent, start seriously looking straightaway. We made the mistake of taking it easy, thinking we had loads of time when we first got our rental (12 mph with 7 mth break clause). Bad mistake. Because of Covid and 2 sales falling through, we were there 13 months. If we’d been on it from the start and found somewhere very quickly, we wouldn’t have been stuck for so long. Everything is taking ages now.

TryingtoBuy2021 · 10/07/2021 23:02

@Gettingonabitnow

Thanks everyone. What is the six month break clause? Every rents I’ve enquired about has said 12 months minimum
I think when it comes to agreeing the lease, once the landlord has chosen you as tenants, it’s quite a standard clause to ask to be included. Even if not advertised. You could also offer to pay a slightly higher rent / pay a large amount of the rent upfront to secure that arrangement. Our landlord added that clause, no problem at all.