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Original poster

Would you go into rented or change the move date in this situation?

26 replies

Wouldyousell8 · 07/10/2021 09:36

We’re on the market and have just had an offer that we’d like to take (great price) with the caveat that the buyer wants to move quickly and be in by December 1.

We don’t have anywhere to go yet, and won’t find somewhere to move into that quickly.

Don’t know whether to accept the offer and rent for a month or two (which is really expensive) while we find somewhere, or say we have to wait until we find something.

We have young children so don’t want to mess their Christmas about either. I’m feeling a bit sentimental about this year as DS is wobbling about believing in Santa!

We don’t have family nearby we could stay with.

For context, we’re South East London, so the sales market has slowed a bit but short term rentals are hard to come by.

OP posts:

Original poster

Wouldyousell8 · 07/10/2021 09:39

Titled that badly! I don’t think we could change the move date. I get the impression the buyer has offered that much to move in by December 1.

OP posts:

EdgeOfTheSky · 07/10/2021 09:55

Your position as a no chain buyer would be strengthened in any future purchase, but it could take a couple of months or more to find somewhere, that could be subject to a chain (probably will), so you could be in rented for a lot longer than planned.

I would also be concerned that if something crops up to delay the purchase: slow searches, survey issues, mortgage issues if they are mortgaging etc, they would pull out or reduce the offer price anyway. What is the reason for their deadline?

If rentals are hard, could your EA find one from their books?

What does the EA think? No other offers or viewings?

icedancerlenny · 07/10/2021 09:58

Im in the same position. There’s nothing to rent and nothing to buy. I think I’m going to end up having to withdraw from my sale.

Having said that, searches are taking a long time so you may find you have longer than you think. The market isn’t good at the moment.

Original poster

Wouldyousell8 · 07/10/2021 12:27

The reason for their deadline is that’s when they’re due to complete on their sale and they don’t want to rent. (I think they also want to be in for Christmas.)

It’s very difficult to know what to do!

The idea of being a chain free buyer is attractive. There is very little on the market to buy right now either!

If anyone knows what’s going on with the London property market, I’d be very curious to know!

OP posts:

Original poster

Wouldyousell8 · 07/10/2021 12:28

What does the EA think? No other offers or viewings? the EA thinks it’s a good price and we should go for it… but maybe they just want the sale!

We do have other viewings coming up though.

OP posts:

De88 · 07/10/2021 12:36

Will the good price be negated by you being in rented (if you manage to find one) and waiting while you buy? We were in a similar situation and accepted a lower offer from our buyer on the understanding they would have to wait for us to find somewhere. There has not been anything else really comparable to our house come up so even if our buyer had wanted to pull out, I doubt she'd have been able to find something else as good in all honesty. Is that a gamble you can take?

Gettingonabitnow · 07/10/2021 12:52

Don’t move into rented honestly - we broke the chain to let our buyer move in and it was SO so stressful I nearly had a breakdown. The upheaval for the kids, moving twice with hidden costs. Just say no - there will be another buyer.

EdgeOfTheSky · 07/10/2021 14:01

I’d wait for the other viewings.

They want you to rent so that they don’t have to rent?

You would be taking all the risk.

Original poster

Wouldyousell8 · 07/10/2021 14:05

@EdgeOfTheSky

I’d wait for the other viewings.

They want you to rent so that they don’t have to rent?

You would be taking all the risk.

Yes that’s my feeling too!

I am going to wait for the other viewings and go back to them and say we can’t commit to moving on December 1.

OP posts:

Mintine · 07/10/2021 14:31

What risk are you taking though really, you would have got a great price for your house and be in a brilliant position, without the stress of buying and selling at the same time. I suppose it depends on how much you want to sell.

Original poster

Wouldyousell8 · 07/10/2021 14:39

@Mintine

We really want to sell and the price is good. But there are hardly any rental properties in our area - and they’re so expensive. I am a bit concerned about paying a fortune to be somewhere for a couple of months.

I have tried to work out if we would recoup the money with this high offer (over asking price), but I am not sure we would!

A quick look at Airbnb for month-long rentals shows that they’re anywhere between £4,000 and £6,000 a month

Obviously a longer term rental would be cheaper (six months +), and would maybe cost about £2,500-£3,000 a month.

If we’d found somewhere to buy (we haven’t), I’d take the risk. I’m viewing everything there is though!

It feels like a strange market out there in London right now…

OP posts:

EdgeOfTheSky · 07/10/2021 18:08

What risk are you taking though really

A long wait til something suitable to buy comes on the market.
By which time prices may have continued to rise
A long buying process if the vendors have to find somewhere to buy
Even difficulty finding somewhere to rent, at present.

You could be in rental for a minimum of 6 months.

EdgeOfTheSky · 07/10/2021 18:10

All through lockdown and the SDLT frenzy you had to be under offer to view any property. Now it feels as if the lay should be reversed, and you don’t market your property until
you have had an offer accepted.

It would speed things up, in the current market.

IMO.

MrsBobDylan · 07/10/2021 18:20

There is a thread on here op - people who have accepted an offer, moved into rental and who are nearly out of their minds unable to find a property to purchase while the market rises around them.

Atm there are lots of people desperate to buy and not enough properties.

It's not only rental costs but furniture storage too and removal costs twice over.

I would stay put.

Jasmine11 · 07/10/2021 18:32

Don't do it OP, it's sellers market at the moment so the buyers don't get to call the shots. They can ask sure, but I think you'd be crazy to do so. I know two families from the DC's school who went into rented and now can't find anywhere to buy, and meanwhile they are wasting money on rent (which I know in one case is double what their mortgage payments were per month) and house prices are going up and up.

Also if you have children do you really want to have to move them twice? Stay put until you've found somewhere - unless these buyers have made you a huge over the asking price offer that you can't turn down!

jevoudrais · 07/10/2021 18:39

Don't do it. There is no way I would with children in the mix.

Starseeking · 07/10/2021 21:29

That sounds tempting OP, but you really can't foresee how long you'll be renting for, so any upside you make on the property may get eaten up by the high rent you would then be paying,

For context, I completed on my house sale earlier this year. I put in an offer on a new place 2 weeks after completion, which was accepted.

By the time I move into the new house it'll be 5 months between old sale and new purchase due to:

circumstances of the vendor
mortgage challenges
solicitor delays

I'm lucky that I've been able to stay with family throughout, if I'd had to rent during that time, I'd be looking at £12k down the drain right now.

I'd tell your buyers to give you time to look for somewhere, as otherwise you could be in rented for 6 months (or more).

LuluLefevre · 08/10/2021 09:39

We’ve been through this exact loop. Don’t do it. The rental market is bonkers. The risk is you end up in a crazily expensive, small rental, with nothing to buy, while prices continue to rise. Look into moving costs (twice) storage and packing costs (has to be packed very well for storage), factor in being in rental for up to a year…suddenly the offer may not seem so good!

Plenty of people on here have been in rental for a year or more, still unable to find anything as stock is so short.

We were almost pressured into doing this and I thank my lucky stars we didn’t!

LuluLefevre · 08/10/2021 09:48

Also, mortgage criteria are already changing. So we can borrow significantly less (e.g. £60k) than we could in the summer. Predictions are that interest rates will rise sooner than expected. So you could find you can borrow less and/or pay more for it, affecting what you can afford. That could really change your decision and you’ll have already given up your home.

Walesrecommendations · 08/10/2021 10:10

I absolutely wouldn't. Our buyers have been waiting since July and after one purchase fell through for us they offered to pay for us to rent for 6 months. I thought about it but it was pretty much an instant no, it basically means giving up my family's security for theirs. We also have a young child. Not only is it difficult trying to find somewhere suitable to rent, round here (SE) rental properties are basically being bid on and rents are sky high. I would be terrified of getting stuck in rental whilst prices rise, then the inevitable loss of deposit on leaving, potentially being served notice that leaves a gap between that and completion on a purchase. It is definitely a sellers market, we could probably get 10-15k more for our house if we went back on the market now and our buyers are getting a good deal compared to if they were to start again so I imagine theyll stick with it. I'm sure you'll get other offers, without the caveat of moving out in two months.

cherriesgalore · 08/10/2021 10:17

Don't do it OP. We did and now we are stuck paying a fortune in a rental (which was v v hard to find) and we also can't find anywhere to buy now. Honestly I'm close to a breakdown! I feel sorry for our poor kids.

greedygut · 08/10/2021 10:50

How much over the asking are they offering ?
Is it going to leave you with extra cash for your efforts
Min 6 months rental @ 4K per month £24k
Min 6 months storage @ £750 per month ( including moving costs ) £4.5k
Potential Cost of houses rising over 6 m period -/+ £ 40k
Total rounded up is £75 k
Are they offering you this amount extra ? It needs to be more to make it worth your while
Ok I've guesstimated a lot of this but in the southeast here is is quite a likely amount without all the extra unseen costs , the unknown and the uncertainty

LuluLefevre · 08/10/2021 10:57

it basically means giving up my family's security for theirs.

THIS absolutely sums it up for me, and why we ultimately decided we’d never do it.

arootintootingoodtime · 08/10/2021 10:57

In this market, I wouldn't. You might find somewhere quickly, but searches, people dragging their feet, a chain collapsing and six months down the line the sale could fall through. Hopefully the market is slowing a bit, but you could so quickly find yourselves priced out.

areyouhavingagiraffe · 08/10/2021 11:18

I have had to break my chain. But my situation is slightly different I guess because I am on my own, and now staying with my folks. Yes, it is difficult with little coming onto the market, but I sold a flat (and prices are not rising for these and they are hard to sell). It is hugely disheartening that I can't find anywhere but I am now chain free, and not paying rent. If I had to pay rent I am not sure what I would do

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