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I'm never going to move am I? What to do next...

6 replies

HouseOfHorror · 28/09/2022 10:11

We've spent the best part of this year trying and failing to move house and I'm in a place where I don't know how to proceed so I'd appreciate any and all advice.

We've had offers accepted on 3 properties since selling our house in March. One fell through, one we were gazumped and the most recent we were days away from completion and exchange when it all went tits up last week and now half the chain has collapsed.

I'm surrounded by packed boxes ready to call quits on the whole thing! With all the crap going on at the moment with interest rates and mortgages being declined I need to know what those of you who haven't invested in this process mentally, physically and financially would do in my position.

Do I

A) Hope our sellers find a new property ASAP and hang on in the hope we can complete providing our buyer doesn't turn round and say enough is enough (not that I would blame the poor bloke).

B) Start looking again for another property knowing that the liklihood of people now selling is much lower given the financial situation.

C) Stay put and accept we don't move even though we need more space but the mortgage here is low and we'd just have to make peace with the fact our child would go to a not great school.

D) Something else?

If you got to the end thanks for reading my rant. Help no matter how blunt is appreciated.

OP posts:
whereeverilaymycat · 28/09/2022 11:46

I guess it depends how desperate the move is? While you still have a buyer then is it worth hanging on to see if the chain recovers?

MarianneVos · 28/09/2022 12:38

I would do a combo of A and B - so not officially pull out but I would have a look at what else is available.

That's terrible luck so you'd think it's got to change soon.

meateatingveggie · 28/09/2022 12:41

If you can still manage the mortgage I wouldn't worry too much about prices as such, you're all in the same market (unless a ftb somewhere in the chain)

Keeping looking but in the meantime bide your time. I know it's frustrating.

HouseOfHorror · 28/09/2022 13:16

Thanks for the responses. We do for now still have a buyer but I'm predicting the next thing to happen will be him pulling out as the rates are so different now compared to when he got mortgage offer 1 (he's on his second and extended it at the end of August as we were so close to the end).

We do really need to move the house isn't big enough and we need to be near better schools but that's looking less viable as we are now almost an entire year closer to needing to apply for a place and have made no discernable progress.

I've had a look at properties on the market and reregistered for mailing lists today but it's very slim pickings. I've not pulled out but if the rates get much higher or we get to the end of our mortgage offer I fear the decision will be made for us.

I just wonder if me holding on to the property and thinking everything will hopefully work out is soem form of denial because I've already invested so much bloody money into the process.

Thanks for the kind responses. It really has been the worst run of luck imaginable and I'm pretty sure it's driving me to some form of meltdown.

OP posts:
namechange30455 · 28/09/2022 13:35

I assume neither you nor your seller would consider renting temporarily?

HouseOfHorror · 28/09/2022 13:44

I would happily consider it but we have pets so I'm not mad keen on doing so unless it's unavoidable and unfortunately when I suggested the idea to our sellers they are adament they want to wait until they find a new property and won't consider any other options.

So I'm not sure is going into rental to complete our sale would help in the long term.

OP posts:
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