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Original poster

Should we go into rental?

48 replies

Squalie · 26/06/2023 19:07

We’ve got an offer on our house at asking price from a chain-free cash buyer. I get the feeling from the EA that even though they are in a rental with a rolling contract, it would be sensible to exchange ASAP. There is just NOTHING on the market that excites me and I’m so conscious of the outlook, rising mortgage rates, falling house prices etc. Should we go into rental to safeguard the sale? We don’t have kids but we do have two cats and a dog, which complicates things. Perhaps it will be really difficult um find somewhere to rent. We’re in London.

OP posts:
KievLoverTwo · 26/06/2023 19:22

Things have changed a teeny bit recently. Before COVID, pets were an absolute no no. These days, LLs are not meant to refuse pets (it's guidance only though).

I emailed a few agencies recently and said 'we've got a cat, she's a good girl who never tears up carpets, but we did previously have a cat who did and we just replaced the carpet and the landlord never knew about it.' I had also put on the email that we have healthy savings.

The agent called me and I reminded her about the cat, and she said 'it's fine, we judge these things on personal circumstances.'

I took that to mean 'we know you have money and we trust you will just replace any damage.'

I think someone with an entire house sale in the bank is always going to trump a renter with little savings, and you should make that known on any inquiries.

I have also seen several ads that say pets will be considered at an extra cost of 25-45 pm, which I reckon is probably covering the extra cost of landlord's damage insurance including pets.

So, I definitely think it's worth making some calls on to test the waters.

Bizarrely, I came across a few last year who told me 'dogs fine, cats not.' Yeah, I have seen dogs eat entire walls, but okay...!

I think it could be a smart move to rent for a few years and wait for lower prices.

NB, I am not in London, most of my inquiries have been deep countryside where pets are more expected, but I still think your financial situation should put you somewhat ahead of other renters.

Sundayslumpday · 26/06/2023 19:26

It’s so hard to say! If we had gone into a rental when our property over a year and a half ago we’d still be there now having had no success in buying. I’m not sure how I’d feel about that!!

Original poster
Squalie · 26/06/2023 19:54

Sundayslumpday · 26/06/2023 19:26

It’s so hard to say! If we had gone into a rental when our property over a year and a half ago we’d still be there now having had no success in buying. I’m not sure how I’d feel about that!!

I haven’t quite followed what happened in your case. You’re saying that you haven’t been able to sell nor buy?

OP posts:
Calmdown14 · 26/06/2023 20:19

How much is the rent compared to the mortgage?

Is the property you are selling very desirable or a tricky sell?

If it's a one bed flat then I might be more tempted to do this than if it's a family house in the catchment of a top school.

Whyohwhyohwhy123 · 26/06/2023 20:23

If you really want to move house I’d go into rented. It’s really difficult to get a chain to complete at the best of times and these aren’t the best of times. You’ll also be more attractive as a buyer

3BSHKATS · 26/06/2023 20:32

I would still say no, I moved into a perfect Rental while I relocated looked around, found something I liked put in an offer, waited for it to go through. Had a property inspection three months into a six month tenancy and despite having permission to keep the cat was given a section 21 at the end of the inspection.

My understanding, although happy to be corrected, this is it still, there is no requirement to have any justification or reasoning for ending the tenancy

Sundayslumpday · 26/06/2023 20:49

No we haven’t. We could have sold the house, our buyer was keen but we’d have gone into rented and probably still been there.

Twiglets1 · 27/06/2023 07:40

Squalie · 26/06/2023 19:07

We’ve got an offer on our house at asking price from a chain-free cash buyer. I get the feeling from the EA that even though they are in a rental with a rolling contract, it would be sensible to exchange ASAP. There is just NOTHING on the market that excites me and I’m so conscious of the outlook, rising mortgage rates, falling house prices etc. Should we go into rental to safeguard the sale? We don’t have kids but we do have two cats and a dog, which complicates things. Perhaps it will be really difficult um find somewhere to rent. We’re in London.

I think you should at least start looking at rentals in your area and see if there is anything decent that will accept your animals? That will give you an idea whether renting is a feasible option or not.

An asking price offer from a chain free cash buyer is not to be sniffed at. You won't get a better offer than that. On the other hand, there may not be anything decent to rent in your part of London for a semi reasonable price. Time to do some research into it.

CountryCob · 27/06/2023 07:50

@3BSHKATS you are right as the law stands once out of the assured 6 month period notice to vacate can be served without tenant fault. There are proposals to chance this but it won't immediately change and even changing it is likely to temporarily increase notices as some Landlords look to change their plans in the light of new rules. It is very correct ro say that after 6 months the uncertainty of occupation should be considered. Not too long in the property purchasing world. ..

Upsizer · 27/06/2023 07:54

I’ve done this when selling. Imo it takes a lot of the stress out of things. I’d do it again like a shot! The time goes fast and you take the stress out of both “ends” - buying and selling, are much more likely to complete and are a much more appealing buyer.

jackstini · 27/06/2023 08:13

We did it when our house wasn't built in time and I'd already sold mine

We did have an approximate timeline though of 4 months, but 2 cats. Offered to pay the full 4 months rent up front and that got us the rental

How long until you find something do you think? When you look on Rightmove and include the SSTC properties are there any you like that sold recently, or is nothing suitable coming up at all?

Roselilly36 · 27/06/2023 08:18

Difficult one, one did consider doing this to chain break, but didn’t want the expense and inconvenience of moving twice. Also there is a real lack of rental properties available so most LL could favour a tenant without pets, possibly. Entirely, your call Op. Good luck with whatever you decide.

Im99912 · 27/06/2023 09:33

first are you sure they are actual cash buyers as in
£££ in the bank and don’t need a mortgage
estate agents are nowhere near as fussy as they were last year and the previous years where you had to show proof of deposit and MIP and give your not yet born child away to even get a chance at viewing a place 😂
I would ask for confirmation of this from the estate agent

My son is buying and he had several viewings at different houses and not one estate agent asked him for proof of deposit or MIP
last year that would have been unheard off where I live

the house my son is buying the sellers are developers and have built 4 houses they have already sold two and they own the house next door which is empty and they are doing some work on it before they sale it

they told my son that if they hadn’t found anything or something holds up the new purchase they will just move next door into the empty house to break any chain if necessary

if you have an offer from a cash buyer I would do everything you can to keep it

They know that my son is a good bet
big deposit over 80k and can give notice at any time and they bit his hand off

I think professional developers know a good offer and deal at the moment
it’s often the homeowner who don’t or can’t reduce the price to get a sale

Gettingonabitnow · 27/06/2023 20:30

Honestly don’t do it - we did similar and the benefit of having sold your house vs the insecurity of a rental plus having to line that up with your onward purchase just isn’t worth it. I was so so stressed. X

Peppadog · 27/06/2023 21:00

We just did this. We moved into a rental, made sure we got one with a 6 month break clause.
We relocated 80 miles away with 3 kids, moving nurseries and schools with a newborn.
Ha! When I read it back I now know why I nearly had a breakdown. It was worth it in the end OP, we are now in our lovely home, and we didn't have to stress about chains collapsing. There were obviously costs involved but we were moving to an area where there are lots of rentals, like you are. But I can't comment on whether interest rates will rise or fall, just can't predict it.

Peppadog · 27/06/2023 21:01

We were also able to get some messy renovations done before we moved in (rewiring and replumbing)

Original poster
Squalie · 30/06/2023 05:36

Upsizer · 27/06/2023 07:54

I’ve done this when selling. Imo it takes a lot of the stress out of things. I’d do it again like a shot! The time goes fast and you take the stress out of both “ends” - buying and selling, are much more likely to complete and are a much more appealing buyer.

@Upsizer this is what I have been thinking. I’m just worried that I’d be trading one kind of stress for another.

OP posts:
Original poster
Squalie · 30/06/2023 05:39

jackstini · 27/06/2023 08:13

We did it when our house wasn't built in time and I'd already sold mine

We did have an approximate timeline though of 4 months, but 2 cats. Offered to pay the full 4 months rent up front and that got us the rental

How long until you find something do you think? When you look on Rightmove and include the SSTC properties are there any you like that sold recently, or is nothing suitable coming up at all?

@jackstini wow re four months upfront but then again I guess it’s worth it if that gets things over the line. To answer your question, nothing is coming up - I’m on RM all the time.

OP posts:
Original poster
Squalie · 30/06/2023 05:41

Gettingonabitnow · 27/06/2023 20:30

Honestly don’t do it - we did similar and the benefit of having sold your house vs the insecurity of a rental plus having to line that up with your onward purchase just isn’t worth it. I was so so stressed. X

@Gettingonabitnow that’s the thing, right?! You trade one set of stresses for another. Hmmmmm and arggghhhh. Thanks for sharing your experience.

OP posts:
Original poster
Squalie · 30/06/2023 05:44

Peppadog · 27/06/2023 21:00

We just did this. We moved into a rental, made sure we got one with a 6 month break clause.
We relocated 80 miles away with 3 kids, moving nurseries and schools with a newborn.
Ha! When I read it back I now know why I nearly had a breakdown. It was worth it in the end OP, we are now in our lovely home, and we didn't have to stress about chains collapsing. There were obviously costs involved but we were moving to an area where there are lots of rentals, like you are. But I can't comment on whether interest rates will rise or fall, just can't predict it.

@Peppadog incredible that you pulled that off. Respect!!! Lovely that you’re happy in your new home. You give me courage.

OP posts:
Seaitoverthere · 30/06/2023 06:41

We have kind of done it but moved into a family home so didn’t have to negotiate the rental with pets thing and no time pressure to move out. It has taken 7 months of looking before we found our new home which then took a couple of months to complete. We’re on 6th week of renovation and it is making life so much easier not living there.

Our new neighbour said recently she saw what the house was on the market for and thought it was really well priced. We got 10% off that as we’re in a good position being chain free and good deposit so for us it has been really worth it but we are in the very lucky position of nit having had it find a rental on the open market.

Peppadog · 30/06/2023 08:27

I think it also depends how easy your property has been to sell. We had tried to sell ours a few years previously and failed. We had an unusual flat that was more expensive/much larger then the average flat but had no outside space.

Annoyingly after we accepted going chain free we literally had another offer straight after come through the letter box!
But we decided to stick with the original buyer as it didnt seem fair not to. As it turned out it took us so long to find a property it's a good job we went chain free, as we probably could have lost our buyer otherwise.
I will admit the stress of the move had a real impact on my mental health, the rental we ended up with wasn't great, (although the location was lovely). But I think a lot of my issues and distress was due to having a small baby and being completely uprooted at a really emotional time.

Karmatime · 30/06/2023 08:28

We did this and I’d do it again despite the upheaval of moving twice. We don’t have children or pets though. We managed to find somewhere with a six month break clause and we have exchanged in time to give notice before the 6 months is up.
The interest on the sale proceeds has helped towards the rent so if we hadn’t found somewhere we could have afforded to rent for longer.
We were moving to the other side of the country so logistically this was much easier and it meant that we were in a strong position to buy.

jackstini · 30/06/2023 08:31

It's difficult if you haven't seen anything in months

Are you upsizing or downsizing? If the first, waiting for falling house prices could work in your favour

How long was your house on the market before this full price offer? Any other offers?

Have you put letters through the door of any 'perfect dream houses' in your area? Doesn't often work but I do know 2 people who bought houses doing this!

cafecreme · 30/06/2023 08:46

We did this last year and I’m so glad we did. We sold to cash buyers at a price we would not get now. Dc were mid exam years so we had to stay in area for one more year so they could finish. It’s been great. One dog. Smaller rental house than the one we sold which has been a revelation in terms of upkeep!

Put equity into savings accounts, the interest covers the rent. We are ready to buy now and I will start looking this summer.