How long after making a offer will I need my deposit?

cpc34

I am looking to make an offer on a house this summer, but my deposit is currently in a bond and will not be released until 20th July. As my rental agreement runs out at the end of August, I would ideally like to try to complete before this date.

I realise that there are huge uncertainties about timescales when it comes to buying a house, but can anyone offer some thoughts on when would be an appropriate time to try to get an offer accepted on a place? If I make an offer too early, is there a danger that things could go wrong because my deposit is not yet available?

Newbird

You can set the completion date to what you want it to be, as long as your Seller is happy to accept that date.

It will take approx 2 months anyway for the Solicitors to do their stuff, and thats if all goes well with searches etc.

cpc34

Am I right in thinking that I will actually need the deposit (or the portion of it that amounts to 10% of the purchase price) on exchange, rather than completion? If so, would my mortgage company be willing to cover this, or would I need to wait until my bond matured before I could exchange?

JOSOM

cpc34 wrote: »

Am I right in thinking that I will actually need the deposit (or the portion of it that amounts to 10% of the purchase price) on exchange, rather than completion? If so, would my mortgage company be willing to cover this, or would I need to wait until my bond matured before I could exchange?

Hi there, depending on what kind of mortgage you were having you could ask your lender to release the mortgage funds in "tranches" which are part sums of the full loan amount. Ideally though, you should make sure your finances are in place before exchange date as mentioned in other posts see if seller would be happy for a settlement date in August. Cheers and Good luck