Putting in offer - when do I need to produce deposit?

Ben_Baileys

Hi.

I'm a FTB and have only been actively looking for a property for less than a week and have found one that I really like. Am doing a second viewing tomorrow and would like to snap it up before I lose my chance.

The problem I have is this - I am being given a deposit of £15,000 as a gift. However, it might not be in my bank account for another 3 weeks. This is something that is out of my hands but it is money that I can rely on.

The question is - am I still able to put an offer in tomorrow even though I don't actually have the money yet? What are the steps that follow putting an offer in?

I hope so, as I really like this place, but just wasn't expecting to find the right place at the right price so soon!

Ian_W

You don't need the deposit until contracts are exchanged some weeks after the offer is accepted. However, the EA acting as they do for the vendor, will want to be assured that the finance is available and that you're not just a wanna be buyer.
Is there any way you can prove to them that the money is on it's way? Otherwise they may have to advise not to accept your offer.
Also do you have a mortgage agreed in principle? That again shows you are in a position to buy.

Ben_Baileys

Thanks Ian,

I do have an AIP so that's good. However it was agreed on the basis of this deposit. So I suppose I will have to then wait 3 weeks before proceeding which would I guess put the deal at risk. Although perhaps I could explain the situation to the lender. But wouldn't they want evidence of the deposit before lending us the full amount?

Jorgan_2

You shouldn't have a problem with the agents, they may want to see proof of were the £15k is coming from to comply with the money laundering, proceeds of crime regulations.