Equity coming, when can I buy a house?

antony_

Hi
This may seem like a silly question.
I'm on the tail end of a divorce, my soon to be ex-wife is buying me
out of the house. Everythings agreed, she has the mortgage offer and its presently going through.
Do I have to wait until the money is in my bank before I can put an offer down on a new house or could I start now as the process takes so long anyway or something in between?

Other question is from telling the estate agent I want to buy a house how long does it take to actually walk through the door. My first house had some issues and it took ages so assuming that everythings ok with the next one?

thanks

alyth

I would wait until you physically have the money - i was in a similar situation last year, ex remortgaged to give me my share of the equity, in the end because of various things it took me three months longer than it should have to have the money in my account.

And there is no answer to your second question - it would depend on circumstances such as is your seller in a chain, if part of that chain falls through then the whole process has to start again, it's a nightmare, that's why I will rent now!

Good luck in your property search.

scottishchick27

I'd look around for a property just now but not put an offer in until you have the money in your account. On average (at least it is in Scotland) it takes about 6 weeks between putting in an offer to completion and getting the keys. HTH.

antony_

Yep, pretty much what I thought. I'll hang on!

galvanizersbaby

antony_ wrote: »

Hi
This may seem like a silly question.
I'm on the tail end of a divorce, my soon to be ex-wife is buying me
out of the house. Everythings agreed, she has the mortgage offer and its presently going through.
Do I have to wait until the money is in my bank before I can put an offer down on a new house or could I start now as the process takes so long anyway or something in between?

Other question is from telling the estate agent I want to buy a house how long does it take to actually walk through the door. My first house had some issues and it took ages so assuming that everythings ok with the next one?

thanks

Hello

Depends how far along your ex wifes mortgage application is really - can take 6-8 weeks for a straightforward transaction.
I don't see why you have to have the money in the bank before you make an offer on a property (unless you are in Scotland where I believe an offer is legally binding?) - having moved house several times I would say the average length of time from offer to completion was around 3 months

galvanizersbaby

scottishchick27 wrote: »

I'd look around for a property just now but not put an offer in until you have the money in your account. On average (at least it is in Scotland) it takes about 6 weeks between putting in an offer to completion and getting the keys. HTH.

Scottishchick - is an offer still legally binding in Scotland?
6 weeks sounds really quick to me but I've only ever brought property in England

Pee

6 weeks is about the minimum the process could take in England and Wales, unless you would have enough cash for the whole purchase price. Once you are confident the money is coming through, you could make an offer, say a fortnight before the money is in your account.