Will this stress never end!!

Housebuyer958

Hi All

Managed to get the okay from Halifax for my mortgage today (well the promise came back all okay) so hopefully that is all sorted as best it can. But now I have a new problem.

My Dad originally said that he would give me 50K as a deposit a few weeks ago and to go looking for places, which I did and had the offer accepted. I happen to have bought a house from someone who is on a mission to get everything sorted asap and he reckons 6-8 weeks to complete which is fine with me as FTB.

However, my Dad told me today that he can't get the money together now until mid to end July!!!!!

I've been going really slow (haven't got solicitors involved yet) but I'm not sure how long this is all going to take - I might be stressing for nothing and I don't know what my options are. I mean can I tell the seller that I won't be ready to exchange contracts until mid-July or is it even worth mentioning yet as it will take longer than that anyway?

I don't want the seller to look somewhere else but I don't want to lose all my fees because I couldn't complete in time. Basically I have to have this house!!!

Any advice anyone?

[Deleted User]

mid july is only 8 weeks from now, so don`t stress. It sounds like an average time for exchange

Housebuyer958

Thanks - anything I can do to sneakly slow things down without actually saying it?

Anyone else any advice too?

Thrugelmir

Be upfront and explain the situation.

As you will not be in a position to exchange until the funds are available.

Housebuyer958

The problem I've got about being upfront is the following:

a) Don't know if it will actually end up being an issue as everyone I have asked reckons that 8 weeks would be a "very quick" sale bearing in mind that I am in a chain of 5 where the last one just completed the chain today

b) The guy I am buying off, while very nice and we get on great with them, I think he is very impatient and I would worry that the minute I say anything he'll stick the house back on the market - where if it comes to the contract exchange and I need a couple of extra weeks then he won't be able to get another buyer in that time.

Dan_1976

Well it depends on the rest of the chain. Does not matter what he is like, the legal system is the legal system.

Have they not asked you for your solicitors details yet?

Nice stress to have!

Housebuyer958

Yes - given the details to the estate agent but I haven't instructed them to to start anything yet and I won't until the surveyor comes back and I have a solid mortgage offer.

I'm not paying out fees for them to be lost if something goes wrong.

Thrugelmir

Housebuyer958 wrote: »

Yes - given the details to the estate agent but I haven't instructed them to to start anything yet and I won't until the surveyor comes back and I have a solid mortgage offer.

I'm not paying out fees for them to be lost if something goes wrong.

You'll have to inform your solicitor how you intend to fund the purchase. As he'll inform your lender.