House buying - FTB

fox566

My partner and I are first time buyers and after having a disastrous first attempt at buying (the house had subsiding movement) we are looking again. Well we have found somewhere which we really like.

The problem which leads to my question, is we are under contract for our rental property until the end of march.

I know the whole completion process in 'how long is a piece of string' but is there any way you can make it move not so fast?

This has no chain and we would rather not have the transaction completed in 4-8 weeks as it would be two lots of rent for quite a few months.

We would wait, but we run the risk of losing the house or something going wrong and then having to sign up for another 6 months rent.

So by the time we put the agree 12 weeks would be a little more sufficient. It would still fall into our running contract but at least it is only a month.

GMS

You could make the completion process move as slowly as you wish but the vendors may want a quick completion.

Also the mortgage offer will have an expiry date on it so you need to make sure it completes before that. Getting an extension to an offer can be very straight forward, or very difficult depending on lender and circumstances.

Speak to the agents and see how long you can get away with. May be worth a chat with the landlord too. Could be they are happy to end early if they have other tenants lined up.