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FTB How long to completion?
Phunky
Posts: 90 Forumite
Hi all,
My wife and I are looking at buying our first house, we have found a property which we are very interested in and I have had confirmation for our mortgage today.
I will have 20k available for the deposit at the end of June and wondering if its advisable to put an offer in before then as we don't want to risk losing the house.
Currently the house is occupied by the sellers son, so it seems we could have some leeway to delay the completion until June, by offering him time to move out. This could be offered on top of any time for surveys and such?!
My wife and I are looking at buying our first house, we have found a property which we are very interested in and I have had confirmation for our mortgage today.
I will have 20k available for the deposit at the end of June and wondering if its advisable to put an offer in before then as we don't want to risk losing the house.
Currently the house is occupied by the sellers son, so it seems we could have some leeway to delay the completion until June, by offering him time to move out. This could be offered on top of any time for surveys and such?!
I learned about debt the hard way and the best way 
0
Comments
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Of course it's worth offering now.
It will take at least a month (probably) to exchange and you can discuss and agree timings for completion while you negotiate.0 -
do you need bang on 20k for the deposit?0
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Of course it's worth offering now.
It will take at least a month (probably) to exchange and you can discuss and agree timings for completion while you negotiate.
That's what I was hoping to hearBaconandEggs wrote: »do you need bang on 20k for the deposit?
Most likely not, I just stated for my mortgage agreement that we expected to have £20k for the deposit.I learned about debt the hard way and the best way0 -
Hi all,
My wife and I are looking at buying our first house, we have found a property which we are very interested in and I have had confirmation for our mortgage today.
I will have 20k available for the deposit at the end of June and wondering if its advisable to put an offer in before then as we don't want to risk losing the house.
Currently the house is occupied by the sellers son, so it seems we could have some leeway to delay the completion until June, by offering him time to move out. This could be offered on top of any time for surveys and such?!
Worth offering and explaining your position to the vendors.
Don't be too surprised if they sell to someone else sooner, though.0 -
Do you have any money available now for the deposit?
I think you will need to lodge a deposit with your solicitor before they commence any work, so if you don't have any deposit now then you need to make that clear when you offer.
I lodged £10,000 as a deposit when I bought my house, this was less than 10% but everyone was happy with the sum, it then took nearly 6 months for everything to go through and I got a month between exchange & completion.0 -
Worth offering and explaining your position to the vendors.
Don't be too surprised if they sell to someone else sooner, though.
That's my point, I don't want to offer and lose out after giving the impression that we don't have the cash available this weekend.
I can however get it if we was expected to pay the deposit in full from the moment we put the offer in.I lodged £10,000 as a deposit when I bought my house, this was less than 10% but everyone was happy with the sum, it then took nearly 6 months for everything to go through and I got a month between exchange & completion.
Right, this is very helpful! I also read elsewhere that it is common to pay 10% when putting in the offer.I learned about debt the hard way and the best way0 -
I also read elsewhere that it is common to pay 10% when putting in the offer.
That's never been my experience. I'm pretty sure that it's normal that access to the deposit only comes into play at the point of exchange.
My first purchase (no chain) took 3 months. My second 4 months. The most recent (a chain of 8) took 6 long months from acceptance of offer to completion.0 -
Sorry I meant 10% on exchange, not on the offer. Luckily we also have no chain on this purchase as the seller has already already moved to another house and we are FTB's.
botchjob: If you don't mind me asking, how long did it take for you to exchange on your first purchase? I'm kinda hoping it will be at least 2 months which would be enough time to gather 10% (£12k) but if it holds out until June i'll be able to put down closer to 16-20%I learned about debt the hard way and the best way0 -
10% normally paid on exchange not on offer.
There are ways to delay if that is what you want to do. However, you need to be mindful of not peeving off the sellers to the put that they put the house back on the market.0 -
I think 2 months is a fair bet from acceptance of offer to exchange. And it's always possible to drag your heels a bit and sit on paperwork for a little while (while being careful not to overstep the mark).
And if you go for one of those internet conveyancing firms then it will almost certainly add a few weeks or more to the timescale compared to using a local solicitor...0
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