viewing, offers, deposit n/a yet

samlee0211

hi i'm a soon to be a ftb

would it be too soon to go viewing houses and making offers if my deposit is unavailable untill the end of may? about 4 months.

if for instance i found a house, viewed it and wanted to make an offer is there anyway i could drag out exchanging contracts for 4 months when i would need and have my deposit? there are a couple of chain free houses i really like, is there anyway of offering a holding deposit of say 2k non refundable to myself to the vendor with the promise to exchange contracts within a certain time frame.

or would it just be easier until i've got the deposit in my bank and stop looking?

any advice would be great

Yorkie1

Wait until you've got the deposit in the bank.

You're not proceedable at present, and it's not fair on sellers to put them to the trouble of tidying for you, view their houses, get their hopes up and then not be in a position to do anything about it.

The non-refundable deposit idea is a non-starter to be honest.

You have factored in enough ££ for mortgage fees, surveys, solicitors fees, searches, removals, haven't you?

phill99

The phrase used is that an interested purchaser must be 'ready, willing and able' to proceed with the purchase. You are not 'able' as you don't have the deposit.

No vendors solicitor would be willing to accept you offer on the terms you have mentioned.

wibblewibble

You are in a similar position as us, we won't be able to exchange until May either as the deposit won't be available until the end of April. Our IFA told us to get out there looking now but be upfront with the estate agents and vendors, we have been preapproved for a mortgage and once the deposit is available we can complete immediately, if the seller was in a chain they could potentially be held up all along the chain and it could take until then to exchange anyway. If there is no chain then the seller could well be prepared to wait simply to secure a sale, if they aren't then you simply look for another property.

Our solicitor doesn't forsee any issues with it either after all the vendor is perfectly entitled to say no.

billybear1

We are in a similar situation with a bond maturing at the start of April. You will have to wait and hope that the house is still available or put the offer in on your terms and see if the vendor is willing to accept those terms.

samlee0211

thanks for the reply's. of the two we have seen they are both no chains. deposit will be available end of may so can exchange contracts and complete the same day

i have enough money already set aside for mortgage fees, solicitor fees etc, i have a pre approved mortgage also. one property has been on for a year and is desperate to sell, the other only on for a week

phill99

samlee0211 wrote: »

thanks for the reply's. of the two we have seen they are both no chains. deposit will be available end of may so can exchange contracts and complete the same day

i have enough money already set aside for mortgage fees, solicitor fees etc, i have a pre approved mortgage also. one property has been on for a year and is desperate to sell, the other only on for a week

YOU can complete in May, but that is hardly likely to suit the vendor. They have it on the market now because they want to move asap, not at some random point in the future that may or maynot be subject to you having sorted the deposit out. I can see both the EA and the vendor laughing from here to eternity.

You need to get real and stop being so narrow minded.

tbs624

samlee0211 wrote: »

i have enough money already set aside for mortgage fees, solicitor fees etc, i have a pre approved mortgage also. one property has been on for a year and is desperate to sell, the other only on for a week

Do you mean that you have a "mortgage in principle"? The actual amount that your lender is prepared to put up depends on the specific property's valuation

samlee0211

very true they will be laughing, 4 months is a very long time for a house sell to go through after all, doubt it's ever happened before

john_white

samlee0211 wrote: »

thanks for the reply's. of the two we have seen they are both no chains. deposit will be available end of may so can exchange contracts and complete the same day

i have enough money already set aside for mortgage fees, solicitor fees etc, i have a pre approved mortgage also. one property has been on for a year and is desperate to sell, the other only on for a week

No such thing as a pre approved mortgage. How could they approve a mortgage on property you may not have even seen yet?

motherofstudents

Why don't you just look on rightmove etc and any that you like the look of go and view from outside. That way you will learn how to look for anything you don't like eg lack of parking space, check out the building as far as you can and just generally get a feel for what you are looking for. You could make appointments to view but I think it is a bit unfair on the vendors. Maybe you could make a shortlist and then start viewing in April ?