Is it too risky and will it be ok ?

rosiest

Couple of questions I need help with


I have seen my dream house but do not have mine on the Market. I am being told its a buyers market and am worried that it is too risky to put in an offer before selling mine and need the equity for a deposit but i also cant put mine on the market and hope it s not sold by the time mines does. The new property is needing alot of work and has been on Market since last oct and is being sold by local council. So i was wondering if i can put an offer in but ask for completion in 4 instead of two months. Dont know if anyone ever does that ?

Also im a bit nervous about getting a new mortgage currently have one and never late. some late payments on my equifax report ( mobile phone and catalogue) from years ago and a score of 492 but score 999 on experian. I have 6000 of credit cards and am fully in my overdraft of £1400. ( have paid off £7000 of CC's this year so far ) house would be about £168000 with a 20% deposit going down and yearly earning of £59K. will leave £18000 to put into house and pay overdraft.

What do you think any opnions would help ?

Also posted in mortgages section as unsure where is best place

Simon_gloster

Without the sale of your home, you wont know what you need to borrow.

By all means make an offer, its not illegal, but dont expect it to be taken too seriously.

If you cant sell yours what are you going to do with it? Keep it, if so you have to declare your current debt whether you intend to let it out or not. That leads me to wheher your current lender will consent to let at a BTL-ish rate.

Lots to think about.

rosiest

Thanks Simon, No i need to sell to release equity, so it would be a hope that if they let me have a longer time from offer accepted to exchange that it would give time for my current property to sell.

DVardysShadow

The best you can hope for is to have an offer agreed, but vendor leaving property on the market until you are proceedable. Which means you could be lose it if a more proceedable buyer comes along.

nick_

the selling agent may not even put this forward to the vendor (even if it is the council). Doesnt look too good on them if it all falls through because you can't sell your house.

you'll also likely have paid solicitor's, valuation costs and potentially mortgage booking fee's which you may not get back - could be a costly exercise for you. Much better off ploughing that money into your cc debts.

opinions4u

There will be other "dream homes".

You can't make a serious offer until you have an agreed buyer for yours.

By all means scan the market and know what's on sale and how much it costs. But cut the emotion out of it all. Dreaming about what you can't have does nobody any good.

harvey115

'Dream Home' - a nice term but sometimes this 'dream home' quickly changes when we find something more desirable.

I also found a very good home and thought it be my dream house as well. However the seller has put it on a 10% above it actual 'Good market price'. So I am not buying it and my offer has been declined as well. I am pretty sure when I am going to find another house that suits my taste, I will mark that as my dream home. I still hope the seller will reduce the price

I thought as well it was a buyers market but seems like its the other way around throughout the London area...

Best of luck...

paulmapp8306

Definately a buyers market.

AAAnyway, if you want to move from your current home, you need to put it on the market - and once you get an offer THEN look for a