Quick question please

andy.m_2

19lottie82 wrote: »

A cash buyer is just that. They have the cash to buy the property in question, so they don't need a mortgage and they aren't in a chain.

this isnt true, they can have a chain below them but they will be transacting with you without borrowing.

It means that valuation surveys aren't necessary and there wont be any stipulations from any lender but do not fall into the trap of thinking that a cash buyer is automatically a buyer without a chain.

pinkteapot

1. It will help her make offers. Sellers like cash buyers as there's less to go wrong so they'll sometimes take a slightly lower price from a cash buyer.

2. If she buys a property with no onward chain (i.e. the seller isn't buying a house) then it will be chain-free and the process can be pretty fast.

How else did she think it was going to help her?

JimmyTheWig

I'd say "cash buyer" = "buyer with cash in the bank in a position to write a cheque to their solicitors for the value of the house".

But I agree with tbs624 that your friend is in a better position than someone who has a house to sell and needs a mortgage.

Idiophreak

She could always think about breaking the chain and selling up before buying...then she could rent for a couple of months and present herself as a cash buyer.

A bit clunky, but would make both chains easier and would probably save money in the longer-term.

tbs624

Idiophreak wrote: »

She could always think about breaking the chain and selling up before buying...then she could rent for a couple of months and present herself as a cash buyer.

A bit clunky, but would make both chains easier and would probably save money in the longer-term.

My bolding. Most LLs will only offer a min 6 month let - T can of course ask the LL to agree to a new T being found if wanting less than 6 months but LL does not have to agree.

tbs624

pinkteapot wrote: »

12. If she buys a property with no onward chain (i.e. the seller isn't buying a house) then it will be chain-free and the process can be pretty fast.

As the OP 's mate apparently has a property to sell in order to release that cash there will still be a chain

Idiophreak

tbs624 wrote: »

My bolding. Most LLs will only offer a min 6 month let - T can of course ask the LL to agree to a new T being found if wanting less than 6 months but LL does not have to agree.

You can get specific short term lets, or you could even do a storage / B&B thing if you were really keen on a shorter term..In reality, I don't think 6 months would be far off right to move in, find a house, get an offer accepted, wait for the chain, complete, move out...