Timescales

kriss_boy

If i was to make an offer on, say, the 14th May and it was accepted, how long would it be till the deposit had to be paid and the first mortgage repayment?

I have 2K and my parents have offered to give me another further 2K as well as pay survey and lawyers fees.

So my plan is to put in an offer on pay day in 3 weeks time. So i will then have my (2K savings plus 1K pay and 2K parents) 5K deposit on the 14th of May.

But supposing the sale takes 4 weeks to complete (get the keys approx 12th JUNE). At what point do the lenders take the 5K deposit and charge you the first repayment?

Obviously it would be an advantage if they wait till the sale completes, because by that point i will have been paid again, and will thus move into the house with £1000 cash in my pocket rather than skint!

kingkano

Your deposit will be sent to the sellers on exchange, thats their security of you going through to completion. I thought the first repayment is taken on completion?

As to how long it takes.... how long is a peice of string?? Are the sellers buying elsewhere? how long is the chain? is it leasehold.... it could be anywhere between 4wks and 6mths to get to exchange. COmpletion will generally be 7-28days after exchange.

kriss_boy

The house im interested seems to be sold from the sons/daughters of a deceased parent. Its really dated and its currently empty, plus we noticed paper work out on the kitchen table which appeared to being sorted out.

We think it will only take 4 weeks to complete beacuse im a first time buyer too.

kingkano

Has it already gone through probate then?

kriss_boy

Our lawyer advised us the house was on the dear side at 100K, esp considering the money it needs spent on it, approx 30K. Because for 130K you could get some very nice houses so he advised us to offer 90K, aiming to get it at around 95K.

Its only been on the market 2 weeks so we feel if it goes another 2 or 3 weeks with no offers then our cheeky offer has a chance.

Theres no point offering only 90 this early right?

kriss_boy

I should add i live in scotland where our system of selling houses is a joke.

People stick them on at 100K but expect 10/20% over the asking. In this case however it certainly wont achieve that.

When we viewed it we were told 8 people had seen it but all said it was too big a job to rennovate.

EDIT ****

Ok, we have no will power, my mums gona fone up and just say, cards on the table, how much will we have to pay for this!!! I guess i'll know in the next hour or so!! very scarey!! ill be gutted if they want over the asking price! but you never no ur luck!