Dream home how to delay deposit?

Ivana_Tinkle

I've never been asked for proof of my deposit by a lender, agent or solicitor. If you haven't even viewed the property yet then even if you love it and put an offer in straight away it's likely to be at least 8 weeks from now before you're ready to exchange, which is the first point where you need the deposit. (And it's moving too fast then it's not difficult to string things out a little...)

But, as everyone else has said, you'll also need to pay your solicitor on completion (if not before), and moving into a new house without a penny to your name really isn't a smart move. I've done it (when I was young and pre-kids!) and it worked out fine for me, so I won't say don't do it, but be aware that it's a risk.

Starjust

Do you need to show proof of deposit for the money laundering checks?

grifferz

On the one hand I think if you will have the money in June (which let's face it, is only 5 weeks away) and have taken account all the other fees then you are ready to make an offer.

I am now 6 weeks in to purchasing a property with no onward chain, as a FTB, and they still haven't brought up the subject of when they want to exchange/complete. If your vendor pointedly asked you when you would be ready to complete, I think you should be honest and say June. As that is not that far off it may well not put them off you as a buyer. They may not ask until it is a non-issue. Do not lie.

However on the other hand, I am sure that for every buyer who has felt their finances would "surely" come together at the right time, there are many who hoped and failed to make that come true, wasting the time and money of vendors and agents alike.

So your vendor's agent may ask you to demonstrate you have the deposit in place before they take your offer seriously. Ours did ask us this. They wanted to see our bank statements. We didn't like that idea so in the end they settled for speaking to our mortgage broker who confirmed he had seen proof of our deposit being already in existence.

kingstreet

You can't suggest that because your transaction saw no requirement for evidence of deposit, no-one else's will. There are lenders who always request proof of deposit and others who never do, leaving it to the solicitor to handle such issues instead.

Inbetween, there are transactional requirements, where something in the case make-up suggests to an underwriter that obtaining evidence of deposit, even the build-up of the deposit over time is a good idea.

When it comes down to it, you can be asked by lender or solicitor, at any time.