Time scales query

twink22

Hi all,

We are in the process of looking at houses to buy having rented for nearly 10 years, we are FTB's currently in a rental property contracted until November (pretty sure we would not be able to get out of the contract earlier without significant costs) we have spoken to a broker and have an AIP and he has advised us that a mortgage application will last 6 months so not to put in any offers until June/July.

when do you think would be the best time to start looking at houses? I'm wary that the prices are likely to increase so want to look now, but don't want to look now and find a house we love but miss out as the seller won't want to wait until November to move. We have viewed a few properties to gage the market where we are, but so far have not found anything. Do you think we should stop looking and start again in June, or is that still too early?

Tyler119

Speak to your landlord or lady, explain your situation and ask if they would be willing to terminate the tenancy earlier if you find a suitable property. You could try to negotiate and offer to give say two months notice rather than the usual one.

House prices are likely to increase, however not by a substantial amount. If you cannot negotiate with them, you will just have to see out your contract. Our contract was for 6 months and then just reverted to a monthly rolling contract so was easy when we decided to purchase. If you know of a friend or family that would be willing to take over your rental property then that would be a big plus for the owner as they would not be losing out on income.

Hope some of this helps and good luck to you

kingstreet

Agreeing a purchase in July/August would be reasonable for a November completion, IMHO.

Saying which, as long as you are honest with a potential vendor they may find any sale, even if it won't complete until November, better than no sale at all.

Don't commit to paying fees until your vendor has found a new place, if they are buying on, and the chain has formed up.