Securing a property...HELP!

Stuey1987

I am currently at the end of a personal injury claim were I will be getting a substantial amount of money. I have found a property which me and my partner love. It is perfect for our family. I have been in contact with the home-owners who showed us around the property and told them we would be able to offer the full asking price - cash. The owner has told us she would love for us to buy the house but we do not have an exact "end date". We have received our first offer from the insurance company and been advised by our solicitor to not accept but we are wondering if anyone knows of any way we could secure the property before we have another offer or the cash? The vendor just wants something that would mean they could maybe get the ball rolling with their solicitor. Any info regarding this would be much appreciated.

G_M

I don't see how you can agee a price with the vendors until you know how much money you have.

Even if you borrow some, pending final agreement of your claim, what if the final amount you get is lower than you borrowed?

Unless you can persuade the vendors to wait, with no guarantees, you must just keep your fingers crossed.

eddddy

I guess the best you can offer is a letter from your solicitor to their solicitor confirming your circumstances, and the potential timeline for having the funds available.

If I would be the vendor, I would want a good understanding of whether it's likely to be weeks, months or years.

(I'm assuming that the first offer from the insurance co is sufficient to cover the cost of the house, or do you need a better offer...)

Stuey1987

Thanks G_M.

We know we will get a lot more than the value of property we want to buy....at least 100k more. We know this from the value of the first offer we have received from the insurance company so we know that we WILL be able to buy the house outright. We don't want to borrow any money as we currently have no loans etc and don't want to get loans and owe any money to anyone. We do go by the motto of "if it's meant to be, it will be" but it is very frustrating knowing we have found our perfect family home and we are not in any position to secure it. We were just wondering if anyone knew of any way like a letter from our solicitor/barrister to say that we will be getting the money?