AIP Query

Bonfire_Bride

Hello!

We currently have our home on the market and have done since December. We knew it would take some time to sell due to the location but we are hoping that it will be purchased soon after reducing price.

Just wondering when we would need to get an AIP? We are not actively looking for a home at the mo as we are waiting for ours to sell. However, after seeing some posts on here I am wondering whether we should have an AIP ready or whether it's something that can be done fairly quickly?

We have a broker as ours will not be a straight forward application.

Thanks in advance

Malmo

See in-line reply in red...

Bonfire_Bride wrote: »

Just wondering when we would need to get an AIP? We are not actively looking for a home at the mo as we are waiting for ours to sell. However, after seeing some posts on here I am wondering whether we should have an AIP ready or whether it's something that can be done fairly quickly?

Once you've found a buyer and you're ready to start your own search would be the best time to apply for the AIP. It doesn't take very long to obtain one and you have a broker lined up it seems, so it should be fine

amnblog

Have you not asked your broker Natalie?

ellie27

Bonfire_Bride wrote: »

We are not actively looking for a home at the mo as we are waiting for ours to sell.

I think if your house is on the market you should be out there looking for your onward purchase. You need to get a good feel for the market. If you view places now then you can eliminate ones that are not right for you. What if you accepted an offer on your house by the end of today? Would you not feel rushed into viewing as many houses as you could over the weekend? When you do accept an offer on your house your buyer may only give you 2-3 weeks to find something for yourself.

We accepted an offer on our house and next day offered on the house we wanted, we had viewed it twice already and knew it was the right one for us.

To answer your question, accept an offer on yours, then get your broker to sort your AIP. You will have an AIP within a day.

Good luck!

kingstreet

I would have suggested a discussion with a broker before you put your house on the market.

There are various "housekeeping" things you can do, like obtain copies of all three versions of your credit file so you can address early with your broker any issue which might be visible.

I'd certainly do that now, before you commit to a sale you may not actually be able to finalise.

Bonfire_Bride

Thanks Kingstreet. Our broker has received all copies of our credit file and has advised that a mortgage would be achievable. Since then (a few months back) our credit has only improved so that is a benefit.


I log onto right move every day so I am aware of what is on offer in our area at the moment and am also aware of what we would be looking to purchase.


I would feel uncomfortable making an offer though as we have to wait for ours to sell which would be unfair on the seller.


Thanks for your replies - I will ask our broker to get the ball rolling once an offer has been made on our property,.


Thanks again.

Malmo

Bonfire_Bride wrote: »

I log onto right move every day so I am aware of what is on offer in our area at the moment and am also aware of what we would be looking to purchase.

Rightmove doesn't list all the properties for sale however. You need to use it in combination with Zoopla & perhaps On The Market to get a wider picture of what's on sale.

Refer to this Venn diagram for a visual representation.

Bonfire_Bride

Thanks Malmo..that is really helpful!

Feel like we're in limbo.