Advice on cash purchase of a house appreciated please.

G_M

4)

so do you fully understand how much dad will inherit from the estate (including sale of property) after paying tax, solicitor's bill (could be considerable if he's "dealing with everything.", estate agent fees etc?

Providing the answer is yes, and the finance stacks up, I don't see what the problem is.

good_advice

silvercar wrote: »

Not true. If you don't need a mortgage you can move that much quicker and aren't whim to a lender's requirements or deadlines.

I wish! We are 10 weeks in a chain and no mortgage needed.
An EA told us we would only be cash buyers if the money was in the bank. No house to sell.

arlywarly

good_advice wrote: »

I wish! We are 10 weeks in a chain and no mortgage needed.
An EA told us we would only be cash buyers if the money was in the bank. No house to sell.

So you'd recommend my dad hold off making an offer until he has the funds?

arlywarly

G_M wrote: »

4)

so do you fully understand how much dad will inherit from the estate (including sale of property) after paying tax, solicitor's bill (could be considerable if he's "dealing with everything.", estate agent fees etc?

Providing the answer is yes, and the finance stacks up, I don't see what the problem is.

The amount he'll be getting is more than adequate, despite the solicitor's bill! Still not sure if he should wait to make an offer though.

good_advice

arlywarly wrote: »

So you'd recommend my dad hold off making an offer until he has the funds?

No, def not saying that.
An offer on the first house is good :T Will that selling cost be enough to buy the new house and pay all moving costs? or with a mortgage in place? if so make a offer on new home.
Get a solicitor and a bit later have a house buyers survey. Ours was recomended by EA.
Then start the long WAIT..... wile all the checks are done.
If the funds are also needed from the 2nd house, maybe you will have to wait till that sells to release the cash.
Sending good wishes for your dads new home....

G_M

arlywarly wrote: »

The amount he'll be getting is more than adequate, despite the solicitor's bill! Still not sure if he should wait to make an offer though.

Well then why post here and ask?

Just tell him to wait.

arlywarly

G_M wrote: »

Well then why post here and ask?

Just tell him to wait.

The reply above yours is a perfect example of us getting conflicting advice. We've never done this before, hence my post. As mentioned previously, the main query was to ask what he needs to do when buying a house (just instruct solicitor and get house survey?).

MobileSaver

jacko74 wrote: »

I can only assume that they either think I'm a time waster and not a genuine cash buyer...

Unfortunately they are correct, until you have the money in the bank you are not a genuine cash buyer!

My last three properties were bought with cash and as others have said it holds very little sway. Most sellers do not really care whether they are paid with your cash or the bank's cash...

Regarding your original question, yes you simply need a survey for your own piece of mind if it's appropriate (I didn't bother with one of my purchases) and a solicitor to handle the legals.

My experiences do not tally with silvercar's and the cash purchases were no quicker than when I needed mortgages back in the day - it's the searches and seller's tardiness that slow things up.

p00hsticks

good_advice wrote: »

I wish! We are 10 weeks in a chain and no mortgage needed.
An EA told us we would only be cash buyers if the money was in the bank. No house to sell.

I second this.

Having recently purchased a property as a (genuine) cash buyer - when we claimed to be such when putting in an offer, the estate agent immediately asked us to produce bank statements to show that we had the cash readily available - i.e. we weren't relying on selling another property.

I think more delays in house purchasing come as a result of having to sell another property to raise the money than from having to arrange a mortgage (hence why first time buyers are usually seen as an attractive proposition to sellers).

good_advice

The waiting, hoping the chain stays solid and searches and waiting for a moving date....
Meanwile - keep decluttering, get rid of some furniture that will not fit. Start to fill boxes and bags.
I have used many of those storage bags from the £ shop. Big bag, with zip and x2 handles. Home made label on handle of contents and room = up or down stairs.