How far in advance to make an offer on a house?

somethingemma

Looking to buy my first home this year - I have an agreement in principle and we have been living in the area 2 years so we know where we want to buy. There are several houses at the moment well within our budget (and some lovely ones at the top end)

BUT the deposit is coming from my parents, my dad gets a lump sum from his pension on his 60th birthday end of July/beginning of August.

I'm really keen to get looking and making an offer as I know the process can take a while, or am I better to wait until we actually have the cash for the deposit? Or perhaps just wait a couple more months until June/July??

Any advice greatly appreciated !

Thanks

FutureGirl

I can see why you're eager, but at the moment you aren't proceed able and, I don't think a vendor would accept an offer from you given that you don't have the deposit.

Also, check how long your MIP is for - my friends from Halifax only lasts 3 months.

MrsNubs

We made an offer in July when we wouldn't have our deposit until November, but we knew the vendor hadn't started looking yet and was in no rush. The important thing is to be completely honest from the beginning and let the vendor decide. Just don't be surprised if they decide to continue marketing the property. You might get lucky and have a vendor who's not in a hurry

ACG

I made an offer on the house I am buying at the beginning of December.
I told the clients I could not complete until end of March/early April. I was completely upfront about it and it was part of my offer. They were fine with it.

As it happens we are not completing until next week, but that is a whole other issue with my buyers.

If you are crystal clear about it when making your offer, then I see no issue in making offers.

Mickygg

It depends on the quality of the EA and what the vendor insists. I insist on getting my EA to check details of any offer before its accepted. This will include a funds check and whether the vendor is proceed able. If you lie remember the EA can and will check with your solicitor. Relationships may break and you risk the house sale falling through if you lie and then found out.
I'd be honest from the start.

bertiewhite

I know with a few houses I've looked at in the past, one of the first questions I've been asked is either "are you in a position to buy" or "is your house on the market" but that may down to the individual estate agent.

Cakeguts

You aren't ready to buy a house yet because you haven't learnt how to save. Saving the deposit is practice for the amount of saving that you have to do when you are a house owner. Owning is not like renting if something breaks you have got to pay for it to be repaired. You are responsible for repairing anything that goes wrong with the house like a new roof, new windows, new doors, new guttering, new fencing for the garden as well as new kitchens and bathrooms or getting a plumber out to mend a leak. Boilers don't last for ever. You also have to save in case either of you lose your job and you can't pay the mortgage. There are no benefits to pay the mortgage for you. If you lose your job you might get the mortgage interest paid for a limited amount of time but only the interest.

When you own a house you have to do a lot more saving than just for a deposit. So if you haven't saved for the deposit you don't really understand how to save in order to keep owning a house and to not be at risk of it being repossessed by the bank.

glentoran99

Cakeguts wrote: »

You aren't ready to buy a house yet because you haven't learnt how to save. Saving the deposit is practice for the amount of saving that you have to do when you are a house owner. Owning is not like renting if something breaks you have got to pay for it to be repaired. You are responsible for repairing anything that goes wrong with the house like a new roof, new windows, new doors, new guttering, new fencing for the garden as well as new kitchens and bathrooms or getting a plumber out to mend a leak. Boilers don't last for ever. You also have to save in case either of you lose your job and you can't pay the mortgage. There are no benefits to pay the mortgage for you. If you lose your job you might get the mortgage interest paid for a limited amount of time but only the interest.

When you own a house you have to do a lot more saving than just for a deposit. So if you haven't saved for the deposit you don't really understand how to save in order to keep owning a house and to not be at risk of it being repossessed by the bank.

YAWWWNNNN, what a lot of clich!d nonsense

somethingemma

Banter! You don't know me or my financial situation. Isn't it ironic that buying a house will make it easier for us to save and only need one income? Crazy! I'm not a grandmother yet, but I do know how to suck eggs! Thanks for your concern

Cakeguts wrote: »

You aren't ready to buy a house yet because you haven't learnt how to save. Saving the deposit is practice for the amount of saving that you have to do when you are a house owner. Owning is not like renting if something breaks you have got to pay for it to be repaired. You are responsible for repairing anything that goes wrong with the house like a new roof, new windows, new doors, new guttering, new fencing for the garden as well as new kitchens and bathrooms or getting a plumber out to mend a leak. Boilers don't last for ever. You also have to save in case either of you lose your job and you can't pay the mortgage. There are no benefits to pay the mortgage for you. If you lose your job you might get the mortgage interest paid for a limited amount of time but only the interest.

When you own a house you have to do a lot more saving than just for a deposit. So if you haven't saved for the deposit you don't really understand how to save in order to keep owning a house and to not be at risk of it being repossessed by the bank.

Harryp_24

Cakeguts wrote: »

You aren't ready to buy a house yet because you haven't learnt how to save. Saving the deposit is practice for the amount of saving that you have to do when you are a house owner. Owning is not like renting if something breaks you have got to pay for it to be repaired. You are responsible for repairing anything that goes wrong with the house like a new roof, new windows, new doors, new guttering, new fencing for the garden as well as new kitchens and bathrooms or getting a plumber out to mend a leak. Boilers don't last for ever. You also have to save in case either of you lose your job and you can't pay the mortgage. There are no benefits to pay the mortgage for you. If you lose your job you might get the mortgage interest paid for a limited amount of time but only the interest.

When you own a house you have to do a lot more saving than just for a deposit. So if you haven't saved for the deposit you don't really understand how to save in order to keep owning a house and to not be at risk of it being repossessed by the bank.

This is a load of nonsense, dont listen to him, if your paying rent and all bills already it can be cheaper on a mortgage.

When i purchased i didnt tell the EA Anything and they just accepted that i could proceed. In your case id be upfront about it as there is quite a large time gap, however you could wait another month or two before starting. Check your DIP though as generally they only last 3 months and you shouldnt of got one if your not in a position to buy currently. What did the bank say when you told them you had no deposit? surprised they gave you a DIP.

somethingemma

Harryp_24 wrote: »

This is a load of nonsense, dont listen to him, if your paying rent and all bills already it can be cheaper on a mortgage.

When i purchased i didnt tell the EA Anything and they just accepted that i could proceed. In your case id be upfront about it as there is quite a large time gap, however you could wait another month or two before starting. Check your DIP though as generally they only last 3 months and you shouldnt of got one if your not in a position to buy currently. What did the bank say when you told them you had no deposit? surprised they gave you a DIP.

Because a DIP is not the same thing as a mortgage? So they're willing in principle to give me money on the proviso I have £50k deposit, which I will have when I apply for a mortgage. I wouldn't apply for a mortgage without a deposit. there is no point making offers on houses I have no chance of getting a mortgage for.