When to apply?

Fireflyaway

We are renting and hope to buy a house in the not too distant future. Our letting agent let's for min term of twelve months ( they wont do a month to month let as we had previously) so we need to time the application so we can move from here to a new house once the tenancy expires. If there is a small overlap no worries but don't want to be running 2 places for months.
When is a good time to approach a broker and start looking?

Lilla_D

Hi, not sure based on the details above how long is left on your tenancy agreement - have you just started a new 12 months contract?

I would say that regardless of how long your house search will take and how long the actual purchase will take, speak to a broker as soon as possible to understand what you can borrow and what you may need to do in order to get into the best position. This might include repaying debt or getting consistent income or preparing Ltd company accounts dependent on your situation.

Searching for a property can take a few days or years, then the actual purchase process typically takes 2-4 months, so it's difficult to time it with the end of your tenancy. However, speaking to a broker doesn't normally cost anything and it can help getting things ready just in case you come across the perfect new home next week

Fireflyaway

Lilla D thank you. I had thought about 3-4 months as that's how long it took to sell our home but that didn't include applying for a mortgage or searching for a house so I guess we should add a bit. I'm mostly worried when the time comes we won't find anything we like!
I like the advice re checking what we can start doing to get in good shape than you.

csgohan4

what ever you do, do not give notice until you have exchanged, otherwise you are exposing your self to risk of things going wrong and you being homeless

Jaglad111

When my letting agent tried forcing me onto another rolling contract I declined. They threatened me with an eviction notice and told me the LL would not accept a rolling term. I contacted the LL who knew nothing about it and instructed the agent to keep me on a rolling term as he like me as a tenant. We are buying next year and have given the LL all our plans. We have agreed prior access for viewings and maintenance so he can get the place back making money as soon as possible, and in return he has given us total flexibility with how long we stay. Try contacting the LL directly, most are quite reasonable if they are aware of all your plans.

dimbo61

Agree with other posters
Do not sign another 12 months contract.