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prolonging house purchase

princesslea10
princesslea10 Posts: 13 Forumite
Part of the Furniture First Post Combo Breaker
in House buying, renting & selling
Hi

My husband and I have been saving for a while, and recently got accepted for a mortgage. We have money in place but are probably about 3 months worth of savings away from getting the property we want. We've viewed an amazing house and really really want to buy it. We're thinking if the purchase of a house roughly takes about 3 months we would be home and dry and would be able to buy our dream home. Also the seller hasn't found any where to live yet so that would give us more time


So my question is, can we specify when we would like to complete? Or is there any way to slow the process down?

Thank you for any help
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Comments

  • unforeseen
    unforeseen Posts: 7,465 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    How does buying a house fit in with the drop in income due to you going on to SMP . In another thread you say you will struggle due to the loss of income.
  • princesslea10
    princesslea10 Posts: 13 Forumite
    Part of the Furniture First Post Combo Breaker
    Well due to current circumstances, it was a case of rent somewhere else for the same price that I could get a mortgage for...not that its any of your business!!
  • sparky130a
    sparky130a Posts: 660 Forumite
    princesslea10 wrote: »
    Well due to current circumstances, it was a case of rent somewhere else for the same price that I could get a mortgage for...not that its any of your business!!

    It's a perfectly valid and pertinent point.

    Especially for your lender.
  • dancing_star
    dancing_star Posts: 315 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Ask the EA to ask the vendor? It can and does happen that the vendor is happy to wait.

    When I bought my first property I didn't want to move in for about 10 weeks as I was on a work course and just didn't have the time to devote to moving. The EA negotiated and the vendor was happy to wait. He'd already moved out ages before, and the flat had been empty, so there was no chain.

    Worth asking, what's the worst that can happen?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 4 June 2017 at 6:09PM
    princesslea10 wrote: »
    Well due to current circumstances, it was a case of rent somewhere else for the same price that I could get a mortgage for...not that its any of your business!!

    Affordability is a key issue for lenders. With ownership comes additional cost. The two are not comparable.
    So my question is, can we specify when we would like to complete? Or is there any way to slow the process down?

    The entire chain has to agree on a completion date. Though not until contracts are at the point of being exchanged. Easy to stall matters. Just stretch everything out time wise when taking action.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    10,000 Posts Combo Breaker
    princesslea10 wrote: »
    ...not that its any of your business!!

    Hopefully that isn't what you put on your mortgage application though.

    You need to be a bit careful dealing with the EA and vendor though. If your mortgage falls through because of your circumstances and you haven't been appropriately open with them about the situation then it is unlikely they will be very sympathetic and willing to help you out again.

    If this really is the house you want you need to judge exactly what and how much to say.
    "In the future, everyone will be rich for 15 minutes"
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    not even put an offer on the table yet.
    vendor still looking.

    Unless everyone is in an hurry 12 weeks is optimistic.

    don't start by giving the vendors concerns over your ability to proceed.
  • ACG
    ACG Posts: 24,957 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I made an offer on a house in December last year, but my offer was based on us not being able to complete until the end of March.

    The vendors accepted my offer, as it happened we never completed until early May because my buyers solicitors were a nightmare. But let the agents know in advance that it is your plan.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • princesslea10
    princesslea10 Posts: 13 Forumite
    Part of the Furniture First Post Combo Breaker
    No I didn't put that on my mortgage application you will be pleased to know.:) I already have a mortgage in principal, the lender is well aware of my pregnancy and the fact that I will be on maternity leave and what I will be earning, only a complete idiot would hide it lol.



    Thank you to all the helpful and unassuming responses, although my dad has very kindly gifted me some money so it's now irrelevant when we complete.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    ACG wrote: »
    I made an offer on a house in December last year, but my offer was based on us not being able to complete until the end of March.

    The vendors accepted my offer, as it happened we never completed until early May because my buyers solicitors were a nightmare. But let the agents know in advance that it is your plan.

    But just don't say "... because we are so financially stressed that we need these three months to save". :D
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