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Right time to place an offer on a property
sapstar
Posts: 50 Forumite
Hi All, I am planning to move to a new house and there is one I have shortlisted, but unsure when it is right time to place the offer. Below is my situation.
1. To buy the new property, I need to remortgage my existing property and release some equity from it and change it to buy-to-let.
2. My existing property mortgage is fixed until 2nd May 2018. If I remortgage prior to this date, I will be liable for a penalty of 5%.
My question is whether I should wait till 2nd May to place an offer or I can place an offer ahead? I am unsure what steps are involved in conveyancing prior to remortgaging my existing property. if there is a good 2 to 3 weeks before they actually remortgage, I may be able to place an offer now.
Thanks
1. To buy the new property, I need to remortgage my existing property and release some equity from it and change it to buy-to-let.
2. My existing property mortgage is fixed until 2nd May 2018. If I remortgage prior to this date, I will be liable for a penalty of 5%.
My question is whether I should wait till 2nd May to place an offer or I can place an offer ahead? I am unsure what steps are involved in conveyancing prior to remortgaging my existing property. if there is a good 2 to 3 weeks before they actually remortgage, I may be able to place an offer now.
Thanks
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