First Time Buyer Timescale Help

Zandimos

Hi there,


I am a first time buyer and currently have a Skipton LISA as well as money elsewhere for the deposit, I have had a DIP through which has allowed me to see my budget and I have been researching properties in my area within this price range and viewing some purely for experience to know what I am looking for. Nobody in my family has ever bought a house and therefore I feel I don't have anybody to ask about the entire process.


With the new tax year looming on the 5th April I have £4000 waiting to go into the LISA and then it takes up to 30 days with Skipton for the HMRC bonus to be added. At which point my deposit will be complete and I can get the money out of the LISA.


My question is, if I viewed a house around this time (late Feb) and made an offer and it was accepted, would the process take long enough (my survey, mortgage application, solicitor etc.) so that I wouldn't actually hand over my deposit until late April when my HMRC bonus will have come in, or am I being optimistic and the process is must faster?


Equally, if they did want my deposit and I was 5 days away from the HMRC bonus would it be unreasonable to ask them to wait 5 days? I don't know how people feel about being messed around in the world of buying and selling property?


Thanks in advance.

-taff

Takes about 3 - 4 months usually depending on the buyer/vendor. I wouldn't tell them anything just yet, you haven't found a property yet, and you don't know if anything you like will be in a chain which will slow things down a bit, for example. Carry on looking and when you see something you like, and after you've got your mortgage agreed and instructed your solicitors, see what the time lag is then.

It's nearly the end of February now, so two months isn't stretching a wait by any means.

M2808

The minimum time, no chain, I was told to possibly expect was 6 weeks. That would take you to mid April already - so its a great time to look.
You aren't guaranteed to find one straight away and sometimes looking helps you really understand what you want/need.

diggingdude

Should be fine. I am using LISA and can't touch it till Friday coming when the year is up. Offered and accepted on property early Jan. Just got fittings and fixtures through though not yet the property info. I'm hoping to exchange/complete end of march. Giving the Skipton forms to my solicitor on Monday to claim the deposit in time

datlex

You'll be fine. It takes time for the solicitors to do searches, have surveys done etc. It also takes time to find a property. One that looks good on paper might not be right for you when you go in.

Lauren5454

I'm a first time buyer and the seller is not in a chain either. I'm 4 months into the purchase of my house and probably still looking at at least another month
The whole process has taken me nearly a year, I spent about 6 months looking for a house before I found one I liked enough to buy, I first contact my broker for a AIP in August, offer accepted on a house in October and hoping now to be in by the beginning of April