First Time Buyer with LISA

AGW2

I am in the unfortunate position where my current landlord is looking to sell the property I am renting when my tenancy terminates in December. I was planning on staying in this property for a year after (poor assumption I know), and then looking to buy. I am now considering buying instead.  The landlord has had a lot of interest and asked if I could terminate early. I opened my LISA in September 2019 (29th) after transferring from a Help to Buy. I was under the impression that as I transferred from another ISA then the length of time I had the initial ISA counts towards my 'clock'. Apparently this is not the case and I can not use the LISA until September 29th.

My question is, would looking at houses now and putting in an offer be stupid because as soon as they find out my funds are locked until the end of September they will just decline?

MovingForwards

It generally takes 3 - 6 months after mortgage offer has been received, for a purchase to complete. Then on top of that you need to find the right property to buy.

You've sufficient time.

(I've assumed you were in England / Wales)

grumiofoundation

AGW2 said:

I am in the unfortunate position where my current landlord is looking to sell the property I am renting when my tenancy terminates in December. I was planning on staying in this property for a year after (poor assumption I know), and then looking to buy. I am now considering buying instead.  The landlord has had a lot of interest and asked if I could terminate early. I opened my LISA in September 2019 (29th) after transferring from a Help to Buy. I was under the impression that as I transferred from another ISA then the length of time I had the initial ISA counts towards my 'clock'. Apparently this is not the case and I can not use the LISA until September 29th.

My question is, would looking at houses now and putting in an offer be stupid because as soon as they find out my funds are locked until the end of September they will just decline?

I would say if your plan was to rent for another year (for whatever reason: presumably to build up deposit, not 100% about the area, job not 100%) - I necessarily wouldn't abandon this just because your landlord is selling the property. Why not find someone else to rent until you were planning to originally buy?

AGW2 said:

 The landlord has had a lot of interest and asked if I could terminate early. 

If the landlord wants you to end the tenancy early, to sell the property, why not negotiate a fee for you to do so. 

AGW2

grumiofoundation said:

If the landlord wants you to end the tenancy early, to sell the property, why not negotiate a fee for you to do so. 

Thank you for the advice, I really appreciate it! So things have progressed a little now and me and my partner have had an offer excepted on a house and the vendor knows that are fees are locked until end of September.
So in terms of approaching my landlord now what is the best approach? I do not want to commit to bringing an end to my tenancy in the hope that the house purchase goes as smooth as butter - thus having to find somewhere quick to rent or being homeless! But again I do not want to have to pay rent after buying a property and paying a mortgage for a few months until the end of our tenancy.

What would people suggest?