When should I buy?

kevcarling

After a relationship breakdown, we’ve sold our house (STC) in less than a week. I had made offers for two flats I was really interested in but lost out to first time buyers. 

I am now in a position that I have my mortgage offer and roughly know how much I will make from the sale of my house. The question I’d like to ask is, do I wait a bit fully well knowing my house isn’t going to go through immediately, we’ve been told searches could take 12 weeks or do I see a property and just put a bid in for it?
I don’t think I’ll ever get the flat I truly wanted which I tried for, but you never know. I am so confused as to whether just press ahead, then if I do and another dream flat becomes available and Ive already had an offer accepted on another property where does that leave me in terms of legally?

moneysavinghero

If you make an offer on a flat and then a dream flat becomes available you just tell the original flat sellers that you have changed your mind. Legally you are not committed until you have exchanged contracts. Just like your house is STC (Sold subject To Contract) your buyers can pull out at any point until the contract is signed.

hazyjo

Being pedantic, you will have an agreement in principle, not an actual mortgage offer.

Do your buyers think you're chain free? Is your ex having to find somewhere to buy too?

If you can find somewhere soon, chances are you can tie in both transactions (as is normal in a chain). Not sure how your buyer would feel if they thought it was chain free, but it's a common scenario to say chain free then to find somewhere.

Do you have somewhere to stay temporarily if your sale does complete before your purchase?

If you find a flat you want, just stop looking if you think something else may tempt you. If you're still looking, chances are you've not found the one. (Think of it like like looking for a partner lol.)

Legally, you can pull out at any stage before exchange. Obviously you will have incurred costs (so would your buyer). No comeback from them, they're just out of pocket. Personally I'd try to avoid that and buy something I actually wanted.

NameUnavailable

If you find a place you like then offer on it. If your offer is accepted you still need to get past the mortgage valuation, survey, solicitors checks and possibly EWS1 issues...... you haven't bought anything until you have exchanged contracts. Personally I think it is worth keeping an eye on the market until then because you might end up needing to find another place if sale 1 falls through.

kevcarling

Thanks for the replies folks. Really appreciate it. 

I am worried sick (even though I probably shouldn’t be) that I’ve sold my house and have nothing in place. I just don’t want a knee jerk purchase. Renting is sort of out of the question as o have a dog and there’s not many dog friendly places around here from what I’ve seen. I find this whole process really stressful and dealing with a relationship breakdown doesn’t help my stress levels. 

I am going to see a lovely looking flat tomorrow so we’ll see what that brings. 

But thanks once again for the advice..

goodwithsaving

I don't agree with going through the motions unless you're serious about a property. As a seller, the constant worry is someone pulling out (and as a buyer, the fear of a seller pulling out). Having been through both, anyone who knows they may have a change of heart about it all at the time of the offer and then pulls out, is the type of person I would absolutely not want to deal with. It's cruel. It isn't like going shopping and taking something back, it's peoples' lives.

If you aren't ready to buy, break the chain and wait until you're sure. If searches on yours are likely to take a protracted amount of time, unless you are moving areas then they are like to take a similar amount of time on any purchase. Unless you have a lottery stash, if you're like me you will never find the 'dream' place and we can afford what we can afford. Better to be happy with what we can afford, than keep holding out for something better for too long.

hazyjo

It's VERY usual to find a buyer then for everything to pause until the chain is complete. You would be quite within your rights to spend a week, month or whatever searching.

So, again, it really depends on what your buyers have been told: chain free, or that you're looking.

I wouldn't feel pressured into offering on something I wasn't sure about.

Just keep a very close eye on the market and make sure you view IMMEDIATELY.