Putting in offers on homes whilst waiting for funds...

Chrissiep

Might be just me, but I was wondering why she won’t be able to move in with you temporarily, if she will no longer be her mothers carer when the house is sold?

user1977

leamingtonspaceman said:

What if her mum signed over the ownership of the house to my fiancée 

No, that will just make the buyers wonder what the fork is going on (and/or make the property effectively unmortgageable for six months).

Albermarle

leamingtonspaceman said:

The probate should be completed soon.

The offer on her mum's house was made and accepted yesterday after its first day on the market. They had fourteen viewings on the first day! It's a 'cash' offer so checks have to be made regarding the source of the buyers funds, anti-money laundering and all that.

Not sure how long a cash sale would take once those checks are made?

If you read through this forum, you will see there are often unexpected delays in buying/selling a house.
Problems highlighted in a survey are common, as is missing paperwork for extensions, plus a myriad of other things.
So 6 weeks if everything falls into place, but could be 6 months . I think around a third of transaction fall through altogether.

thegreenone

I'm assuming Mum is moving into Care of sorts, so daughter is no longer needed as a Carer?

Could you find an AirBnB for a couple of months, until all the money is in the right place? Go abroad for a couple of months?

As above, anything can happen in a house move. I think it would be very stressful.

pjs493

I’m in the process of purchasing a house under vaguely similar circumstances. I have more than half the funds needed as cash in the bank. The other half is coming from the sale of a rental property belonging to my late husband. Both my solicitor and the estate agent wanted proof of funds when my offer was accepted, naturally. 

I provided bank statements to demonstrate the cash in the bank and provided the details of the buyer and their solicitor as proof of funds for the sale of the rental property belonging to my late husband. I also had to provide a copy of the Grant of Probate and his Will to show that I was the beneficiary of his estate. 

The property I’m selling is still in his name and I’m selling it in my role as executor of his Will. I will be a first time buyer when I buy my house so I’ll avoid SDLT. Your fiancée will want to avoid having her name on the house her mother owns otherwise she’ll lose her FTB status and stamp duty will be due on the purchase. 

So in my case, both the solicitor and estate agent were satisfied that I had the funds as a cash buyer from money in the bank and the proceeds of the sale of the rental property, once they’ve been distributed from my husband’s estate. 

At one point a junior associate working for the estate agent was asking for stuff I couldn’t provide relating the the house I’m selling (they suggested I needed the Deeds in my name was wasn’t actually necessary) so I was prepared to show evidence of additional savings and a mortgage AIP even though I had no intention of getting a mortgage. A few email exchanges cleared up that issue and it wasn’t necessary in the end. 

chanz4

leamingtonspaceman said:

The probate should be completed soon.

The offer on her mum's house was made and accepted yesterday after its first day on the market. They had fourteen viewings on the first day! It's a 'cash' offer so checks have to be made regarding the source of the buyers funds, anti-money laundering and all that.

Not sure how long a cash sale would take once those checks are made?

cash buyers are not always as seem, have a habit to drop the offer last min

steve866

She should just make offers, create rapport with the agent and convince them it’s credible. If someone comes in with a more straight forward similar offer she will probably lose out. The market is slower than before so it depends on the demand in the area. If there isn’t much competition they may wait. Once probate is granted it will be a straight forward chain and they could delay the sale while the purchase is ready. 

RHemmings

I'm surprised to hear how positive the situation appears to be for the OP. 

In my situation, I had enough to buy a certain range of houses, and I was expecting further inheritance in about Feb. Which would have allowed me to buy a more expensive range of houses. I explained this to estate agents, and they weren't even interested in showing me houses that were out of my cash price range. But, it seems that my experience is not universal. I did only talk to a small selection of EAs within a small geographical area.

In my case the inheritance that I expected to receive in Jan-Feb (I told EAs 'Feb' to be safe, I thought) didn't arrive until May. I had already bought a house that I could buy pre-inheritance. 

Note: I am not doubting anything said above or suggesting that the OPs experience will be the same as mine. I'm just expressing my (genuine, not rhetorical) surprise compared to what I experienced. 

I do still recommend being open to the EAs about this, pre-offer. As you'll find out what individual EAs think about your situation. 

leamingtonspaceman

Chrissiep said:

Might be just me, but I was wondering why she won’t be able to move in with you temporarily, if she will no longer be her mothers carer when the house is sold?

She can't move in with me for various reasons. Not prepared to go into those here.

leamingtonspaceman

Well, it turns out I can get a mortgage for the remainder of the purchase if we have the deposit necessary. We would have this if the probate goes through, so it appears that the only sticking point now is waiting for that. 

My fiancées father passed away in September last year but still waiting for the probate to go through... nothing particularly complex about it though.