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When should I buy?

I am currently am renting until May but have saved up £230K which I want to use to buy a 2 bedroom flat.
When should I start the whole process so that I will be able to move there in May? I tried to look this up but get all kinds of answers.

Comments

  • 400ixl
    400ixl Posts: 4,482 Forumite
    1,000 Posts Third Anniversary Name Dropper
    There is no exact answer, the time for a purchase is different depending on how smoothly it goes, how big the chain is etc. You probably need to be looking now.
  • Newbie_John
    Newbie_John Posts: 1,157 Forumite
    1,000 Posts Second Anniversary Name Dropper
    At least 2 months before - if you find a place without the chain. 

    Otherwise if you find a "chained" place, you tell current owner you're willing to buy, they start looking, they find a place, then that owner starts looking... Then someone gives up, chain breaks 😅 it can sometimes be years.

    We started looking in January, found a place in June - as our rental agreement was till October we took the house/mortgage process fairly slow and owned the house in October.
  • Myci85
    Myci85 Posts: 372 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    They say 4-6 months for a straight forward sale to go through. Longer for leasehold, which most flats will be. That doesn't take into account the time it takes to find the one you want. I would definitely start looking immediately if I were you. 
  • Hoenir
    Hoenir Posts: 7,081 Forumite
    1,000 Posts First Anniversary Name Dropper
    Start looking now. Finding the right property might take time. 
  • dinosaur66
    dinosaur66 Posts: 272 Forumite
    100 Posts
    as others have said look right now
    -if you find one you like and want to make an offer just tell the estate agent or owner the truth that you cannot move in to
    late may /
     they will not mind .


  • FreeBear
    FreeBear Posts: 18,030 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    If you are on a fixed term, have a chat with your landlord and tell him you will be rolling over to an AST without any specific end date. Should you not be ready to move in May, you can hold fire on giving him notice.
    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
  • Bigphil1474
    Bigphil1474 Posts: 3,429 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Took us 5 months for a small chain. If you find a no chain property, could well be a few months., Nothing to lose from looking now. Expectation is 2-3 months conveyancing process on a short or no chain purchase.
  • RelievedSheff
    RelievedSheff Posts: 12,649 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    Start looking now. Property sales are taking much longer than they ever used too.

    You could be cutting it fine for a May move!
  • Mr.Generous
    Mr.Generous Posts: 3,949 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Start looking now. Property sales are taking much longer than they ever used too.

    You could be cutting it fine for a May move!

    I agree, never had anything* faster than 4 months, the more recent the purchase the longer it took. These are very simple purchases of run down empty properties bought with cash, no valuation, no mortgage. The most straightforward property purchases possible. When solicitors get involved the process drags on for months.

    * The exception being a repossesion that required completion within 2 weeks or face a penalty charge. That took about 6 weeks because the bank weren't ready - and no, they refused to pay me anything.
    Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.
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