FTB advice

smokey77

Hi

My husband and I are FTB, we are currently living in a house owned by my father.

We have been to Britannia and have been given a mortgage in principle of £165,000 of which we will only apply formally for £100,000.

We have seen a house we like and are viewing on Saturday, this is where I get confused as to what the best thing to do is!

My father is selling his 2nd property and is gifting us the equity but he hasn't put it on the market yet (it has been valued and we have an EA lined up). So should we put in an offer if we like the prospective house enough and then put the house in which we live in on the market or vice versa

Thanks in advance

PasturesNew

You'll be in a position to move - and taken more seriously - if the house you are in is under offer.

Unless you are viewing houses you'd make offers of £165k or below on. It seems you need his money to do it... so there's no point making offers on houses you aren't in a proceedable position on.

By all means look if you must, but why get your hopes up unless all your finances are ready and proceedable? In fact, don't make any offers until you are proceedable - if you see one and like it, just let the EA know you're interested but you're awaiting the top up funds and you'll be in touch later. Or, better still, say nothing. Don't let them think they've got a buyer as they haven't until you're in a position to move the purchase forward.

Your father's house needs to go on the market soonest really.

smokey77

That's what I thought, but my father thinks the opposite! I'll get on to him tomorrow and tell him to proceed with the EA which we have lined up, they seem to think that it will be on their books and website within a few days of them coming to take pics and details. We are in a good location at the moment where houses seem to be selling quite quickly regardless of the curent climate, next to the uni where a lot of them are purchased by landlords and parents whose children are there. The house we are viewing was at auction yday but failed to meet its reserve price.