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Does a decision in pronciple mean no house to sell

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tingly
tingly Posts: 236 Forumite
First Anniversary Combo Breaker
in House buying, renting & selling
Hi there

If someone has a decision in principle, does that by necessity mean they have no house to sell ?
Thanks

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  • fairy_lights
    fairy_lights Posts: 9,220 Forumite
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    No, it means that a mortgage company will 'in principle' lend them what they're asking for.
  • tingly
    tingly Posts: 236 Forumite
    First Anniversary Combo Breaker
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    Oh i see thanks. So i still might have to wait for a sale then. Thanks
  • eddddy
    eddddy Posts: 16,440 Forumite
    First Anniversary First Post Name Dropper
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    tingly wrote: »
    If someone has a decision in principle, does that by necessity mean they have no house to sell ?
    tingly wrote: »
    Oh i see thanks. So i still might have to wait for a sale then. Thanks

    Are you saying that you've accepted an offer on your property, and you're wondering if your buyer has a property to sell?

    You should really have found out that kind of information before accepting the offer. If they do have a property to sell, you'd also want to know whether it is under offer, if there is a chain below, whether the chain is complete etc.

    If you're selling through an EA, those should be the type of things they automatically ask.
  • saajan_12
    saajan_12 Posts: 3,621 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
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    tingly wrote: »
    Hi there

    If someone has a decision in principle, does that by necessity mean they have no house to sell ?
    Thanks

    No, the "in principle" means in theory we'd loan this much, depending on
    a) the house you're buying
    b) proof of what you've said about your affordability

    They could still be selling a house and only borrowing the additional to buy your house if it's more expensive.
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