Expect longer time for mortgage approved in Christmas?

pepita · 17 November 2019 at 5:33PM

Hi,
I am first time buyer with my partner. We have seeing a property on auction that we would like to bid on. The completion date is 14 January 2020. the auction is on 4th Dec.
I am aware of the risks taken buying at an auction, let alone being 1st time buyers.
My concern is that being Christmas in between, do you think we would have enough time to complete by 14 Jan?

I do not want to sound naive, but I do think that this property would be a good deal for us, but not sure if we would be making the completion date deadline and if we don't, could potentially loose the property and the 10% diposit left on the auction day.

Any thoughts or experience on Christmas in between the completion deadline?

Thank you very much for your help in advance. Just freaking out a bit here....:rotfl:

ACG · 17 November 2019 at 5:54PM

What has your solicitor said?

It is tight, but normally when you buy at auction there is a 28 days to complete, it sounds like you have been given an extra 11 days (ish) which probably allows for solicitors being closed over christmas/new year.

If you are using a mortgage, get the valuation done in advance and see if they can complete in time. You also need to see what your solicitors say and make sure it is noted on their system when you need to complete by.

Thrugelmir · 17 November 2019 at 6:02PM

Auctions are best suited to those buying for cash. 20 working days is a very tight timescale.

davidmcn · 17 November 2019 at 6:49PM

Assuming it's a "normal" auction, you should be doing all your due diligence in advance of the auction date anyway, so there shouldn't normally be too much for the solicitors to worry about between then and completion - the main risk will be the mortgage offer not getting processed in time.

Expect longer time for mortgage approved in Christmas?

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