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  • FIRST POST
    • cashdesk
    • By cashdesk 9th Jan 18, 4:29 PM
    • 23Posts
    • 8Thanks
    cashdesk
    Advice regarding the deposit
    • #1
    • 9th Jan 18, 4:29 PM
    Advice regarding the deposit 9th Jan 18 at 4:29 PM
    Hi,

    I would like to know how long before completion do I need to give the solicitor the deposit. I will start looking for a new place in June but won't have access to the full deposit until September 1st, three months after looking. If I find a place straight away, will it put people off if I can't get the money until that date, or is 4 months usual for buying a house?
Page 1
    • Slithery
    • By Slithery 9th Jan 18, 4:31 PM
    • 721 Posts
    • 1,129 Thanks
    Slithery
    • #2
    • 9th Jan 18, 4:31 PM
    • #2
    • 9th Jan 18, 4:31 PM
    You need the deposit by exchange, not completion.

    Average time from offer to completion is around 12 weeks.
    • Firsttimebuyers
    • By Firsttimebuyers 9th Jan 18, 4:50 PM
    • 158 Posts
    • 160 Thanks
    Firsttimebuyers
    • #3
    • 9th Jan 18, 4:50 PM
    • #3
    • 9th Jan 18, 4:50 PM
    We were in a similar position, started looking before had the full deposit waiting as we knew it could take a while.


    Our timeline so far has been:


    Offer accepted 8/11
    Mortgage App 10/11
    Valuation 13/11
    Mortgage Offer 21/11
    Solicitors searches started 23/11


    We've not exchanged yet (when you need the deposit) but we're only around 10 days - 2 weeks off, but obviously Christmas slowed things down for us, as we're not in a chain it could've been a bit quicker
    • cashdesk
    • By cashdesk 9th Jan 18, 6:03 PM
    • 23 Posts
    • 8 Thanks
    cashdesk
    • #4
    • 9th Jan 18, 6:03 PM
    • #4
    • 9th Jan 18, 6:03 PM
    Thanks for the replies.

    Firsttimebuyer, did you have to wait 11 days from the mortgage application to get a response? That was the time difference between your mortgage app and mortgage offer.
    • bobobski
    • By bobobski 9th Jan 18, 10:35 PM
    • 706 Posts
    • 1,626 Thanks
    bobobski
    • #5
    • 9th Jan 18, 10:35 PM
    • #5
    • 9th Jan 18, 10:35 PM
    Your solicitor and mortgage broker are highly likely to need proof of deposit right at the beginning of the transaction. Don't forget all the other house buying costs too.
    #8: Save 12k in 2018: £3,851.72 / £14,000 (27.51%) | #18: Save 12k in 2017: £12,078.82 / £12,000 (100.65%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £
    24,982.96 / £60,000 (41.63%) | Emergency fund by 31/12/2020: £2,340 / £5,000 (46.80%) | "New" car fund: £350 / £6,000 (5.83%)
    • Firsttimebuyers
    • By Firsttimebuyers 10th Jan 18, 9:54 AM
    • 158 Posts
    • 160 Thanks
    Firsttimebuyers
    • #6
    • 10th Jan 18, 9:54 AM
    • #6
    • 10th Jan 18, 9:54 AM
    Thanks for the replies.

    Firsttimebuyer, did you have to wait 11 days from the mortgage application to get a response? That was the time difference between your mortgage app and mortgage offer.
    Originally posted by cashdesk

    That was the difference between the application and getting the mortgage offer, they asked for extra payslips, were waiting on the valuation etc.


    No one has actually asked up about the deposit yet oddly, bar confirming its not Gifted, and we're looking to exchange next week.
    • cashdesk
    • By cashdesk 10th Jan 18, 10:36 AM
    • 23 Posts
    • 8 Thanks
    cashdesk
    • #7
    • 10th Jan 18, 10:36 AM
    • #7
    • 10th Jan 18, 10:36 AM
    Bobobski, I have the money in separate accounts, I just can't access one of them until September 1st.

    Firsttimebuyers, what I meant was, did you have to wait 11 days to find out if you'd been approved, or did they give you an offer in principle at the time of applying and confirmation 11 days later?
    • Firsttimebuyers
    • By Firsttimebuyers 10th Jan 18, 11:02 AM
    • 158 Posts
    • 160 Thanks
    Firsttimebuyers
    • #8
    • 10th Jan 18, 11:02 AM
    • #8
    • 10th Jan 18, 11:02 AM
    Bobobski, I have the money in separate accounts, I just can't access one of them until September 1st.

    Firsttimebuyers, what I meant was, did you have to wait 11 days to find out if you'd been approved, or did they give you an offer in principle at the time of applying and confirmation 11 days later?
    Originally posted by cashdesk

    We got an Agreement in Principle initially yes, came back immediately via a Broker, then the underwriting took 11 days once the full application went in, before they issued an offer
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