Next Step

Plasandrunt

So i accepted a private offer on my house last week, the girl is mortgage approved and a little bit of work on the house is needed, I had a builidng surveyor up on Saturday morning who passed on the quote to the mortgage broker and the bank are probably going to send up a surveyor of their own. Speaking to the girl today she said the Mortgage broker said that it could be completed as early as the end of March providing there are no hitches.

I'm wondering, firstly is March a realistic option? Being a bit clueless about these things I was expecting it to be at least mid summer before everything could be sorted. Secondly, can I go and start making offers on houses yet? Or will I have to wait for funds to be released?

dori_dormer

Every sale is different. I think standard is usually 10-12 weeks. I closed mine in 9 but usually the biggest delay is getting the deeds from the bank, which would be your end of the deal. Other than a bank sale i don't see why it would take till mid summer to close?


You'd have to talk to your bank about your mortgages etc, but it's unlikely you'll find a place , go sale agreed and buy before you close on your current sale unless you purposely delay it

Michael D Not Higgins

Are you living there at the moment? She won't be completing the purchase in March if you don't have anywhere to move to. You're in a chain and the sale will be completed when you've got another house lined up.

If you're not living there at the moment then it's at your own speed. You can make offers on houses now with the knowledge that you're due to complete in the next month or so. You can go sale agreed on the condition of the funds from your own house coming through.

Plasandrunt

I have a place to stay in so i won't need to hold off on any sale while looking for a new place, plus the property is mortgage free so i will be able to use the money generated from the sale in order to buy a new place so i don't have to speak to my bank really.

I'm going to look at a property tomorrow, say I like it and want to make an offer, can I say I'm a cash buyer even though i won't have the funds for another month or so?

If you have no mortgage and the deeds are readily available, that will speed things up. And if she has all her ducks in a row and you both have efficient solicitors, then late March is certainly attainable.

MarkAnthony

Generally you'd play your cards close to your chest. Once things get serious the EA might look for proof of funds.

When you're in a chain (which you sort of still are at the moment but that will change) you basically just slow things down yourself and try and speed up things your side.

Best of luck with it all!