Typical Time between going Sale Agreed and Finalizing Mortgage Drawdown Amount?

z0oT

Question for those here that have been through the process before.

Both of us have actively started viewing properties at the moment.

I'm wondering what is the typical time between going sale agreed to the point that you finalize the full deposit ( 10/20% etc.) and the amount that you'll actually drawdown?

What I'm trying to figure out is do you typically have time to save more during the period after going Sale Agreed? The reason I ask is that we're currently saving about 60% of our joint income in the month, and needless to say the longer our search goes on the higher our deposit.

I know from other posts here that actually closing a sale takes a lot longer than you'd think (months judging by people's posts here). If we could save more in that period, we would be able to increase our deposit and reduce what we have to drawdown.

I'm thinking it doesn't work like that though, you need to approach the bank for the formal loan offer pretty soon after going Sale Agreed I'm assuming?

How does it work for new builds also? Is there more leeway there? After you pay a booking deposit on a new build, can you take advantage of the fact that the construction is going to take time to get a higher deposit together?

I'm gathering you don't have any sort of approval yet? From my experience your bid won't be entertained unless you have approval in principal first. So get that and then start bidding.

z0oT

Jennifer Yellow Utopia wrote: »

I'm gathering you don't have any sort of approval yet? From my experience your bid won't be entertained unless you have approval in principal first. So get that and then start bidding.

We actually have the Approval In Principle, and we're approved for a decent budget that should get us something pretty nice where we're looking.

I'm just curious is there a big time lag between having to finalize the amount you draw down and going sale agreed.

TheIronyMaiden

I've just been through the process - we gave 5% of a deposit to the estate agent in week 1, then gave the other 5% to the solicitor in week 8ish. Drawdown happened last week which was week 12. We were lucky enough with ours as the seller was a friend of a friend and he was letting us know when various bits were done by his solicitor so we could chase up ours and vice versa. Also he was mad to sell and didn't have any tenants in place or anything so was really pushing his solicitor to get it done.

On the flip side a friend of mine paid her deposit last November and only got her keys this week. It really does depend!

Samuel T. Cogley

Daft will give you the statistical figures but I'd go with Muphy's law. If you need it to take a while it will sail through, if you need it in a rush it'll take forever. Also bear in mind there is a good chance of a sale agreed situation falling through for a plethor or reasons.

Average is about 3-6 months from what I remember but you can look at the DAFT sales report.

Almost everyone I know has had a prospective closing date that was then missed. Personally I was driving the van to the new gaffe when we were told we couldn't move until an issue was sorted.

z0oT

TheIronyMaiden wrote: »

I've just been through the process - we gave 5% of a deposit to the estate agent in week 1, then gave the other 5% to the solicitor in week 8ish. Drawdown happened last week which was week 12. We were lucky enough with ours as the seller was a friend of a friend and he was letting us know when various bits were done by his solicitor so we could chase up ours and vice versa. Also he was mad to sell and didn't have any tenants in place or anything so was really pushing his solicitor to get it done.

On the flip side a friend of mine paid her deposit last November and only got her keys this week. It really does depend!

Samuel T. Cogley wrote: »

Daft will give you the statistical figures but I'd go with Muphy's law. If you need it to take a while it will sail through, if you need it in a rush it'll take forever. Also bear in mind there is a good chance of a sale agreed situation falling through for a plethor or reasons.

Average is about 3-6 months from what I remember but you can look at the DAFT sales report.

Almost everyone I know has had a prospective closing date that was then missed. Personally I was driving the van to the new gaffe when we were told we couldn't move until an issue was sorted.

It seems like everything there's no one size fits all. Best to prepare to have to finalize the mortgage drawdown amount immediately.


Thanks for your answers.

fg1406

I went sale agreed and paid €5k to EA in May 2017 and got the keys in February. We ended up having to reapply for mortgage due to the delays.