Can I put an offer in on a house even though I can't pay the deposit for 7 weeks (First time buyer)

16
Found 20th Apr
So I'm looking for my first house, I say looking but I've already found a potential. It's in the right location - great house, doesn't need any work doing to it but lots of scope to improve it (which is ideal for me) and it's at a pretty good price.

I have a lifetime ISA which becomes spendable at the beginning of June. That will make up my deposit for the house. Can I put an offer on the house now, knowing that I can't complete until June?

Also - if I can; should I tell the seller that I'm not in a position to complete until the start of June? Or should I just try and delay the process so that it finishes when my deposit is available?
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Do you have a mortgage arrangement?
Put an offer in but you must tell the seller your circumstances. Its then up to them to accept or reject your offer. Sometimes a delay might be OK for the seller depending on thier circumstances.
SerpentSuicide7 m ago

Do you have a mortgage arrangement?


Thanks for the quick reply! I have an Agreement in Principle with my bank

123thisisme5 m ago

Put an offer in but you must tell the seller your circumstances. Its then …Put an offer in but you must tell the seller your circumstances. Its then up to them to accept or reject your offer. Sometimes a delay might be OK for the seller depending on thier circumstances.


Again thanks for the quick reply!
They will be moving into their parents house after sale is completed as they are emigrating. They are after as quick a sale as possible but when I asked, they said they were expecting 4-8 weeks from offer accepted so it is within that time..?
Edited by: "hero9989" 20th Apr
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deleted1597344
If you have a mortgage in principle then yes no problem in doing that, I did a similar thing when purchasing my house.
You will need to show evidence of your deposit weeks before you actually complete
hero998912 m ago

Thanks for the quick reply! I have an Agreement in Principle with my …Thanks for the quick reply! I have an Agreement in Principle with my bankAgain thanks for the quick reply!They will be moving into their parents house after sale is completed as they are emigrating. They are after as quick a sale as possible but when I asked, they said they were expecting 4-8 weeks from offer accepted so it is within that time..?


Like the comments stated above you should be fine as long as you state your financial situation to the seller.
Babbabooey4 m ago

You will need to show evidence of your deposit weeks before you actually …You will need to show evidence of your deposit weeks before you actually complete


I have the money in my account. The way a Lifetime ISA works is the government bonus is paid into the account at the beginning of the financial year. But you can't spend it until the account has been open for a year (I opened the account last June). The money will be in the account - but I can't spend it until June
You biggest 'problem' is likely to be your solicitor. Choose him/her with care and make them aware of your requirement to complete in this timescale. They will blather on about timescales and searches and always have a wriggle room for ignoring anything you say. You may have to pay more than you bargained since cheap legal work can be very slow.

Searches take 6 weeks and have a limited life. As your solicitor will also (probably) be acting for the Lender, there is a strict calendar to floow for this so they remain valid for the lender's purposes.
Edited by: "ccnp" 20th Apr
We did, we knew we would have the deposit in 4 months as my business gets large invoices paid every 6 months from certain company I won't mention. After a month I was asked to provide proof of deposit so I did a screen shot of my internet banking and photoshopped it. They accepted this and we bought the house a few months later. we had to wait for the current owners to move before the sale so we knew it would be delayed anyway.

Naughty I know but I don't care, I got the house and two years later I'm now mortgage free....
ccnp7 m ago

You biggest 'problem' is likely to be your solicitor. Choose him/her with …You biggest 'problem' is likely to be your solicitor. Choose him/her with care and make them aware of your requirement to complete in this timescale. They will blather on about timescales and searches and always have a wriggle room for ignoring anything you say. You may have to pay more than you bargained since cheap legal work can be very slow.


To be honest slow would be great for me! I'm not in any rush. But at the same time I don't want to be in a situation where the seller is getting annoyed and cancels the sale to put it back on the market. June isn't a target for me, it's the absolute earliest I can do.

I wasn't expecting to find a house so quickly that ticks all the boxes!

you_gotta_be_kidding5 m ago

We did, we knew we would have the deposit in 4 months as my business gets …We did, we knew we would have the deposit in 4 months as my business gets large invoices paid every 6 months from certain company I won't mention. After a month I was asked to provide proof of deposit so I did a screen shot of my internet banking and photoshopped it. They accepted this and we bought the house a few months later. we had to wait for the current owners to move before the sale so we knew it would be delayed anyway.Naughty I know but I don't care, I got the house and two years later I'm now mortgage free....


Haha well done! Mortgage free in two years is impressive! As I said though, I will be able to show them the money in my account - I just won't be able to actually give it to them.
Edited by: "hero9989" 20th Apr
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deleted1132166
You hand money over on day of completion, that will take ages, so yes
Whilst there is good advise on here, I would seek legal advice or apoint a Solicitor before making any serious Offers.
deleted113216620th Apr

You hand money over on day of completion, that will take ages, so yes


Well that's not true.. Deposit on exchange is the norm.
You can put an offer in on a house any time you like. The only people that may stop you are the agents when or if they do some checks. The same as you can sell your house without proper building control certification. The whole situation is wrong in this country. Not that I am somebody who tried to buy a house without the correct building control certification then the seller just put the house up for sale again with nothing changed. The agents won’t stop them as they know they will just put it on with another agent.
You don’t need deposit until the exchange of contracts, that’s what we are going through now. We got accepted for a mortgage with a 15% deposit and have not needed any proof that we have the deposit in place. Our mortgage offer will last about 3 months if no change of circumstances and even after that 3 months their is the option of extending it so plenty of time. Just make sure you will 100% have the deposit because by then you will have already of payed mortgage arrangement fees and search fees if you use a broker. We have paid out £1006 so far in fees over the past month and we need the deposit in about 2 weeks for the contract exchange. Then after that is the date of completion. Not 100% sure on this but I heard you can also put an offer in and ask it be removed from sale as part of your terms of the offer. Good luck
Kind of crazy how long it takes a house purchase to close in UK. When I lived in the US, we went from offer to close in about 38 days during our house purchase. Our credit union then offered a $100 goodwill payment because they exceeded their promised timeline to close within 30 days!
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