First timer Q- is this too rushed?

(8 Posts)
singme Sat 21-May-16 14:15:53

I have been wanting to buy my first flat for a while- I have a 10% deposit (just!) and a good income. I have put off buying as I've been waiting for my DP to be in a position to buy with me however I don't think it's going to happen just yet (he's just finished a professional qualification and is temping and looking for work that likely won't start for a few months. The lease on my rented flat is up in 2 months and I would have to sign another contract for 6-12 months. The flat I'm in now has lots of issues so I would definitely want to move, and all the rentals in my area go really fast and are about £850 a month for a 2 bed flat.

Should I just go for it and try to buy? Is it possible to buy and move in in 2 months if I don't have a chain and choose somewhere that's ready to move into? Or am I being silly and should I just get another rental so my DP (soon to be DH) can find a job and come on the mortgage with me? We would also be able to save a bigger deposit.

Sorry for all the questions, it's pretty new to me! I'm planning to make an appointment at the bank to see how much I can borrow and also will keep looking for a rental.

Not to drip feed, but my landlady basically has upset me by asking to visit to check one specific thing and then making a complaint that I had moved furniture around and that the flat isn't tidy enough. Just feel like I can't be at home here! It's clean, well looked after and I pay my rent on time always. Was planning to move things back and get a professional end of tenancy clean if required. Just want a place to call my own.

TwinkleCrinkle Sat 21-May-16 16:15:58

It can be done but would be a massive risk. I think average purchase is around 12 weeks but can be much longer.

If you have already seen something and it is chain free and get your mortgage offer now then maybe. Otherwise you will be the bottom of any chain and have no control over timelines further up the chain.

Basically find another rental and then start looking with an aim to move out around the end of the 6 month tenancy and have rolling monthly after that. If you have to sign a longer agreement negotiate and get break clauses written in at 6 and 9 months.

Our last purchase took 6 weeks as ftb with cash but the whole process still took over 6 months as we had 4 houses fall through!

specialsubject Sat 21-May-16 17:37:28

You don't have to sign another lease. If you haven't been given your section 21 you can stay on a rolling tenancy on 2 months notice from the landlord .this would save two moves.

But if you haven't found anywhere and not even begun the process, it will take some time. Just a thought, anyway.

concertplayer Sat 21-May-16 17:53:24

Moving into a room will be cheaper You can just give a month's
notice I think. You have fewer rights in a room though Can just be given
a month's notice .
The only problem is if you have furniture there are not many unfurnished
rooms

Lighteningirll Sat 21-May-16 17:59:22

Go onto a rolling tenancy if you can and buy somewhere asap you have the deposit so start looking, never, ever wait for someone else .

Wuffleflump Sat 21-May-16 18:41:38

Sorry if I'm butting in, but when you say you only just have a 10% deposit, have you also factored in cost of buying? I'm budgeting £10k for legal fees, stamp duty etc on top of deposit. That's at the conservative end, but you'll definitely need at least a few thousand available.

To answer your actual question, I'd personally feel it is risky. If it falls through you'll have to find somewhere else at short notice, meaning you won't get much choice on your next place and could end up somewhere worse. (Your landlady is out of order complaining about layout and tidyness - not her business unless you're showing the flat to other potential renters).

You might also feel under pressure to buy somewhere unsuitable because it is ready to buy. It's a big purchase and I'd give myself time to make the right decision with so much at stake.

specialsubject Sat 21-May-16 18:47:24

layout and tidiness is not the landlady's business full stop, unless it affects the property in some way.

singme Sun 22-May-16 09:41:14

Thanks all! Yes I was worried that I don't have enough to cover all the other fees. If I can get a 6 month contract then I can save a bit more while actively looking. Last time I could only get 12 months, but haven't heard of break clauses. It's quite competitive here for nice flats so I worry if I don't sign for a longer lease I won't get the flat. But I can't be the first in this situation!

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