Is it ok not to chase?

[78thcat]

First time buyer. I had an offer accepted on a property that I really love. Vendor has found her onward purchase but it's a probate property that is right at the beginning of the probate application process. I'm anticipating things to take a long time but that suits me to the ground as I realised I need to save another £10k to do everything I need to do when I move in (redecorate, new carpets, furniture, loft insulation, repairs). It will take me about a year to save £10k. Everything I'm reading about buying a house says I should be chasing all the time, but am I right in saying it's ok not to chase? What are the risks? The main thing I'm concerned about is my mortgage offer running out in October, but I assume I can just renew this / get another one . Currently renting and enjoy where I'm living so no imperative to move quickly on that front.

If speed doesn’t bother you, no need to chase but you should be “on it” and ensure that there’s a steady pace of progress rather than stagnation. As otherwise risk changing market, change of kind etc etc

I bought a probate house a few years ago, it hadnt been sold for over 60 years and was in a terrible state. Even with me pushing and pushing it still took 7 months to complete. I am moving again now and like you I am in no rush as I would like to save as much as I can, I am sending all info back asap but not on the phone to the EA or Solicitors. I am hoping it will take at least 5 months (empty and my buyer is a cash buyer) but we shall see.

Well I wouldn’t be doing anything until the probate is granted? Of course you don’t need to chase, wait until the probate is granted then get your survey and searches done. As you have to spend money on those so you don’t want to end up out of pocket if it falls through. There’s a risk you’ll have to reapply for mortgage with a higher interest rate but you can’t do anything about that. We’re buying now and have been deliberately slow so we can save more. Just tell the EA you’ll move toward once probate is granted on the sellers new place

Thank you. That's all really helpful. Yes will definitely wait for probate to come through before doing searches and survey. Think I've shown that I'm fairly on it so far, so will just try and get updates on probate progress for now.

Have you considered the possibility that come October you might not get as good a mortgage deal ? There is a lot of noise at the moment that base rate will be over 5% by then. It could mean you have to pay more for the mortgage or simply can't borrow the same amount. That would be my only thought..

You won’t be able to renew your mortgage deal. You’ll have to get a new one at whatever rate is around at the time.

nothing wrong with not chasing but be aware that it may cost you. Also, properties shouldn’t really be put up for sale until probate is granted. It can take AGES for probate. Id be pragmatic and keep your eyes open for alternative properties - don’t miss out on other good places!