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Original poster

How to slow down property purchase?

71 replies

78thcat · 30/05/2023 12:52

I'm a FTB in the process of buying a flat.
I'd like to move in late August/September to give me a few more months to save for new carpets, furniture and redecoration. I think the conveyancing work will be finished in a couple of weeks. Vendor can move out whenever, she is waiting for a probate property to come through, so is willing to break the chain and move in with family. My mortgage offer expires in October.
Would you exchange next month and then have a long gap before completion, or try and delay the exchange somehow? What are the risks?
Many thanks for any help or advice.

OP posts:
Goodoccasionallypoor · 30/05/2023 13:04

I wouldn't mess about, just move in with the absolute basics and get things as and when you can.

You should l ask your solicitor about this, but I expect they will advise against a long delay between exchange and completion - you will need to insure the property from exchange.

I wouldn't delay exchange either - the longer you delay, the more likely it is your sale will collapse.

Hereward1332 · 30/05/2023 13:06

The moral way to do it is to discuss with the vendor and mutually agree a date. If you don't care too much about them, you raise lots of pointless queries about boundaries, trees or carpets, or ask for written documentation of building work carried out 20 years ago, or query when the carpets were renewed.

NeverendingCircus · 30/05/2023 13:08

Sounds like the vendor is also not in a hurry. Why not ask if you can fix a completion date that suits you.

But also, it's fine to be in a property and save for what you need. In fact it's a good idea to live there for a few weeks first as you may change your mind about things like carpets and curtains once you see how much day light it gets and when, how overlooked it is, access to outdoor spaces that may be better off with jute or floorboards than carpet etc.

Original poster
78thcat · 30/05/2023 13:09

Hereward1332 · 30/05/2023 13:06

The moral way to do it is to discuss with the vendor and mutually agree a date. If you don't care too much about them, you raise lots of pointless queries about boundaries, trees or carpets, or ask for written documentation of building work carried out 20 years ago, or query when the carpets were renewed.

Vendor would like to move into her new house at same time as me, however I think her probate purchase could go beyond October which is when my mortgage offer expires. She is willing to move in with her family in the meantime so in a way it's pretty much up to me when completion happens. I've just heard it's not a good idea to have a long gap between exchange and completion, and obviously until exchange happens there is a risk of losing the property (though I think this is unlikely).

OP posts:
Original poster
78thcat · 30/05/2023 13:11

NeverendingCircus · 30/05/2023 13:08

Sounds like the vendor is also not in a hurry. Why not ask if you can fix a completion date that suits you.

But also, it's fine to be in a property and save for what you need. In fact it's a good idea to live there for a few weeks first as you may change your mind about things like carpets and curtains once you see how much day light it gets and when, how overlooked it is, access to outdoor spaces that may be better off with jute or floorboards than carpet etc.

Thanks, that's true. I was imagining trying to redecorate before moving in (mainly just paint and new carpets) but maybe it's better to move in and then see what's what.

OP posts:
Original poster
78thcat · 30/05/2023 13:13

Goodoccasionallypoor · 30/05/2023 13:04

I wouldn't mess about, just move in with the absolute basics and get things as and when you can.

You should l ask your solicitor about this, but I expect they will advise against a long delay between exchange and completion - you will need to insure the property from exchange.

I wouldn't delay exchange either - the longer you delay, the more likely it is your sale will collapse.

It's difficult because if I move at the end of June then I will only have about £1500 in my bank which needs to pay for removals and furniture. I'm moving from a furnished rental so I don't even have a bed, sofa or table. I have an inflatable camping mattress....

OP posts:
Doggymummar · 30/05/2023 13:17

Honestly, just get it done and move in. You can get the basics second hand if required or use PayPal to spread payments ove 4 months if you want new.

SeatonCarew · 30/05/2023 13:18

Stick to whatever you've agreed, or have an open discussion with the vendor. Don't mess her about. If you're short of furniture you can get some for free or cheaply via facebook, ebay or charity shops.

Goodoccasionallypoor · 30/05/2023 13:25

@78thcat

Every penny you pay in rent could be spent on paying off your mortgage or buying furniture. I wouldn't delay so I can save, while also paying rent.

Goodoccasionallypoor · 30/05/2023 13:27

For furniture, buy a decent mattress, and get the rest free/ secondhand, then upgrade it all slowly.

Why do you need to pay for movers if you don't own furniture?

FFF3 · 30/05/2023 13:27

The responsibility for the property is yours once exchanged - so you’ll need to arrange buildings insurance etc. If you then leave her in it for months after that, you’re liable for any damage she causes.

Atethehalloweenchocs · 30/05/2023 13:28

I am going to go against the grain here, and suggest if it is carpets and painting that it is a good idea to do before you move in lots of furniture. So either move in with an inflatable mattress, laptop and beanbag and dont worry about getting too much stuff - or see if your vendor is ok with a later date. If you and she are ok, cant see it would be a problem. But as others have said, you may want to live there for a while - I am 18 months in a new property and have a completely different idea of what colours I want here than I would have expected.

Original poster
78thcat · 30/05/2023 13:28

Goodoccasionallypoor · 30/05/2023 13:25

@78thcat

Every penny you pay in rent could be spent on paying off your mortgage or buying furniture. I wouldn't delay so I can save, while also paying rent.

That's a good point thanks. Although my mortgage will be almost the same monthly cost as my rent so I won't actually be saving any more money than I am now.

OP posts:
timetorefresh · 30/05/2023 13:29

I had a mattress on the floor and a second hand ikea desk as my dining/work table when I first moved into my own place. Just get out having to pay rent ASAP

Original poster
78thcat · 30/05/2023 13:30

Atethehalloweenchocs · 30/05/2023 13:28

I am going to go against the grain here, and suggest if it is carpets and painting that it is a good idea to do before you move in lots of furniture. So either move in with an inflatable mattress, laptop and beanbag and dont worry about getting too much stuff - or see if your vendor is ok with a later date. If you and she are ok, cant see it would be a problem. But as others have said, you may want to live there for a while - I am 18 months in a new property and have a completely different idea of what colours I want here than I would have expected.

I was hoping to get everything sorted asap but it sounds from this thread that maybe I need to lower my expectations, just move in and live with minimal furniture for a few months until I can afford to redecorate. I like the sound of a beanbag.

OP posts:
Flunkey · 30/05/2023 13:31

78thcat · 30/05/2023 13:13

It's difficult because if I move at the end of June then I will only have about £1500 in my bank which needs to pay for removals and furniture. I'm moving from a furnished rental so I don't even have a bed, sofa or table. I have an inflatable camping mattress....

Show quote history

Been there, done it.

I'm sorry to break the news to you, but if you are like the large majority of the population you need to suck it up and buy things when you can afford them and do it as you go along. I do hope you get a windfall and can afford to do it before you move, but my advice is get it completed and move in. If mortgage rates go up, which is looking likely you will not be happy with your next mortgage offer.

This is coming from someone who slept on a mattress on the floor for weeks whilst we waited for carpet fitting! We haven't suffered any long term harm!

Original poster
78thcat · 30/05/2023 13:34

Flunkey · 30/05/2023 13:31

Been there, done it.

I'm sorry to break the news to you, but if you are like the large majority of the population you need to suck it up and buy things when you can afford them and do it as you go along. I do hope you get a windfall and can afford to do it before you move, but my advice is get it completed and move in. If mortgage rates go up, which is looking likely you will not be happy with your next mortgage offer.

This is coming from someone who slept on a mattress on the floor for weeks whilst we waited for carpet fitting! We haven't suffered any long term harm!

Show quote history

Good to know, and strangely inspiring. Thanks!

OP posts:
mumda · 30/05/2023 13:43

Move in and do it slowly. You'll decide what colours suit a room after you've sat in it at different times of the day and worked out what you'll use the room for (I know some room uses are obvious) ...

outdooryone · 30/05/2023 13:49

You run the risk of the vendor agreeing to be slow - but then pushing the date beyond your mortgage offer deadline. This could be expensive.

As others are saying, get it bought and move in.

There are lots of charity places selling second hand furniture for not a lot - just buy a few basics and make it work for a few months.

I also find that decorating and floor coverings etc are best done after you get to know a place - the light, how you use rooms etc.

snowgirl1 · 30/05/2023 13:53

78thcat · 30/05/2023 13:28

That's a good point thanks. Although my mortgage will be almost the same monthly cost as my rent so I won't actually be saving any more money than I am now.

Show quote history

You won't be saving money compared to the rent you pay, but assuming your mortgage is a repayment mortgage then each month you'll be paying a bit off the capital you owe.

ActDottie · 30/05/2023 14:03

if you want to delay it speak to and agree a date with the vendor. Do not just drag your feet as they may interpret it as not serious and find another buyer.

I find it odd you offered on a property though when you don’t want to move yet. I’d probably have waited until around now to start looking.

Original poster
78thcat · 30/05/2023 14:08

ActDottie · 30/05/2023 14:03

if you want to delay it speak to and agree a date with the vendor. Do not just drag your feet as they may interpret it as not serious and find another buyer.

I find it odd you offered on a property though when you don’t want to move yet. I’d probably have waited until around now to start looking.

I've been looking for over 6 months and this was the first place Ive seen that ticked all my boxes. It's not that I wasnt ready to move but was just looking at my bank account wondering how to move and settle in with hardly any cash leftover after solicitors etc. In retrospect I could have spent more time saving for a separate pot for furnishings etc but as I'm approaching 40 I didn't want to delay buying any longer than I needed to.

OP posts:
TeenLifeMum · 30/05/2023 16:52

We moved into our first home, ordered a sofa then learned they take 12 week (I had no idea!). We had a garden bench with pillows and a duvet over it for weeks. But, it was our home and we bloody loved it.

mrsbyers · 30/05/2023 17:00

Move in ASAP , sleep on the camping mattress til either you can buy a bed or there’s always some great ones on marketplace. When I moved into my first home I used large upturned storage tubs and a folded sleeping bag as a sofa and I was as happy as the proverbial pig

hettiethehare · 30/05/2023 17:04

I can still remember moving into our first flat - we had to watch tv for a good few months on a deckchair and a sunlounger before we could (a) afford to buy a sofa then (b) wait for the lead in time!