Buying while hes away

Discussion in 'Finance, Property, Law' started by tiger_lily, Jul 12, 2009.

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  1. My partner and I decided to buy a house when he gets back from tour. Not long after he went, I saw the perfect house in the perfect location but after some wringing of hands put it out of my head. Then I heard it's still up after 4 months with no interest with the vendor having lost one house already. So of course I went to see it....Although he's only seen pics he's happy for me to start the process. We're on the verge of putting an offer in and I've arranged an AIP.

    Neither of us know anything about buying property, particularly timescales. He's back for RnR in 5 weeks then has approx 8 weeks to push. Am I barking mad to even attempt this while he's away? Anyone ever done this? The estate agent said it shouldn't be a problem and the vendor is aware of the situation, but let's face it, they both have a vested interest. Anyone ever been in the same situation and know how realistic this is?
  2. The most important people in the chain are the mortgage provider and the solicitor. I think the Financial Times last week reported that there are now queues for the approval of mortgages because providers are carefully checking each application.

    I would guess that 13-14 weeks would be about right. Talk to your solicitor. If you tell everyone that you cannot complete until your husband is back from ops in September, say, then it should make no difference to the transaction.

    However, I would tread carefully. The property market is a mess at the moment. If you have found the house of your dreams and you can afford the 3-5 year fixed rate mortgage, and you can see yourself staying there for 10 years or more, buy the house, close the door and enjoy it! Don't expect to make a profit; it's a place to live!

  3. Thanks Litotes. I've been very honest from the start about Himself being away, so no one can complain. The solicitor is a family friend and that, combined with her personality, will ensure everything gets done at a good speed! Luckily, the house is suitable for us to grow into if need be and I honestly can't see us needing to move for a long time, if at all. And so far so good with the AIP, surprisingly affordable so fingers crossed for the actual application!