moving in June 08-buy house now?

[Charlie 07]

Plan on moving West next yr (May/June,) Currently have house but will be putting on market this month and will rent in between moves . Have seen house we'd like in small village(300K). Has been on market for 3months or so. Owner is in process of getting planning permission for new build. So is probably in no real rush to move??
Are we crazy putting in offer now, signing contracts and paying too mortgages until May/June? (someone suggested renting it back to them?)
Is it possible to put deposit down now and sign contracts in May/June?
Say a few prayers and hope house is still on market nest year??

 

[ClubMan]

Be careful of entering into a binding agreement to buy another property (or actually doing so) before selling your existing one. There are a few recent threads about people who have tried this and then cannot sell the former PPR and are stuck in a bind! In general, but perhaps particularly given the current uncertainty in the market, it is probably more prudent to time things so that you only enter into a binding agreement to buy another property having guaranteed the sale of your existing one.

 

[angela59]

Hi Charlie 07,

I don't think in the current market that any vendor would hold out for you signing contracts next May/June and putting down an initial deposit now - maybe I'm wrong. I like your vendor have an existing house and have planning to build another house - a couple of months ago if someone put in an offer but had to sell their own I probably would have accepted the offer but now the way things are going I wouldn't accept any offer unless the purchaser was mortagage approved and wasn't in a chain - this chain could go on for the next 12 months or even more. If you are serious about the house in the west and don't want to loose it you'd have to sign the contracts pay your 10% deposit to show you are serious.

 

[mercman]

Charlie.

Two things. You really need to offload your own house before you sign for another. Not sure what part of the West you are goin to but they can be funny about selling to non locals. Depends were you are goin