New Development Payment

[Tony]

Hi,
How long after placing a deposit on a house in a new development do you have before you have to sign the contract. We're looking at a house with no stage payments and it wont be ready for a year, this year my GF is finishing college and when she goes working full time we should get more money so we want to hold out until then.

Tony

 

[Tony]

anyone

 

[Ms X]

Normally 21 days

 

[Art]

You won't have to draw down the mortage until the house has been finished in a years time. At that stage your gf will be working so you should have no worries. I waited 6 weeks before I signed contracts.

 

[CCOVICH]

anyone

Askaboutmoney is a completely free and voluntary community service and, as such, cannot always guarantee a timely response to all queries, depending as it does on somebody with the required experience or expertise being available to make contributions. If your query has not received any replies please don't duplicate it or reply to it/edit simply to bump it up to the top of the list particuarly if it has only been posted for a short period of time. Far from eliciting a more expeditious response doing so may actually have the opposite effect as many people see this as bad manners and will consequently ignore the query. On the other hand, if your query remains unanswered for several days/weeks then bumping it up to the top of the topic list may be justified. Your own common sense should tell you when this is justified and when it's not.

In future, have patience.

 

[Molly]

Tony,,, normally you will have to sign a contract 3 to 6 weeks after paying booking deposit, you will have to have mortgage approval at the point you are signing the contract... best to talk to your a bank or broker ASAP to ascertain how much of a mortgage you will qualify for as the mortgage lender will be basing it on your income status now and not what it may be next year when your girlfriend obtains full time work..