FTBs panicking a bit, is a 4–8 week timeline realistic and can we ask for more time without worrying the sellers?
First time buyers here so please be kind as we genuinely don’t fully understand how all of this works yet 😅
Our offer has been accepted and we’ve provided proof of funds + have a mortgage in principle, but the sellers are buying a new build and initially said they want a 4–8 week timeline (12 weeks at a push). Is that normal/realistic?
We haven’t even started with solicitors, surveys or searches yet, so it feels really fast to us. We thought we’d have a bit more time to save the remaining costs like stamp duty/solicitor fees etc. We can probably save it, but my partner is freelance/self-employed and his income dipped at the worst possible time. The stamp duty alone is around £10k which obviously isn’t a tiny amount.
They’re also already pushing us to hand notice in on our flat, but everything online says to wait until exchange so you don’t risk being homeless if things get delayed. We need to give 2 months notice so we’re feeling a bit stressed/confused.
Are we able to ask for a bit more time without giving the impression we can’t actually afford the house? We’re worried about raising concerns unnecessarily.
Did anyone else have timelines like this as FTBs? Did it actually move that quickly? What is the best thing to do.
We also don’t have anyone reaaaally that can lend us the money. We are young professionals from working class backgrounds living in an expensive area down south and saving for the deposit has been tough as it is!
Many thanks.