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When can I start looking for my new property?

Edinburgh First Time Buyers

I have accepted an offer on my property and am wanting to buy my next home, so when can I start looking and making offers?

If you intend moving into your new home on the same day that you complete the sale of your current home, then you should start looking for properties as soon as your home becomes Under Offer.

Remember that it is common for the completion date for the sale of your home is likely to be a date about 8 weeks from the date you accept the offer. This does not leave a lot of time for you to then find a property, offer successfully and get your mortgage in place, so you are under some pressure.

What if I am having problems finding a new property to buy?

Although it is sometimes possible to go back to your buyer and ask them to put back the completion date to a later date, that is not always going to be possible. It depends on various factors but the main one is the chain. It may be that your buyer is also selling their home on the same day.

What are my options in that case?

The options are fairly limited unfortunately. If the missives (the sale contract) have not been concluded (become a legally binding contract between you and your buyer) then one option is to withdraw your acceptance of the offer. This will mean disappointing your buyer and will mean that you will then need to decide whether or not to start remarketing your property.

The only other option is that you go ahead and complete the sale of your property and then move into rented accommodation whilst continuing your search for your new home. However renting a property can be quite expensive.

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