Sorry in advance if this is a really basic question, I know absolutely nothing about the house buying process.
My mum would like to buy a new house and will be selling her current house to my brother, who is a first-time buyer and in the process of saving for a mortgage deposit.
She owns her house with no mortgage so once it's sold, she'll be a cash buyer.
She's seen a new build she likes which has a completion date of April/May 2023 and by then she would have all the funds available, so when does a cash buyer actually have to pay the full price of the house?
Is it on completion of the house?
I've read a 10-30% deposit is required up front so if the house she likes is £300,000, can she secure a house until 2023 with a 30% payment and then pay the rest on competition?
Thank you in advance