The big step of purchasing a property is lengthy. Even if you have the money at hand and you know exactly what you are going to be looking for, the process can take a lot of time too. Buying a house in the UK usually involves multiple parties. It’s a serious financial consideration and there are legal steps that cannot be skipped. First-time buyers need to understand how long does buying a house take and set their expectations in accordance to that timeline. There isn’t a unified comprehensive guide for this. The house buying process, though, often include some common steps no matter where in the UK you are. There are factors that you can consider so that you don’t delay the property transaction as well.
Pitfalls to look out for
How long does it take to buy a house can be affected by a number of factors. Be on the lookout for those to avoid unwanted – and often unpleasant – delays:
- Multiple buyers and sellers involved in the process – the so-called property chain
- The workload of the conveyancing solicitor. The better they are at their job, the busier they will be
- Whether the seller’s solicitor is quick or slow to respond. The seller’s solicitor plays a very important role in the property transaction process, including exchanging contracts, preparing draft contracts, and facilitating the transfer of funds. Their responsiveness can significantly affect the timeline, as delays in handling documentation can slow down negotiations and the finalization of the sale.
- The property’s condition can affect the length of the property survey
- Delays with the mortgage lender. You can ask how long they take to approve a loan beforehand, so that you can be prepared.
How long does it take for a house purchase to go through?
Want to buy a house quickly? Be prepared for the property market to decide that for you. Factors such as the property you like being part of a property chain, and the willingness of all parties involved to complete process swiftly can affect the timeline as well. Eight to 26 weeks is the typical time you can expect from offer accepted to being able to move in. Property surveys can impact this timeline, especially if issues are found that require repairs or negotiations.
The Stages of Buying a House in The UK
Step one would be, of course, to find the right property for you. Your budget and preferences are important here. But be prepared to be delayed by the current condition of the property market as well. The key to a successful transaction is finding a local estate agent you can trust. Experienced local estate agents are able to speed up the search. They also can arrange viewings in the most efficient manner for all parties involved.
Getting the Money
The buying process can’t be completed without financing the endeavor. Getting a mortgage offer is a thing to research carefully in advance. The leading mortgage lenders will give you an agreement in principle, e.g. they will agree to give you the money before you make an offer on a property. Get ready to go through a lot of necessary paperwork. The best strategy will be to have the paperwork ready well before you make the offer. The whole ordeal can last anywhere between 2 and 6 weeks.
Getting an Offer Accepted
Set aside in your mind a week or two for getting the offer on your perfect property accepted. Your estate agent will facilitate the process. Once the seller accepts, the property transaction can move forward. There is always the risk for the property to be in high demand and a bidding war ensues. That will slow down the purchase.
The Conveyancing Solicitor Process can Slow Down the Process
The purchase is handled by a conveyancing solicitor who will cover the legal requirements of the process, including:
- Review of title deeds
- Property searches in the land registry
- Exchange of Contracts
- Communication with the seller’s solicitor
The whole ordeal of the conveyancing process will eat up several weeks. The more complex the property transaction is, the longer it will take. A skillful, knowledgeable solicitor can help you speed it up.
Mortgage Valuation and Property Survey
The mortgage lender you are working with may request to check on the property’s condition before inking the contracts. This may take up to 4 weeks. For your own peace of mind, it is highly advisable that you pay for a property survey on your own as well. That will reveal any hidden issues with the property that you need to be aware of.
Contract Exchange
The last step before you can move in to the exchange legally binding contracts between buyers and sellers. You need to have some 10 percent of the house price ready to lay down as a deposit. Exchanging contracts makes the deal official and within a week you will be considered owner of the property.
Finally – moving in
The completion date of you buying a house is when you transfer the remaining funds to the seller. Depending on your bank, it may take a week, or two, but you will get the keys and property ownership status. Now you will be ready to move in at your convenience.
Strategies for Speeding up the Process
A good local estate agent is invaluable, so find one as quickly as possible. They can even help you negotiate with your mortgage lender. Or, at least, give you helpful tips. To make sure you will complete the transaction as fast as possible, get an agreement in principle with the mortgage lender before you start your property search. Keeping things organized is a key step. Make sure you have all the necessary paperwork ready.
Following these steps will assist you in climbing the property ladder faster and settle into your new home exactly when you want to.