The process of buying a new home can seem to drag, particularly if you are a first-time buyer. However, it is better to prepare yourself for the expected timeline to help your patience during the process. 6 months is the typical time it takes to buy a house, from starting to look at properties to actually moving in. Any delays, however, and you could be waiting even longer.
Timeline for buying a house
Though it may sometimes feel like nothing is happening during the buying process, there is probably a lot going on behind the scenes which it why the time it takes to buy a house may vary. Your estate agents, lenders and solicitors will be hard at work ensuring everything goes smoothly. Keep reading to learn more about the buying timeline.
Finding the right property and making an offer
Once you have calculated what you can afford, it is time to look for the perfect property. This can depend on numerous factors, such as your local property market, how soon you want to move and your property specifications.
To move things along, it may be worth speaking to mortgage brokers or lenders to get a better idea of how much you could borrow. It makes sense to get a mortgage agreement in principle, as doing so will put you in a better position with estate agents and sellers, as well as negotiating the price. When you are happy to agree on a price, you can then make a formal offer.
Estimated time between looking for a property and making an offer: 3 months.
Getting a mortgage
This is the time to find a solicitor who can deal with the legal side of buying a property. Though the lender will arrange for their own property valuation, it’s usually smart of you to hire a surveyor. They can perform an in-depth survey to help save you money on potential problems later on.
Mortgage applications can be delayed for numerous reasons, so it’s a good idea to prepare yourself and provide any documentation or information that the lender may need. You must also provide the necessary payslips, bank statements and any additional information to verify your income. You should also check your credit records before you apply.
Estimated time from mortgage application to formal offer: 1 month.
At this point, all legal aspects make themselves present. Both you and the seller will sign legally binding contracts committing to the transfer of property ownership, while the solicitors will exchange the contracts.
This is when your solicitor will liaise with the Land Registry, the local council and the seller to make “enquiries and searches” pertaining to the status of the property, its ownership, planning permissions and more.
Time to finalise the searches and exchange of contracts: 1 month.
Completing the purchase
The final stage involved paying the deposit, as well as any outstanding solicitors’ fees. The mortgage will be finalised, and the Direct Debit will be set up for your monthly mortgage repayments. The deadline from the exchange of contracts to the exchange of keys is usually 4 weeks. However, this can change if mutually agreed by both the buyer and seller. On the date of completion, your new mortgage will begin. This is when you can move into your new home.
Contact Betesh Middleton Law today for more information.