How Long Does It Take To Purchase A House

Buying a house is 1 of the most important (and expensive!) decisions that you lot volition brand in your adult life, then it'southward not surprising that this process takes time.

But for first fourth dimension buyers peculiarly, it may experience like a particularly long and drawn-out experience – full of delays, complications and things that just don't quite go to plan. Patience is certainly a virtue when it comes to buying a business firm!

In general, y'all can expect the unabridged procedure – from starting to look for a property, to finally moving into your new domicile – to take around half dozen months. If it's your first time buying a firm though, it'south likely to take longer (8 months can be commonplace), whereas experienced, veteran house-hoppers can wrap things up in a affair of weeks if they move rapidly.

As a full general rule of pollex, the ownership process takes approximately 12 weeks. However, this doesn't factor in the time it takes you to search for your perfect property. In one case that'southward added in, plus contingency for whatever unexpected delays, it is all-time to anticipate a six-month timeline and exist pleasantly surprised if the purchase is completed before that.

In this article, nosotros'll give you a crash class on house ownership, the steps involved, and what to look at each stage of the journeying – including how long each step will take…

The usual run of things (when buying a house)

Firstly, let's consider the various stages you need to consummate and the social club in which these accept place, so you get a clear idea of the overall process from first to end:

Finding a holding

Naturally, this is the stage that will vary the most time-wise – equally it depends on a number of highly subjective factors, not least your own 'pickiness' when it comes to properties (or attention to detail, to put it more positively!). A standard search fourth dimension is effectually 8-12 weeks.

Making an offering

Once you've establish your dream home for an affordable price, it'south time to make an offer. Yous'll want to negotiate for the best deal, so allow time for back-and-forth between you lot and the vendor. Information technology can be adequately swift, providing y'all don't drive a rock-hard bargain – but it depends on the competition…

Getting a mortgage

If you're ahead of the game, you'll take started speaking to mortgage brokers/lenders and solicitors before this point – but here's where it really needs to happen. If your credit rating is good and you lot're diligent in your paperwork, this should exist done in a few weeks max – but there can be complications, so exist prepared (18-40 days is what we would estimate).

Exchanging contracts

This is where the legal nitty-gritty comes to the fore, and both sets of solicitors will exist busying themselves in the background. This can experience like it is taking ages as you're a chip of a lame duck, but y'all tin can really celebrate once this stage is done – as the auction is at present subject to a legally binding contract! Expect about 4 weeks for this crucial office of the procedure.

To proceed things ticking along, brand certain yous return all paperwork and respond to any queries from your vendor'due south solicitor as soon every bit possible.

Completing the sale

This last stage volition see you pay the rest of the cash for your property or ready your direct debit for the mortgage payments (you lot should have already paid the deposit when y'all exchanged contracts) and settle whatever outstanding solicitors' fees. Your mortgage provider will transfer the lump sum for the property to your solicitor and they volition make the payment to the vendor on your behalf.

Depending on the time the seller needs to pack and motility out, and how long the concatenation of sales is in front of them, this will take near 1-4 weeks.

What to expect at each stage of the journeying

Finding your ideal property (viii-12 weeks)

If you're searching for the perfect home, this can be a lengthy procedure. Before starting out, you'll want to practice your sums carefully and make sure you know exactly how much you can realistically afford to spend. It makes sense to start talking to mortgage lenders at this stage too, so you have an thought of the corporeality of cash you can borrow – every bit well every bit getting your deposit in identify and making certain your bank accounts expect every bit healthy equally possible. A mortgage lender will want to run across bank statements for at least the terminal 3 months, and then information technology is never too early to prepare.

One time you have a ballpark figure, y'all tin commencement speaking to estate agents to arrange viewings. Recollect: everyone wants to beat the market place, past getting a steal on the ideal property, with enough of space in the near sought-after location – but frankly, these opportunities are few and far between. So, you lot'll have to do a flake of soul-searching besides to work out how much yous are willing to compromise on the type and size of house versus the location.

If yous are struggling to find a holding that you like that ticks all of the boxes, y'all do need to ensure that you lot are existence realistic nearly what you can afford in your called area. Otherwise, you are essentially waiting for someone to misprice their home so that you go an accented deal, which means you will be waiting a long time!

How long this stage takes is mainly up to you, although other factors such as the buoyancy of your local belongings market and the time of yr can make a divergence. Yous should put aside about three months to go information technology correct – as it's certainly worth existence patient. One time you've found 'the one' and the price is the right, it's time to make an offer!

Making and negotiating an offer (0-2 weeks, but could be longer)

This is where you lot put your money where your mouth is and tell the seller what you're willing to pay and your conditions of sale. Naturally, negotiation is an expected and encouraged function of the process – you lot want to secure the best deal you tin can, every bit in that location is a lot of money at stake. But you demand to strike the perfect rest by persuading the seller to discount the request toll, without driving likewise difficult a bargain every bit to brand them expect elsewhere.

Depending on how this procedure plays out, y'all tin can be looking at anything from instant credence if your offer is spot on, to rejection followed by several stages of negotiation which tin can take days or even weeks. If there has been a lot of interest in the property, in that location may be a sealed bid – where you'll demand to submit a carefully-judged offer to crush all others by a sure date.

In that location are plenty of online resources that tin help you make the right offer, as it can exist a fragile business. For instance, the Money Saving Practiced forum is a dandy identify to go good feedback and advice from their community of business firm buyers.

Getting a mortgage in place (3-5 weeks)

If you're already dealing with a mortgage lender and solicitor at this stage (and it's appropriate that you are), securing a mortgage should be adequately straightforward – providing you ensure there are no hold-ups at your end. On average, it will take you betwixt eighteen-40 days to confirm the greenbacks from your lender – although this can vary considerably depending on a number of factors, such equally your credit rating and financial records.

First things start – you need to discover a mortgage provider willing to lend yous a substantial chunk of money. Don't simply automatically go to your current bank or edifice lodge, as the market changes quickly and there may be amend deals out at that place, then It's always worth digging effectually before you decide. If you are cocky-employed or information technology is a particularly complex belongings purchase, y'all may too wish to use a mortgage banker to get the best deal possible.

Once you've plant a lender, your adjacent step should be to secure an understanding in principle – which means exactly that, the mortgage provider like-minded to lend you the money in principle, based on information nigh your finances and the belongings in question. This is by no means a guarantee, but it is a big step in the right direction and shows you're serious – plus it tin can accept as little as a couple of hours over the phone, as long equally your credit rating is practiced, and y'all take your documents to mitt. If actress checks are required, this tin take a few more than days before the depository financial institution are satisfied that their coin is safe. Some vendors may refuse to accept an offer or take their property off the market until they take seen an agreement in principle from a prospective buyer.

In one case y'all have your agreement in principle and your offer has been accepted, you tin can and then continue with the full mortgage application, which is generally more of the aforementioned – with some closer probing and more stringent checks thrown in. Exist prepared to respond some tricky questions on your financial situation, but all going to plan this stage should be complete within a few days max. However, if there are whatever complications it can be much longer. Merely be patient and diligent, and make certain y'all provide all of the relevant documentation as apace as possible!

The final stage is the mortgage valuation survey. This is basically the lender checking that the belongings is worth the money you want to pay for information technology and that they would get their investment back by foreclosing (taking possession and selling the belongings) should you default on the mortgage payments. Depending on how rigorous a system the mortgage lender employs, this tin can accept anywhere from a couple of days to a few weeks – once again, only sit tight. One time this all checks out, barring any last-minute curveballs, you lot should be able to gloat receiving a formal mortgage offer in writing – and having the coin to purchase that property.

Exchanging contracts (3-4 weeks)

This is where the legal procedure takes over and your solicitor actually earns his or her fee. Exist prepared for this stage to experience similar information technology'southward dragging on, because your solicitor (or conveyancer) volition be speaking with the vendor'south solicitor and a lot of fiddly only crucial legal discussions will exist going back-and-along between them – without you doing much. If yous practise feel out of the loop, call back you tin can e'er contact your solicitor to get an update if you haven't heard anything for a while. It is perfectly acceptable to go on the pressure on them and chase things up since they will be working on a number of different cases and yous volition desire to make sure that they are prioritising yours, peculiarly if you are in a ownership concatenation and have deadlines to consider.

At this phase, your solicitor will be liaising with the land registry, local council and vendor – to make "enquiries and searches" about the status of the belongings, whether the vendor really owns information technology, if there are any planning permissions, country boundaries, covenants (restrictions of apply) and other such details. Yous'll also have to pay your deposit at this phase, so make sure all those years of savings are set up to go in ane account. You may need to showtime gathering your funds a week or two in advance – banks do not unremarkably let yous to move more £10,000 per mean solar day, so if you need to motility more than this, you'll need to adjust a CHAPS payment. These price £25-30, so gene that into your plans plus the time it takes for them to clear.

Finally, both yous and the vendor will sign legally binding contracts committing to the transfer of belongings ownership, and your solicitor and theirs volition exchange the contracts. This is where you lot actually sign on the dotted line and can cleft open the champagne. At present you lot tin can't dorsum out, equally you'll forfeit your deposit money – so don't become cold feet! This whole stage will take yous most a month, just information technology'due south certainly worth information technology for that feeling.

Completing the sale (i-4 weeks)

Yous may have exchanged signed contracts, but yous won't be able to movement into your new abode but yet – there'll likely be a chain of sales ahead of you, and for those who've bought a property before, you'll know the move doesn't actually happen until you lot have completed and accept the keys in your hand. So again, exist patient if you lot're a first-fourth dimension buyer – but also be aware that you needn't worry about the concatenation behind you (if there is one) and can be the goad driving things forward. Make sure you complete everything that is your responsibleness to action every bit speedily as possible and set the pace.

There is ordinarily a four-week borderline from exchange of contracts to substitution of keys, although a different fourth dimension frame can employ if mutually agreed by you and the vendor. You will set the completion engagement when yous commutation contracts, so by this indicate information technology should be clear how long y'all take left to sort the final pieces of the puzzle (and wait patiently) before you tin can move in. You solicitor will have to do some concluding checks and searches to brand certain all is still in society.

This is also the stage where the rest of the money changes hands. You'll go a completion argument from your solicitor, detailing how much y'all owe – including whatsoever outstanding deposit, stamp duty land tax and their fees. They will as well draw the funds from your mortgage lender and send the full payment to the seller'southward solicitor. In render, you'll get the title deeds for the property plus proof that the vendor'south mortgage has been cleared (and so their mortgage lender no longer has a claim on the property if they purchased information technology with an outstanding mortgage).

And you now have a new habitation – congratulations!