How Long Does It Take To Buy A House?
|1. The stages of buying a house in the UK
2. How long does it take to buy a house once the offer is accepted?
3. How long does it take to buy a house with no chain?
How Long Does It Take To Buy A House?Every year thousands of us in the UK make the significant investment of buying a house. 2022 saw over 370,000 first-time buyers alone. Whether you’re a first-time buyer or someone ready to move from their current property to a new home, you’re probably wondering how long the process of buying will take. Purplebricks has you covered. We’ll take you through the stages of buying a home, as well as how long it takes from your offer being accepted to completion. Get insight into the necessary steps towards purchasing a new property as well as how different types of property can affect timings. Happy house hunting!
Research and preparation: Before you start looking at properties, it's important to do your research and make sure that you are financially prepared for the purchase. This might include researching your local property market, setting a budget and securing any financing you may need to have in place, such as a mortgage agreement in principle, to be able to move quickly on making an offer on the right property. Securing a mortgage is the most essential part of this stage. It can take between 2 to 4 weeks as you’ll need to consider the best mortgage to suit your needs and wait for the lender to assess your financial situation before approval.
Property search: This may involve working with an estate agent who is an expert on local properties and can be on hand to answer any questions you may have. You can also start searching online property portals or attending open houses. Depending on the requirements you have for a new home, as well as the affordability and availability of the market, this can take between 3 to 12 months - which can seem like a long time, but finding the right place is an important step that shouldn’t be rushed.
Property viewings: If you've identified properties that you're interested in, you'll need to arrange viewings. This is an opportunity to assess the property in person and see if it meets your needs, as well as if it’s within your budget.
Make an offer: Once you’ve found the place you want to call home, it’s time to make an offer. You’ll need to submit your offer via your estate agent and wait to hear if it has been accepted by the seller. If you’re looking at a new build property, then this will just be a case of waiting to hear from the property developer. This can take around a week as feedback on your submitted offer can take between 24 and 48 hours, and if there is a counter-offer made by the seller, you may want to take a few days to consider and negotiate further if necessary in order to reach an agreement.
Instruct a conveyancer: Now you’ve had your offer accepted, you’ll need to ensure the legal requirements of transferring ownership are completed. A solicitor familiar with property law will be most suitable for carrying out the conveyance process which includes the following duties:
Depending on the results of your conveyance, and any back and forth between your conveyance, the seller and estate agents, this process can take between 6 weeks and 3 months.
Get a survey done: Ahead of making a final exchange, it’s essential you carry out a survey of your potential property. A survey is an inspection to identify any issues that may affect the sale price, the probability of purchase overall, or to give you more information on any further budget needed if fixes are required. To find out more about property surveys, including when you should get one, we’ve got you covered . A survey can take around 1 week to complete.
Exchange contracts & complete: The day you’ve been waiting for. Indeed exchanging and completing can happen on the same day. Once you've signed your contract and transferred the funds to be received by the seller’s solicitor, you are now legally bound as the owner of the new property. Time to celebrate!
One of the biggest factors that can impact the timeline is the survey. After an offer has been accepted, the buyer will typically arrange for a survey to be carried out on the property. If there are any issues that arise during the survey, such as structural problems or issues, the timeline can be extended while these issues are resolved.
Another factor that can impact the timeline is financing. If the buyer needs to secure a mortgage, this can add several weeks to the process, as the lender will need to carry out a valuation on the property and complete all of the necessary paperwork.
If there is no chain involved in the purchase, the timeline for buying a house can be much shorter. Without a chain, there are no external parties to slow down the process, which means that the sale can be completed much more quickly. In some cases, it's possible to complete the purchase of a property with no chain in as little as four weeks. However, this timeline is dependent on a number of factors, including the type of property, location, and any legal issues that may arise during the transaction.
If you’re ready to find a new home, Purplebricks can help provide everything you need instantly. Get in touch with dedicated local experts and a team who are ready to support you at every step of the process.