If you’ve never experienced the property buying process, you’re certainly in for a ride. It can take up to three months to complete the process, and even longer if you can’t settle on a property you want to purchase. What does it look like in terms of a timeline? This quick guide can help you make sense of it.
Week One Through Six – Finding a Property and Making an Offer
This space seems like it should be fairly easy, but the reality is that the property market doesn’t always make it easy on a buyer. Throughout this period, you’ll likely be combing sites like Rightmove and Zoopla to find properties that genuinely meet your needs. Even when you find a property that you think might meet your needs, you may have to visit it more than once to ensure it does meet your expectations. Once you’ve settled on a property, though, you’re far from done. Instead, the next step is to make an offer, and that alone can take some time. You’ll need to carefully craft the offer with the help of your estate agent, then wait to see if the seller accepts. That could take several days or even a week. In the event they do not accept your offer, you’ll need to put in a counteroffer if you still really want the property.
Week Seven Through Sixteen
Now the hard work begins because most of it will involve waiting for you. Once the offer has been accepted, you’ll need to apply for a mortgage. Even if you’ve already applied for a mortgage in principle, you’ll need to take the steps of actually applying for a mortgage itself from your broker or lender. That will require quite a bit of paperwork on your part. After you’ve submitted your application, you’ll wait up to six weeks for formal approval.
The mortgage process isn’t the only one that takes place through this period. You’ll also need to meet with a conveyancing solicitor so he or she can handle all of the legal footwork that must be done for the property to exchange hands. That alone can take up to 8 weeks. Throughout the process, your solicitor will draft a contract, raise any pre-contract enquiries, and carry out several searches.
You will also need to work with a surveyor to get a closer look at the property itself. This will help you understand the state of repair of the property and any possible risks you incur by purchasing that property. Keep in mind that this is not a mortgage valuation survey. That will be arranged by the lender with whom you’re working. A house survey is a detailed look at the property to help you understand whether there are any potential structural problems or something like dampness or subsidence. It might also highlight any expensive repairs you may encounter down the road like a roofing issue or something similar. As you arrange for the survey, be sure you select a RICS-certified survey professional. You’ll have the report sent to both you and your conveyancing solicitor so that if there are problems, you can write any necessary changes into the contract.
Weeks Seventeen Through Nineteen
You’re almost there! The next step is to exchange contracts. At that point, the sale becomes both legal and binding for both parties. The exchange of contracts will detail the date of completion, so once you know what date you’ll be picking up the key to your new home, you’ll want to contact utility and broadband companies to ensure you have services when you arrive at your new home. You’ll also want to talk to a removal company to arrange for service at that point. Your solicitor will register a transfer of ownership with the Land Registry, and your title deeds will be sent to your lender.
On completion day, your lender will transfer the funds from your account to the seller, and the keys will be in your possession.
A Flexible Timeline
While this represents an average timeline from the day you start your search until the day you move in, the simple reality is that no timeline is set in stone. It could take you far less time to move in. It could also take you quite a bit more time if you encounter problems along the way. The best part is to do all of the research you can before even searching for a home so you know what to expect and how to speed things up where it is possible.