‘How long does it take to buy a house?’
Whether by a first-time buyer or a regular home mover, it’s a question we’re asked time and again – and the answer is ever-changing.
Buying a house is, without a doubt, one of the most stressful (albeit exciting!) things you’ll do, but knowing roughly how the process works will make your journey to homeownership much smoother.
In this article, our expert estate agents at Stapleton Derby outline the house buying process and walk you through the timeline, from initial property search to completion day and beyond, so you’re in the know.
So, how long does it take to buy a house?
Unfortunately, there’s no definitive answer to this question, as it depends on your unique circumstances.
It’s a time-consuming process, which can currently take anywhere from twelve weeks to eight months in the UK.
From local authority searches and solicitors’ delays to property chains and unexpected illness or personal family matters, several things can slow the process down, so speaking to your estate agent (and having a little patience) is key!
House buying timeline
Now for the exciting stuff!
Whilst every property sale is unique, we’ve outlined the typical home buying process in the UK below:
- Property search
Of course, the first step in your home buying journey is arranging property viewings.
It can take as little as a day to a few months to find a property that ticks all the right boxes, but with a little patience and determination, you’re guaranteed to land your dream home.
Why not search our houses for sale in St Helens? The perfect house could be just a few clicks away!
- Get a mortgage agreement in principle
Before you start booking viewings and putting in offers, if you’re planning on borrowing from a mortgage lender to buy a property, it’s a good idea to obtain a mortgage in principle.
Not only does it outline how much you can borrow, but it also showcases to sellers that you have your finances in order, putting you a step ahead of other interested buyers.
This could take anywhere from a few days to a few weeks.
- Offer and negotiation
So, you’ve fallen in love with a property and got an agreement in principle in place? Great!
Now it’s time to put in an offer.
When doing so, remember not to overextend yourself. Take into account the other costs you’ll need to cover, like solicitors’ fees and building surveys, and only spend what you can afford. You should also consider the vendor’s situation, as they may be willing to accept less than the asking price if they need to sell the property quickly.
In some cases, your offer could be accepted within a few days, but in others, you may have to renegotiate for a little longer to reach an agreement with the seller.
- Mortgage application and approval
Once you’ve had an offer accepted, it’s time to turn your agreement in principle into a solid offer with a mortgage lender.
Don’t automatically go back to the lender who gave you the agreement in principle or your bank – shop around for the best interest rates. If you’re struggling, a mortgage advisor will be able to help you find the best mortgage deals.
When submitting your application, make sure you have your identity documents, payslips, and bank statements to hand, as lenders will need these to make their decision.
Typically, it takes 1-4 weeks for your application to be reviewed and accepted, after which the conveyancing process begins.
- Building surveys
Now that you’re sure you can borrow what you need, it’s time to arrange a property survey. This should be done after you’ve received your mortgage offer, but before you exchange contracts.
A survey reassures you that the property is in good condition before you fully commit to buying it, identifying underlying issues and potentially saving you from costly repairs years down the line.
A property survey can take anywhere from one hour up to a day, depending on the property type, size, and the surveyor’s availability, and then up to a week for the report to be written.
- Conveyancing process
Once your mortgage application has been accepted, the legal process begins.
Although it’s not a legal requirement, it’s highly recommended that you appoint a solicitor or licensed conveyancer to help with all the logistics and assist with potential pitfalls.
They’ll act on your behalf and liaise with the seller’s solicitors, whilst organising all legal paperwork, drafting up contracts, overseeing the exchange of funds, transferring ownership, and obtaining title deeds from the Land Registry.
This process can take anywhere from 12 to 16 weeks, depending on whether there’s a property chain, the complexity of the transaction, and the efficiency of everyone involved.
- Exchange of contracts and completion
Exchanging contracts is a significant milestone in the homebuying process, as after this point, your house purchase is legally bound.
The actual exchange typically takes place via a phone conversation between you and the seller’s solicitor, and it’s at this point that your deposit will be transferred.
After contracts have been exchanged, a completion date will be arranged. Your solicitor will send you a completion statement that outlines any remaining costs, such as stamp duty and solicitors’ fees, that you must pay to complete the sale.
These costs must be paid before the date agreed with the vendor, when you should be given the key to your new home.
… And that’s it!
Congratulations!
You’re now officially a homeowner, and it’s time to start enjoying your new place. Whether you’re planning a big renovation or moving straight in, remember to make the most of this exciting time.
Still searching for the perfect home?
If you’re looking for houses for sale in St Helens or the surrounding areas in Merseyside, our specialist estate agents at Stapleton Derby would be more than happy to help you find the ideal property.
Give us a call today, or send us a message via our online contact form, and we’ll be in touch to offer our expertise.
