How long will the process take?

The journey from making an offer on a property to completing the purchase can vary widely, influenced by numerous factors. On average, the process typically takes between 8 to 12 weeks, but this can be longer or shorter depending on several key elements. Here’s a breakdown of the stages involved and what can impact the timeline.

Typical Timeline Overview

Making an Offer (1-2 Weeks)

• Initial Offer: Once you make an offer on a property, the seller may accept, reject, or counter your offer. This negotiation phase can take a few days to a couple of weeks.

• Offer Acceptance: Once the offer is accepted, you will receive a formal offer letter and can begin the formal purchase process.

Hire a Solicitor or Conveyancer (1 Week)

• Appointment: Engage a solicitor or conveyancer to handle the legal aspects of the purchase. If you haven’t already selected one, this step can take a week to get organised.

Mortgage Application and Approval (3-4 Weeks)

• Application: Submit a mortgage application if you require financing. This includes providing documentation and undergoing a credit check.

• Valuation: The lender will arrange for a property valuation to ensure the property is worth the amount you are borrowing.

• Mortgage Offer: Once the valuation is complete and the application is approved, you will receive a formal mortgage offer. This process can take around 3 to 4 weeks, depending on the lender’s efficiency.

Conveyancing and Legal Work (4-6 Weeks)

• Searches and Contracts: Your solicitor or conveyancer will conduct various searches (e.g., land registry, environmental) and draft the contract of sale. This part of the process typically takes 4 to 6 weeks.

• Property Survey: Arrange a property survey (Homebuyer’s Report or Building Survey). Survey results may influence the completion timeline, particularly if issues are identified that need addressing.

Exchange of Contracts (1 Week)

• Finalisation: Once all searches are complete and both parties are satisfied, you will exchange contracts. This stage involves paying a deposit (usually 10% of the purchase price) and setting a completion date.

• Legal Binding: The exchange of contracts makes the sale legally binding. The completion date is agreed upon, usually set for 1 to 4 weeks after the exchange.

Completion (1 Day)

• Completion Day: On the agreed completion day, the remaining funds are transferred from your solicitor to the seller’s solicitor. Ownership of the property officially transfers to you, and you will receive the keys.

• Moving In: You can now move into your new property.

Factors Affecting the Timeline

Chain Length and Complexity

• Property Chain: If your purchase is part of a property chain (where multiple transactions are dependent on each other), delays in one link can affect the entire chain.

• Chain-Free: Being in a chain-free position (no onward purchase) can significantly speed up the process.

Survey and Inspection Findings

• Survey Issues: If the property survey uncovers significant issues, this may require further investigation or negotiations, potentially delaying the process.

Mortgage Processing Times

• Lender Efficiency: The speed at which your mortgage lender processes your application and valuation can impact the overall timeline.

Solicitor or Conveyancer Efficiency

• Legal Work: The efficiency of your chosen solicitor or conveyancer in handling searches, contracts, and communication can affect the duration of this phase.

Local Authority Searches

• Search Delays: Delays in receiving local authority searches or additional information can extend the timeframe.

Negotiations and Queries

• Additional Negotiations: Any additional negotiations or queries that arise during the process can add to the timeline.

Tips to Speed Up the Process

Pre-approval: Obtain mortgage pre-approval before making an offer to streamline the application process.

Select Experienced Professionals: Choose a reputable solicitor or conveyancer and a reliable mortgage advisor to avoid delays.

Prompt Communication: Respond promptly to requests for information and documentation to keep the process moving.

Prepare for Surveys: Arrange surveys and inspections as soon as possible to avoid delays.

Conclusion

The process of buying a property from making an offer to completion generally takes between 8 to 12 weeks, although this can vary based on several factors. By understanding the typical timeline and potential influences, you can better manage your expectations and ensure a smoother property purchase experience.