We are often asked how long it takes to purchase a property. However, unfortunately, there is not an easy answer to this question as each purchase is very unique.
On average a property transaction takes around 12 weeks to complete, but, a straightforward transaction could go through in as little as eight weeks. There are also a number of factors that could complicate the process and cause delays to these timescales.
We know that when you find your dream house, you will be keen to move in as soon as possible. It’s likely you will be asking “What can I do to speed up the purchase of my property?” Therefore, here we have put together a list of 5 things you can do to help your purchase go through as smoothly and speedily as possible…
Getting your mortgage approved can take several weeks, so it’s best to get a mortgage in principle agreed as early as possible – even before you start making appointments to view properties on sale.
Here at Stoneacre Properties, we have teamed up with a selection of local mortgage advisors with many years of experience. Whether you are a first-time buyer or looking for a buy-to-let mortgage, our experts can help you to secure the best deal.
Once you have selected a mortgage lender of your preference, they will give you a figure of how much they are willing to lend you. This figure will be based on the financial details you’ve provided relating to your income and expenditure.
Once you have your mortgage in principal agreed, estate agents and property sellers will know that you are a serious buyer, and in a position to proceed. You will then need a formal mortgage offer before you are able to exchange contracts. Your lender will perform a detailed check on your identity and your financial situation before giving you a formal offer. It’s important to note that if you are self-employed, the process may be longer, and you will need to have all your accounts filed and up-to-date with HMRC. You can help to speed things up by promptly offering all the information and documents requested from your lender.
As soon as your offer is accepted on a property, your estate agent will ask for your solicitor’s details to get the transaction process started. Therefore, it’s a good idea to have your ideal solicitor instructed before you make an offer, as well as agreeing their fees and terms.
Your estate agent or lender will be able to recommend conveyancers who are on their panel and might help to speed things up a little. Again, if you choose to buy your property with Stoneacre, we work with a great team of conveyancers and can organise free quotes upon request.
The most important thing is that they have a good reputation and that you feel confident working with them for this important process. You should feel that they will do their best to make the transaction as fast and smooth as possible for you, and that they will be efficient to respond to calls and emails when you need to speak to them about the sale.
Ask family members and friends for recommendations and note that you don’t always have to instruct a solicitor who is based in your local area.
Once you have had an offer accepted, your mortgage lender will need to know. They will most likely want to value the property in order to ensure that it meets the market value.
Each lender will instruct their own valuer and will charge you a fee for the service. Ensure that you pay this fee as swiftly as you can in order for the valuation to take place as soon as possible. There is often a waiting list of a couple of weeks.
In addition to this valuation, you might want to organise your own building survey to get a comprehensive report on the property you are purchasing. This will help you to identify any issues with the property that may cause intervention or delays. Again, getting this survey date promptly could save you time as most surveyors are booked up weeks in advance. Also, it often takes at least a week or so after the survey to get the full report sent back to you.
Once you have your report back from the surveyor there may be issues with the property that you will want to discuss with the buyers via their solicitors. Again, this back and forth between solicitors can often take time, so, you can try to anticipate any issues yourself to be able to put plans in place accordingly. For example, if the property you are purchasing is a period property, then it’s likely to have some element of damp or dry rot. Also, structural issues with older properties are common too.
If you identify these potential issues early, you can research a list of specialists in advance to perform an expert survey on the property. This will help you to get a view on the potential work and costs required to fix the issues – before your survey even comes back!
Breaches of planning permission on a renovated property can also sometimes be cured with retrospective planning permission or by taking out an indemnity insurance policy – both of which can be advised by your conveyancer.
Good communication can really help to keep things on track during the purchasing process. Ensure you keep in regular contact with your solicitor and estate agent so you’re up to speed with what’s going on. This will really help to reduce the chances of any miscommunication or misunderstandings, as well reducing the risk of a piece of paperwork being outstanding from you that could delay things.
Buying from somebody who is chain-free can eliminate the risk of complications and delay, but this is quite often a rare situation. Being in a chain doesn’t mean that you are going to experience delays and issues, but it’s always best to check your seller’s status with your estate agent. Speak to them regularly to see how the chain is progressing and that you are still all working towards the same target completion date.
