Home buying timeline

From when you start searching for your dream home to when you get your keys. It feels very much out of your control. For instance, estate agents, solicitors, and mortgage advisors all doing their part. How long it takes varies, from 6 weeks if you're lucky to 6 months or even longer. Therefore, knowing which part is the most time-consuming. Should ensure that it doesn't drag on longer than necessary.

Home Buying Timeline: Finding the right property

You'll likely spend a few weeks to a few months looking for your ideal home.  Finding "the one" is a tricky process and not something to be rushed. If you make an offer, chase the agent the next day if you haven't heard from them.

Usually, a seller responds to offers the next day. However, they may have multiple offers to consider. With property buying, it isn't always about the amount of money. It can also be about how quick the process is.

Home Buying Timeline: Offer accepted – Conveyancing process

The journey from making an offer to exchanging contracts can take a few months. However, it all depends on the complexity. This includes the number of buyers in the chain. Please keep in contact with your solicitor throughout this process. Get a clear idea of when contracts will be exchanged to ensure you don't book any commitments around completion time. 

Home Buying Timeline: Finalising the mortgage

To accept your offer by the seller. Your mortgage provider needs to confirm that they will lend you the money. They will conduct their own valuation survey at your cost to ensure the house is worth what you agreed to. At this stage, you should also conduct your own survey. Furthermore, this can be done simultaneously with the same surveyor to save money. 

If your survey reveals any problems, depending on their severity, it can delay the sale. If it's a costly problem like structural damage, you may even want to pull out. Vice versa, the survey could reveal problems with the property you are selling.

Home Buying Timeline: Being part of a chain

One purchase is difficult enough, so just imagine a whole chain of people all doing the same thing. Therefore, it's a good idea to try to avoid long chains or go chain-free, if possible. For every person in the chain, there are more chances for something to go wrong. 

Home Buying Timeline: Exchange sorted – Time to get keys

Contracts are usually exchanged a few days before completion. Once contracts are exchanged, you can't pull out without serious financial penalties. 

Completion day is when you become the new property's legal owner. However, if you are in a chain. You'll need to wait for the people below you in the chain to complete before you go ahead. This can make the final stage feel the longest, but it's worth it! 

If you're considering purchasing a property. It's always a good idea to get a mortgage advisor. Then, you will be able to negotiate the best rates and make the process simpler. We have a range of mortgage advisors to assist you.