Embarking on the journey to buy a house is exciting but can also be filled with questions and uncertainties, especially about the time it takes.
At Eastaway Property, we understand this and aim to provide you with clear, concise information to make your journey smoother.
Understanding the Timeline:
- Calculating Affordability: Before you start, it’s crucial to determine how much you can afford. This involves getting an agreement in principle (AIP) and considering additional costs like mortgage arrangement and solicitor’s fees. We can help you do this by putting you in touch with one of our recommended financial advisors.
- Finding a Property: The time to find your ideal property can range from 4 weeks to 8 months, depending on your specific requirements and the housing market in your desired area. A great estate agent can advise which properties will suit you based on your lifestyle needs.
- Making an Offer: After finding the perfect property, you’ll make an offer, which can be accepted immediately or might take up to two weeks. Researching recent house sales in the area can help you make a competitive offer. The agent will help negotiate the deal with the vendor.
- Securing a Mortgage: Setting up your mortgage can take anywhere from 2 to 8 weeks. It’s important to compare different mortgage deals and consider using a broker for the best options. We can help you do this by putting you in touch with one of our recommended financial advisors.
- Conveyancing: This legal process can take 4 to 12 weeks. It includes environmental searches, planning permissions, and drafting contracts. You must work with a great conveyancer as they can speed up and slow down the entire process. We can put you in touch with one of our recommended conveyancers.
- Exchanging Contracts: Usually takes 2 to 3 weeks; this is when the purchase becomes legally binding. Both your conveyance and the seller’s conveyancer will agree on when to exchange contracts. It will only be done when everything is in order, including deposits. If you change your mind after the exchange, you will be liable to pay money to the seller.
- Completion: This final stage can take around two weeks, but sometimes you can exchange and complete on the same day within a couple of days. Completion involves the transfer of funds, paying any outstanding fees, and registering the new ownership. When you complete the property legally becomes yours.
The Average Timeline: While each property purchase is unique, on average, once an offer is accepted, the process can take about 12-15 weeks. This includes straightforward purchases. More complex ones that could take up to six months. Every property is different, and communicating with your sellers through your agent, conveyancer and financial advisor regarding timescales is really important. All will be able to offer advice from their position, which should provide a general idea of how long it will take in your case. Remember though, delays are always possible, so prepare yourself for flexibility on dates.
Tips for a Smoother Purchase:
- Be flexible and open-minded about different properties and areas. Your agent advises you to see them on you because they likely give you everything you want.
- All properties are very different in real life, so go and view lots of them!
- Choose efficient services, like conveyancers and brokers, based on reviews and recommendations.
- Work with a knowledgeable broker to speed up the mortgage process.
Your Next Steps: Navigating the property market can be challenging, but with Eastaway Property, you’re not alone. By registering with us as a buyer, you get the advantage of seeing new properties before they hit the market, giving you a head start in this competitive landscape. So, why wait? Register with Eastaway Property today and take the first step towards your dream home!
CLICK HERE to register as a buyer with us.