This is a question that gets asked fairly often, and one that I tend to answer with the response "It depends. Anywhere between 12 weeks to 6 months". I have of course worked with clients who have come in slightly quicker and clients who have come in slightly longer as well.
The whole process can sometimes feel protracted, and it can at times become frustrating for the clients and professionals involved. I use the word professional sparingly because I have of course come across actions from those involved, that stretch the term to its absolute limit. Here at O'Flynn Estate Agents, we wrote a blog about doing the simple things well, and that is always worth remembering during testing times, that you need the basics done correctly.
Let us break down some of the key things that need tackling:
Finding the property you want to buy
Mortgage
Conveyancing
Surveys
Exchanging contracts
Completion
Moving
Finding the right property engages several tactics. Make relationships with the local agents who work in the area that you are interested in moving to. In this digital age that is often overlooked, but think about it. Who often will know about plans or projects that are not yet if fruition? estate agents. We get contacted all the time about potential sales and potential developments and projects, so keeping in touch is something to do.
The digital research routes for finding a house remain the same as in the last several years.
It takes around 10 to 12 weeks to find a property.
Mortgage. This has been quite a ride for the mortgage market at the time of writing. Truss's government injected a sense of uncertainty and raised several eyebrows with her borrowing plans, which ultimately impacted the market. Analysts do now believe that this will won't act out anywhere nearly as bad as some commentators have predicted so we must watch this space. It is quite likely that the Bank of England will continue to raise rates but how this pans out in the market throughout 2023 remains to be seen.
Regardless of the market's ebbs and flows, securing a mortgage is crucial to most people in buying a home.
It takes between 18 - 40 days to get a mortgage offer following a full application, credit checks and survey.
Conveyancing. You need to find a suitable and qualified individual or firm to handle the legal aspect of buying a home and this can take between 8 -12 weeks from the point upon which the sale is agreed.
Survey. There are different types of surveys available to home buyers, each with differing levels of detail attached to them. A Home Buyer Report and a Building Survey are the common well know types. A survey gives buyers a greater sense of confidence or a greater understanding of the property that they are buying.
This can take 2 to 3 weeks to get a survey sent to you.
Exchanging Contracts. This happens at around 8 to 12 weeks into the process (there are lots of variables here so this is not always the case) and is handled by the conveyancing/legal teams in the process. Once done, a date to complete is set.
Completion of the sale. Once contracts have been exchanged then a completion date is set. This can occur on the same day in some cases but typically it happens within 7 days of exchanging contracts. Money is transferred and the property then belongs to the buyers.
Moving into your property. This is the most fun part, depending on your state of mind. The big move takes 1 or 2 days normally.
What delays the process, most commonly in my experience?
Questions from the conveyancing team.
The survey can also bring interesting results back which need thrashing out
Getting a mortgage offer can also be up and down.
I hope this has helped, and remember that if you are in the mindset of thinking of buying or selling your property then I will be only too happy to share what we have on our books, and what the potential upcoming state of play is.
As always feel free to get in touch.