The home-buying process can be a lengthy one, with the typical timeline ranging anywhere from eight weeks to six months, and sometimes even more. It's important to understand what factors influence its duration so that you can manage expectations and plan accordingly.

Different steps of the process take different amounts of time; negotiating purchase prices, conducting property surveys, obtaining financing, and closing the sale can all contribute to delays.

The house buying process

Buyers should also be prepared for potential hiccups during the home-buying process. It’s not uncommon for surveyors to identify problems that need addressing before a sale can proceed or for lenders to require additional paperwork, both of which can cause delays in the process. Additionally, if the buyer or seller is not readily available to respond to queries in a timely manner, that can further impede progress.

The home-buying process doesn't have to be an overly lengthy one; with proper planning and some flexibility on both sides, it is possible to navigate the process quickly and efficiently. However, it is important to be aware of potential setbacks that could arise and plan for them accordingly.  Knowing what to expect can help buyers move through the home-buying process in a timely manner, without any major surprises or delays.

You should also be aware that the timeframes may differ depending on local market conditions. For example, in a seller’s market, houses are likely to move faster than in a buyer's market where competition is less fierce. Additionally, if you’re buying a house that needs some renovations, this could add an extra layer of complexity to the process and extend the timeline.

Although it’s impossible to predict exactly how long your home-buying journey will take, understanding the different steps involved can help you plan accordingly and get through the process with minimal delays. 

Probate

If the property is going through probate then it is always best for this process to be started long before the house is on the market so that it is either completed or close to completing by the time the property has gained interest from buyers. This process can take on average 2 to 12 months, which means your mortgage offer may have expired by this point if it takes longer than 6 months, which is a huge negative impact if interest rates have increased significantly as a new mortgage application will be needed.

Speak to the estate agent advertising the property to gain all the relevant information on the property before you commit to the purchase because you don't want to find yourselves in a difficult situation when hidden truths come to light further in the process.

Research the estate agent

When looking for a property make sure you are happy with the estate agent that is advertising it, the purchase price negotiating stage is the most important part as the buyer and vendor have to come to a mutual agreement since the estate agent is the 'middle man' you will want an estate agent that is highly reputable with good reviews and customer service, to deal with your purchase

Additionally, having a knowledgeable estate agent on your side can help make the process smoother and more efficient. Working with an experienced agent can help you stay organized and on top of deadlines so that you can get to your completion date as quickly as possible.

​ Finding the right property for you

The first step is to choose the perfect property for you and begin the property search, whether this be a buy to let or a residence for yourself you need to make sure you are happy with the property and the purchase price. Take into consideration the location, the number of bedrooms/living rooms and if you would like a front or rear garden and a driveway, be sure to check these.

Secondly, you would speak to a mortgage broker in your local area to weigh up your financial options if you are purchasing the property with a mortgage. This is when we will look at deals and lenders that are suitable for you, we will also discuss mortgage terms and interest rates.

Mortgage process with the mortgage lender

You will be offered a basic survey which will be carried out by the lender's surveying company or you can upgrade to a more detailed survey which we will be able to advise and help with. Your own/upgraded survey will come at an extra cost, therefore you will need to factor this into your budget.

Once the mortgage broker has discussed all of your options with you and finalised your mortgage application with supporting documents (the quicker they're supplied the better) the lender will accept your application and once this is done, you, the broker and the solicitor will receive a copy of your mortgage offer.

Conveyancing process

Once you have received your mortgage offer from the mortgage lender, the conveyancing process and all the legal work will start, this is when the legal aspect of purchasing a property is dealt with. You will receive your contract pack from the solicitor, and all legally binding paperwork needs to be filled in and sent back to the solicitor, searches and enquiries will be raised and discussed between both the seller's and buyer's solicitor.

The next part of the process is ID checks will be carried out then you will pay your mortgage deposit for the property. You will then be given an agreed completion date once all information has been returned back to the solicitor, which will be suitable for you and the vendor to work towards.

Once you sign and exchange contracts, this is when you will take legal ownership of the property. Just before, you will need to place the contents and buildings insurance on risk. Once the seller's solicitor confirms funds have been received, completion will take place and you will receive a completion statement. As soon as the transaction has completed you can collect the keys from your estate agent for your new property.

If you are interested in buying a property, we are here to help, contact us via email [email protected] or feel free to give us a call at 0151 662 0188