If only purchasing a home was as easy as finding one you like, snapping your fingers, and moving in the next day. Unfortunately, purchasing a home can be quite a stressful process (even for people with past experience). When it comes to purchasing a home, there are many factors to take into consideration and the timeline from house hunting to moving in can vary. Below we have outlined all the information you need to get you started.
Finding the perfect property for you
This part of the purchasing process involves a lot of research; you need to know the area you want to live in and make sure it has everything you need such as schools, accessibility to motorways, bus stops, etc. Finding the perfect property could be as easy as pie or it could take you a while – it all depends on what you’re looking for. For some people, finding the perfect property might be relatively straightforward and only take you a couple of weeks. For others, finding the perfect property to purchase may take up to 8 months to a year. Once you find the perfect property for you, you need to put in an offer and have it accepted. Again, having your offer accepted may be fairly quick or it could take a few months. Remember, you and the seller are not legally bound to complete the purchase until you have reached the exchange of contracts. Until contracts have been exchanged, there is always a risk of being gazumped. Have patience and prepare to sit tight.
Obtaining a mortgage
When it comes to obtaining a mortgage offer, the process can vary (like most processes within the housing realm). However, in normal circumstances, most hopeful buyers can expect to wait 2-4 weeks from the day the mortgage application is submitted to then receiving the mortgage offer. Even if your application is relatively straightforward, obtaining a mortgage can be a lengthy process due to the amount of paperwork and checks needed. To be considered “buyer-ready” by a mortgage lender, you should have:
- Payslips dating back 3 months, bank statements, last P60, and/or self-assessment returns (if self-employed) to prove your earnings.
- Details of your outgoings (this includes things such as childcare costs so that the broker can assess your financial commitments).
- Proof of ID and current address.
- Proof of deposit.
- Details of the solicitor who’ll carry out the transaction.
- Details of the estate agent you are buying through.
To speed up the mortgage process, make sure you have all of the documents listed above sent out to the mortgage lender as soon as possible.
The conveyancing process
Buying a house comes with tons of paperwork; this is what your instructed solicitor or conveyancer deals with. What is conveyancing? Well, the conveyancer ensures the legal transfer of ownership from the vendor to the buyer. Because of all the paperwork, searches, and back and forth communication between the two parties, the conveyancing process can take anywhere between 8-12 weeks (sometimes even longer).
So, what can you expect from the conveyancing process? As part of the conveyancing process, a conveyancing solicitor will conduct a set of legal property searches to ensure there are no other factors you should be aware of. This can involve checking the risk of flood, conducting environmental searches, and water authority searches. Your conveyancer will also help you with the draft contract from the seller’s solicitor that you received at the start of the conveyancing process. Before you sign the final contract your solicitor will ensure that everything in the property is as you expected, that a completion date has been agreed between the two parties, and arrangements have been made to transfer the deposit into your solicitor’s account for them to clear.
The exchange takes place between the solicitors or conveyancers representing the buyer and seller. Your solicitor will tell you when they are exchanging contracts. If you’re extremely lucky, the exchanging of contracts and completion can happen on the same day. However, for most buyers, this process takes between 7 and 28 days. Even for eager first-time buyers who are eager to move in as soon as possible, the exchange of contracts could be delayed until the seller has found their next property. This is known as a chain. Once the seller has somewhere to go, a completion date will be set. However, this date must suit people further up the chain too. Until a completion date has been agreed, the exchange of contracts cannot be realised. Consequently, the process can become drawn out.
Deal with experienced estate agents
At Space, we strive to listen to you, our customers, and your requirements. In turn, this allows us to provide you with the highest quality, unparalleled service. At Space, we are passionate about what we do and we ensure that we provide you with a modern and professional approach, giving a successful and rewarding result for our clients. Clients choose us as their estate agents because of our core principle of complete transparency with our customers. Not only do we hold your hand along the way to guide you through the buying process, but we also communicate with you every step of the way. This ensures your complete confidence throughout the entire process.
To find out more information, call us today on +0151 254 1260.