From initial research to completion, buying a property takes between 12 weeks and six months. Finding the right property at the beginning is the most time-consuming process, followed by the legal process.
In this guide, we’ve gathered everything you should know about how long it takes to buy a house. This includes a timeline so you know what to expect.
1. Research and Viewings
(10 to 12 weeks)
Researching marks the beginning of the buying process and allows you to consider what type of property and location you want to live in. Portals such as Zoopla and Rightmove provide users with immediate access to the property market.
Once you’ve narrowed down your favourite properties to a list, for example, a top three, you should arrange viewings. These will give you an idea of what kind of property to expect based on your budget and circumstances.
Another useful idea is to explore the area you are considering. This will reveal local facilities and transport links that are accessible to you. It can also give you an idea of how busy the area is.
This stage can take 10 to 12 weeks as it’s important to feel confident and comfortable in your decision. It can be quicker if people are particularly decisive.
2. Apply for a Mortgage
(18 to 40 days)
When you feel you are at the point of making an offer, you should apply for a mortgage agreement in principle if you are buying with a mortgage. This shows the seller you are serious about the property. It will put you in a position to begin the conveyancing process as soon as possible.
The mortgage application process from agreement in principle to a formal offer can take up to 40 days. This is because your mortgage lender determines whether the property is worth the loan. Once you have received your mortgage offer, it will be valid for 3-6 months, depending on your lender.
Cash buyers don’t have to consider this stage.
What Can Slow Down Getting a Mortgage?
Having a poor credit score can cause delays as you may struggle to find a lender who will offer you a mortgage. Other delaying factors include mistakes in the application documents.
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3. Making an Offer on a House
(up to one week)
The next step is to make your initial offer. You’ll need to submit your offer via the estate agent. While you can provide an offer vocally, it’s better to have written proof, thus creating a paper trail of all communication.
It takes around one week to make an offer on a house and have the offer accepted. This includes time for negotiations if the seller provides a counteroffer.
What Can Slow Down This Step?
Submitting a low offer such as a cheeky offer can lead to lengthy negotiations with the seller. To prevent this from happening, it’s useful to keep an eye on the marketing. If it’s a seller’s market, sellers aren’t likely to consider anything under the asking price. In some cases, buyers may be expected to offer over.
4. Find a Conveyancer
(eight to 12 weeks)
A conveyancer or conveyancing solicitor will assist you with the legal aspects of the buying process. Our conveyancing comparison form makes finding a conveyancer a smoother process. Compare My Move can connect you with up to 6 conveyancers in your area and save you up to 70% on your conveyancing fees.
Once you’ve found your solicitor, the conveyancing process takes an average of eight to 12 weeks until completion.
Our conveyancers have passed our verification process. This includes being regulated by one of the following regulatory bodies:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
How Can Conveyancing Issues Slow Down The Process?
Delays can occur if documents are submitted incorrectly or paperwork is missing. If the seller’s side is lagging, this can also halt proceedings.
Issues in the conveyancing process can lead to frustration on both sides. In some instances, it may even result in the transaction falling through.
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5. Completing a Survey
(two to three weeks)
Having a property survey is highly recommended but is not a legal requirement. A chartered surveyor will inspect the interior and exterior of the property. They will then publish their findings in a report for you to read, highlighting any defects.
Different surveys are available depending on the age of the property and its condition. They are as follows:
| Survey Type | Inspection Length | Report Turnaround |
|---|---|---|
| RICS Level 1 Home Survey (previously known as a Condition Report) | Up to two hours | Up to five working days |
| RICS Level 2 Home Survey (previously known as a HomeBuyers Report) | Two to four hours | Three to seven working days |
| RICS Level 3 Home Survey (previously known as a Building Survey) | Four to eight hours | Three to seven working days |
| Snagging Survey (for new builds) | Two to five hours | Up to three working days |
Existing properties should receive a RICS Level 2 or 3 Home Survey, depending on the age. Understanding the difference between a Level 2 and Level 3 survey will help you determine the right one for your purchase.
Compare My Move matches customers with up to 6 surveyors in their area. Fill in the surveying comparison form to compare quotes and save up to 70% on your surveying fees.
How Can a Survey Delay Things?
Waiting for the survey to be scheduled and the report to be published can be lengthy. While there may be other paperwork you can submit to your conveyancer, it’s best to wait until the survey report is complete.
The findings in the report can be used to renegotiate the purchase price if any defects are found.
6. Exchanging Contracts and Completion of Sale
(up to 28 days)
Exchanging contracts takes a couple of hours and occurs when negotiations are complete. At this stage, the transaction becomes legally binding and the deposit is paid. This means neither party can withdraw from the sale without facing legal implications.
The date of completion tends to take place up to 28 days after the exchange of contracts. This signifies the transfer of ownership from the seller to the buyer. Once this is done, the remaining funds are sent to the seller and the buyer will pay any outstanding fees, including Stamp Duty Land Tax (SDLT).
How Can A Chain Cause Delays?
A property chain can cause significant delays, especially if one of the transactions further along falls through. This will likely have a domino effect on the subsequent purchases. If you are buying and selling at the same time, it’s best to line up both transactions as closely as possible.
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Key Takeaways
It takes between 12 weeks and six months to buy a house. This is from the initial research to completion. The time varies and is dependent on each case. Once you’ve completed the initial research and viewing stage, the majority of time is typically taken up by the conveyancing process.
Hiring a professional conveyancer and surveyor will streamline the process and minimise the risk of delays. It will also ensure you make informed decisions along the way. This includes the ability to renegotiate your offer should any defects arise.
Read more on the moving process in How Long Does it Take to Move House?
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