Timeline for buying a home

Here’s our guideline to the typical timescale to give you a broad idea of how long it might take.

Get a mortgage agreement in principle

Minutes

Before you start searching for a home, it’s recommended to get a mortgage agreement in principle (AiP). This will give you an idea of how much you can borrow – and the price bracket of properties you should be looking at. It will also show estate agents and sellers that you are a serious buyer who can get a mortgage.

Getting your AiP should only take 10 minutes, says Barclays Bank. It may take a little longer depending on how many types of income and outgoings you have. Halifax estimates 15 minutes to complete the online application and it will give you a decision straight away. Just make sure you have all the information to hand.

You will be asked for your basic income, any benefits or maintenance, payments received such as bonuses and any spending, loans, card balances and other types of credit that won’t be paid off before the new mortgage starts plus your address for the last three years.

This is also the time to appoint a conveyancing solicitor – a legal expert who will steer you through the process. You will need their services as soon as you make an offer on your chosen property.

Finding your house and making an offer

One day to one year or more

You may be lucky and fall in love with the first home you see. But most buyers will view lots of properties before they find the right one. How long it takes depends partly on what is happening in the wider property market (the number of suitable properties for sale) and how fixed you are in your requirements. It’s important to give yourself enough time. Arrange plenty of viewings, carefully consider your options and only make an offer when you’re sure it’s the right move.

Pre-exchange of contracts stage

Four weeks to six months or more

The gap between having an offer accepted and exchanging contracts is often the longest and most nail-biting part of the whole house buying process. It can take anything from a few weeks to six months or more.

When your offer is accepted, your mortgage lender needs to confirm they will lend you the money and at this stage you should commission your own building survey too. At the same time, your conveyancer will carry out legal searches on the property you plan to buy.

Apply for a mortgage

if you already have an AiP with a lender, you have a head start. Now it’s time to apply for a loan knowing exactly how much you want to borrow. Typically, it takes between two to six weeks to get a mortgage approved. A mortgage offer is generally valid for six months. It helps to speed the process if you respond quickly to any requests for information from your mortgage broker/lender and solicitor.

If you are applying for a mortgage while on furlough due to the coronavirus pandemic, you may find it harder to get your application approved. You may have to wait until you are back at work, so your lender is confident you still have a job.

Commissioning property searches and surveys

Searches are enquiries your conveyancer will make to various bodies about the property you plan to purchase. For instance, if the seller can legally sell, where the property boundary lies, if there is a flood risk or any plans for construction nearby that could affect your new home. This involves contacting the relevant authorities, including the Land Registry and your local council.

How long this part of the process takes depends on how quickly third parties respond to requests for information. The government target for returning local searches is a maximum of 10 working days. Most local authority searches will take two to three weeks, but staff shortages can cause delays.

Meanwhile a building survey will check the physical condition of the property and flag up any potential problems. Building survey reports tend to be written up quickly but it varies from surveyor to surveyor. Ask your surveyor when you can expect to receive the findings.

If the building survey raises any major issues, you could choose to pull out of the sale completely or try to renegotiate the agreed price or ask the seller to fix the problems.

Drafting of contracts.

It is the role of the seller’s solicitor to draft a contract of sale that your conveyancer will check and raise any queries. The seller’s solicitor will be asked to provide an inventory of what is included in the sale. This is another possible point of delay as your solicitor is relying on the seller returning all the documents. Glitches can be caused by all sorts of things, such as establishing legal ownership of solar panels on the roof. Be patient. You want everything to be as clear and comprehensive as possible.

Exchange to completion

Two to four weeks or more

When you do finally exchange legally-binding contracts, the solicitors will agree a completion date. A legal firm can be sued for professional negligence if it fails to meet this deadline, so you can be fairly sure to complete – and be handed the keys - on the day everyone agrees on.  

There is usually between two to four weeks between exchange of contracts and completion although timelines can vary. The more parties in the chain, the more difficult it is to find a completion date that suits everyone, so be prepared to be flexible.

On the upside, a longer gap gives you more time to organise a removals company and pack your belongings.

Buying a property can take a frustratingly long time but it is a complex process involving legal work, a building survey and mortgage application. The process is speedier if you and the seller are both chain-free with no other parties involved. It’s also likely to be quicker if you are a cash buyer and don’t have to rely on mortgage lender agreeing a loan.

Be prepared for a long haul and read up on all the different stages and fees involved to help smooth the ride.