How long does buying a property really take and how can you speed things up?
Buying a house is a complicated process. A legal professional must ensure there are no issues with the property you buy, and as with many things involving the law, it can feel like it takes forever! We often get asked if it is possible to speed things up, especially for leasehold properties where the paperwork is a bit thicker.
Surely, once you have the mortgage agreed, you can just move in, right? Well, actually, there is quite a lot more to it. Here is our down to earth guide to the journey and how to keep it moving.
The Stages of Buying
Buying a house has several key stages that require a bit of to-ing and fro-ing between solicitors:
- Draft Contracts: The sellers’ solicitor prepares these and sends them to the buyer’s solicitor. They will then make amendments and raise questions to ensure the contract is safe for you to sign.
- Property Searches: Paid for by the buyer, these checks ensure there are no issues with the land you are hoping to buy.
- Enquiries and Reports: Based on the searches, your solicitor will raise further questions. These responses are compiled into a report on the title which forms your purchase transaction paperwork.
Each property and title plan are unique. Delays often happen if a seller does not know the answers to specific questions, such as drainage plan issues or a boundary line that is not exactly where it should be.
Why You Can’t Always Predict the Finish Line
It is tricky to predict what will come up unless searches are done in advance, but unfortunately, most lenders will not accept searches carried out by the seller. Searches also expire after three months, so everything would need to be perfectly timed.
Once the contracts are agreed and all questions are answered, you sign the paperwork and agree on a moving date. This part can be tricky if there is a chain involved, as everyone needs to be ready to move on the same day. While the legal process used to take an average of 10 to 12 weeks, the current reality in the UK is that the journey from listing to completion can take anywhere from 18 to 22 weeks.
How Can You Speed Things Up?
We believe in being proactive and creative to get people moving. Here are four ways you can help the process along:
- Be Prepared: Have your ID, proof of funds, and paperwork ready as soon as you make or accept an offer.
- Be Reasonable: Flexibility makes the process less stressful. A little bit of give and take on moving dates goes a long way.
- Be Proactive: Respond to your solicitor quickly. If they ask a question, do not wait until the end of the week to answer.
Stay in Touch: Regular communication is key. Follow up with your agent and solicitor weekly to ensure everyone in the chain knows the current status.
