The process of buying a house can seem like a marathon. With the exchanging of legal documents, finances being assessed and the unavoidable delays. For many soon to be homeowners, understanding the property purchasing timeline can help in managing expectations and coordinate plans. Here’s a 4 stage breakdown of how long it usually takes to buy a house in the UK.

Stage 1. Preparing for Purchase: 1-12 weeks

The first phase requires you to prepare for property purchase. During this stage, understanding your reasons for purchase and defining your property criteria such as: location, property type and must-have features are determined. To complete this stage, it is essential to understand your financial situation. This is done by setting a budget and obtaining a mortgage in principle to understand how much you can borrow.

Stage 2. Property Search: 5-10 weeks

The duration of this stage depends heavily on market conditions, your specific requirements, and geographical preferences. Whether you’re looking for a home in the city or a country cottage to rent out to those on holiday will drastically influence your search time. Once you find your ideal property, the next step is to make an offer. If the seller accepts your offer, you can move forward. This stage may be quick, but negotiations on the price can cause delays.

Stage 3. Property Purchase: 12-20 weeks

This begins with submitting a mortgage application and waiting for approval. Conveyancing is the legal process of transferring property from one owner to another and It involves a series of steps such as: searches, drafting contracts, and resolving any legal issues. Once all enquiries and searches are satisfactory, and mortgage funding is confirmed, both parties will sign and exchange contracts making the deal become legally binding. Factors that influence the timeline at this stage are: the lender’s preoccupations at this time, whether there is a chain or not, the complexity of the property’s legal title and the chosen date of compilation.

Stage 4. Completion: 1-2 weeks (On the agreed date)

Completion is when the property officially changes ownership, funds are transferred, and you can begin your plans to renovate, move in, let out or sell your new home. This usually happens about 1-2 weeks after contracts are exchanged, but it can be immediate or delayed depending on what both parties agree upon.

Conclusion

Buying a house is a significant milestone that requires patience and careful planning. The average time to buy a house in the UK generally takes anywhere from 18 to 32 weeks. The timeline can vary significantly depending on circumstances of the: buyer, seller and the property in question. The property professionals involved can also delay things. The best advice for buyers looking to speed up the process is to be prepared, choose the right professionals and stay proactive. The effort on your part can make all the difference in the progression of the purchase.