Buying a House: what is the process and steps, and what is the timeline?

Daunted by the prospect of embarking on a homebuying journey?  You don't need to be.  We've broken down the entire house buying process from start to finish with information and approximate timescales for every step of the way.

Typically, a homebuying journey lasts between 3-6 months, but it can vary depending on both the buyer's and seller's circumstances - unforeseen conveyancing issues can also add further delays.  However, buying a new build can greatly speed up the process as there are no existing owners or chain to be taken into consideration, so the timings are based on how early in the homebuilding process you reserve your new home.

Before begining your search for a new home, it's essential you calculate your budget, as well as how much you might need to borrow.  A mortgage advisor can help with this.

1.  How long does it take to find a property to buy?

On average, it takes 10-12 weeks from the property has been sale agreed.

What happens?

If you're buying new, you'll need to narrow down the areas you're interested in, seach property listings online, and contact the developers agent.  Alternatively, if not buying a new home you'll speak to a variety of estate agents to arrange your viewings.  Once you've found a property you want to buy, it's time to reserve it or put in an offer.

2.  How Long Does It Take To Get A Mortgage?

It takes, on average, 2-6 weeks to secure a mortgage.

What happens?

You will need to speak with an Independent Mortgage Advisor who will  apply for a mortgage in principle.  Once your mortgage in principle has been granted, it's usually valid for up to 3 months.  And don't forget that, whether you're a first-time or existing buyer, we have a wide range of offers to help you make your next move.

3.  Employing a Solicitor

You'll need to employ a solicitor.

What happens?

A property solicitor, will act as a mediator between you, your mortgage provider, and the seller (or us if you're buying one of our homes).  Their role will include the handling of:

• Any contracts exchanged between parties
• Land Registry Deed
• Stamp Duty Tax
• Money transfer at point of sale

4.  Secured Lending Valuation

Your lender will send out a RICS Surveyor to conduct a valuation of the property.  After inspecting the property a surveyor will return the report to your lenders underwriter who will process the mortgage offer or ask for further information like a damp and timber report etc.

5.  Conducting a Survey

After inspecting the property, a surveyor will provide you with a details building report, including vital information on the home you intend to purchase.

6.  Exchanging Contracts

The completion of sale will be handled by your solicitor, and the timeframe can vary depending on type of property length of property chain, and any surveying issues.  Once contracts have been exchanged, a completion date will be set.  On this date, your Solicitor will handle the transfer of funds, and you will become the legal owner.