How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors.
There are two parties to the transaction so however quickly the transaction takes place is dependent upon the seller and the buyer having the will for the same date together with the buyers mortgage company being able to comply. If there is a chain; i.e. if there are a number of people buying and selling , they are all dependant on each other then it can take many weeks. It it very difficult to say right at the outset how long the transaction will be but we would anticipate it not usually exceeding 16 weeks and we would hope to complete within 6-8 weeks.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the below is an overview of the stages you can expect during a “standard” transaction:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Management packs (leasehold only)
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry