The truth surrounding how long it takes to buy a house in the UK – Does Anyone Know?
In short, the Law Society has gathered data on this exact question, they have evidenced an average of 20 weeks from start to finish, five months in total is now the norm in the UK.
In reality ‘how long to buy a house’ is a ‘how long is piece of string’ question, with many variables to consider each unique to any given transaction up and down the UK.
Choosing the right specialist is also as important as the transaction itself as they must be the right fit for you and the property specialist you choose needs to understand your requirements.
A failure to do so will only lead to a miss-management of your (or other peoples) expectations and at best causes delays.
At worst it can lead to a fall through within your chain hindering the process even further. Remember throughout your transaction, how long to buy a house is not always in your control.
How long to buy a house – The Variables
Are you in a chain? Are you using a Help to Buy incentive? Is it a New Build? Are you having searches? Is there a problem with the Register of Title? Is there a management company or third party involved?
These are just a few instances which could affect the time surrounding the UK’s ‘how long to buy a house’ question and it is by no means a comprehensive list.
Technology is changing daily, leaving some firms behind others and is now having a large impact on time scales as well.
Ensuring you pick the firm that supports your tecno-level is another way of ensuring there are no needless delays when you type the inevitable how long to buy a house.
How To Buy A House UK – The Specifics
The very first step in how to buy a house in the UK is to seek financial advice, be it directly from a lender or a financial advisor. They will furnish you with a Mortgage In Principle from a bank and it will then be clear what kind of property you can afford. Next, check online or on the high street and find a house in your budget.
Once at this stage, you will speak to the Estate Agent who listed the property to negotiate your offer. So, you have your offer accepted and are ready to move in… but wait! Now there is the process called conveyancing, where a solicitor will deal with the legal side of buying your future home.
Most estate agents recommend law firms they trust to carry out this work, but a search online may find an alternative. They will then progress your home to legal completion which allows you to get the keys.
Congratulations, you now know how to buy a house uk! Though rather simplified, this overall pattern is followed up and down the country by thousands every year, best of luck with your own.
Why should you hire a conveyancer?
Once formally instructed by a client who wishes to sell, a conveyancer will obtain registered or on occasion unregistered title deeds, create draft contracts and compile a pack which includes the seller’s answers to specific questions about the property. This ‘sellers pack’ will then be sent to the buyer’s solicitor for review.
You should always hire trusted conveyance solicitors such as AVRillo who are rated as the best residential conveyancing solicitors in Stoke on Trent and the top conveyancers in Leicester.
Once formally instructed by a client who is buying, a conveyancer will receive the aforementioned pack and review the documents within ensuring they raise any enquiries necessary that establish good legal title. They will also order searches on the property and communicate with mortgage lenders, if applicable to ensure mortgage funds are released in time for the day of completion.
Several other aspects are in the conveyancer’s hands to help clients through the process; these include, but are not limited to paying deposits, paying stamp duty land tax and registering the buyer on the property post completion.