How long does it take to buy a home?

1. Starting your property search

Timeline: 1 to 12 months

Finding the perfect home is a unique journey for everyone. Whether you’re a first-time buyer eager to step on the property ladder or looking to sell your home for a new chapter, your situation will help shape your search criteria.

Taking time with this crucial step is key. Viewing various properties helps refine preferences and can lead to delightful surprises – you might fall in love with a home you hadn’t initially considered.

The search can take anywhere from a month to a year. Some people stumble upon their dream home quickly, while others enjoy a longer exploration. There’s no need to rush – the goal is to find a home that truly fits your needs and lifestyle.

Remember, the more properties you view, the clearer your preferences will become. Keep an open mind and search widely – your perfect home might be waiting where you least expect it.

2. Securing a mortgage

Timeline: 2 to 6 weeks

Securing a mortgage is often simpler than it appears. With proper preparation, it can be a straightforward part of your home-buying journey.

You have the option to secure a mortgage before or during your house hunt. Understanding your borrowing capacity early on helps streamline the process when you’re ready to make an offer.

Check out our full mortgage guide here.

There are two main paths to securing your mortgage:

1. Going directly to a lender
2. Using a mortgage broker

Whichever route you choose, you’ll need to provide information about your financial situation, employment, and some personal details. This helps determine what you can comfortably afford.

While you can’t fully secure a mortgage until your offer is accepted, you can obtain a Mortgage in Principle (MIP) in the meantime. A MIP provides a realistic estimate of your borrowing capacity. While not 100% guaranteed, it offers a solid figure to work with during your property search.

3. Making an offer

Timeline: 1 week

Whether it takes you one month or one year to find your dream home, you’ll eventually get to the point where it’s time to make an offer. Although this might seem daunting, remember all it takes is a quick phone call or email to the estate agent.

Want to know more? Check out our guide on how to make an offer on a house.

Tips for Making a Strong Property Offer:

• Bid strategically: Consider your situation and bid accordingly. You might be able to bid below the asking price subject to circumstances.
• Put it in writing: Follow verbal offers with written confirmation to prevent misunderstandings.
• Highlight your advantages: Emphasise benefits like being chain-free if you're a first-time buyer.
• Be prepared to negotiate: Respond to counteroffers or consider your best offer upfront in competitive markets.
• Ensure fair treatment: Agents must present all offers to sellers. Report any failures to do so to Trading Standards.

Even if you do all the above, it might not be enough. Prepare yourself for a counteroffer, the seller might come back to negotiate, it’s a good idea to have a maximum figure that you can go up to.

5. Instructing a conveyancer

Timeline: 8 to 16 weeks

Now that you’ve reached an agreement with the seller, it’s time to instruct a conveyancer. A conveyancer is a lawyer who specialises in property law.

Do your research here, shop around, get some quotes, and if you can, talk to them to see how they communicate. Check out our guide on how to choose a conveyancer here.

They’ll request searches on your behalf (environmental, local, water and drainage etc.), draft documents, plan exchange and completion, and more:

• Perform ID and source of funds checks
• Review title deeds and prepare contracts
• Conduct necessary searches
• Make property enquiries to the seller
• Advise on required surveys/valuations
• Review mortgages offer conditions
• Explain contract terms to you
• Negotiate between parties if needed
• Answer your questions throughout
• Set dates for exchange and completion

What does the conveyancing timeline look like?

Bear in mind that this list only covers key responsibilities, but depending on your specific situation, your conveyancer might take on additional tasks. Learn more about what a conveyancer is and what they do here.

It’s difficult to provide an exact timeline for how long conveyancing will take.

Some elements that could cause delays will be outside of your control, such as slow communication between parties, survey or search results, and your property chain.

Keep in mind that every situation is unique, and a freehold property purchase is typically quicker than a leasehold one.

What’s the difference between a freehold and a leasehold?

The conveyancing process is likely to be the longest part of your property journey once you’ve had an offer accepted.

6.Get a survey

Timeline: 1 week

Once your offer has been accepted, it’s time to consider a property survey. While not a legal requirement, a survey is a wise investment that can save you thousands and provide peace of mind.

Think of a house survey as a health check for your potential new home. Surveyors are experts who know exactly what to look for in a property. They thoroughly inspect the house, spotting everything from minor to major structural problems that might not be visible at first glance.

The surveyor’s report provides a clear picture of the property’s condition, covering various details from wall types to window glazing. This information is invaluable in helping you make an informed decision about your future home.

There are different types of surveys available, each offering varying levels of detail. Choosing the right one for your needs can help you avoid costly surprises down the line.

While it might feel like another expense in an already costly process, a survey is an investment in your future. It can uncover issues that could affect the property’s value or require expensive repairs. This knowledge gives you the power to negotiate the price, ask for repairs before purchase, or even reconsider the purchase if significant problems are found.

What type of survey should I choose?

7. Exchange of contracts

Timeline: 1 day to 1 month

Exchanging contracts is a big part of the conveyancing process – this is when everything becomes legally binding.

Up until this point, either you or your seller could have walked away without (too many) consequences.

At exchange, you and the seller sign identical contracts, which your conveyancers then swap. This makes the transaction legally binding. Pulling out after this point incurs penalties: the seller would have to return the exchange deposit, while the buyer risks losing it entirely.

It’s a rare occurrence for people to pull out after contracts have been exchanged, so try not to overthink it too much. More often than not, exchanging means the time of uncertainty is over, and you can be confident that your purchase is locked in.

Although there is no set timeline for how long there is between exchange and completion, it typically happens between 7 and 28 days.

What else do I need to know about exchange of contracts?

8. Completion

Timeline: 1 day

Completion day marks the finish line of your purchase journey. It’s the big day when the official legal ownership transfers from seller to buyer.

When you reach the big day, funds will be transferred from the buyer’s solicitor to the seller's, and once the funds have been received, the keys will be released. This is the point when you can move into your new home.

This is a day to cherish! Whether it’s taken you 3 months or over a year to get to this point, it’ll all be worth it by completion day.

What happens on completion day and what is it?

What can delay your property purchase?

Before you get the keys to your new home, several hurdles can crop up during the buying process – here are some common delays you might encounter.

Survey results

If your surveyor reports major structural issues, you might be facing a tough decision.

There are a few things you can do here:

1. Continue with the purchase and repair the issue yourself or renegotiate the price
2. Ask the seller to fix the issue before you move in, which could be added to the contract
3. Pull out of the purchase entirely and start your search again. This may sound painful, but it may save you thousands of pounds and endless headaches

Make sure you consider all your options here, sellers are usually understanding in this situation as they’ll want the sale to go through so they can also complete their next purchase.

More often than not, these issues can be resolved within a few days, or a couple of weeks.

Miscommunication

Property transactions can hit unexpected snags due to communication breakdowns. With multiple parties involved – from buyers and sellers to estate agents, conveyancers, and lenders – keeping everyone on the same page is crucial, but difficult.

Delays often crop up when parties are out of sync. A conveyancer might be waiting on documents while an estate agent is slow to respond. Or a buyer could be ready to move forward, but the seller’s lender is dragging their feet.

Misunderstandings about timelines, contract terms, or responsibilities can further complicate matters. When information gets lost in the shuffle or messages are misinterpreted, it can set the whole process.

Property chains

Delays in the chain can be frustrating, especially if they’re outside of your control. Property chains are made up of “links”. With each link representing a transaction in the chain. There’s a lot that can delay a chain with so many parties involved in each transaction.

Every transaction will likely have an estate agent, conveyancer or solicitor, surveyor, mortgage lender and maybe more.

With so much going on with each transaction, you can see that there’s an opportunity for delays, issues, and unexpected surprises. Property chains have a dependent nature, one thing going wrong in one transaction, can impact others in the chain.

Most of the time, any issues that arise can be solved relatively easily.

But sometimes it’s not that simple, here’s some situations which can cause chain delays or collapses:

Buyer or seller hesitation: Last-minute doubts or better opportunities can derail a transaction, causing significant disruption.

Mortgage approval issues: When a buyer’s financing falls through, it not only halts their purchase but can stall the entire property chain.

Unexpected survey results: Property assessments sometimes reveal costly repairs or critical issues, potentially scaring off buyers.

Last-minute price negotiations:  If a buyer attempts to lower the agreed price just before completion, it can delay the entire process.

Gazundering: If a buyer attempts to lower the agreed price at the last minute, it could delay the entire process.

Gazumping: When the seller breaks an agreement to accept a higher offer from another buyer, it can stall the chain.

Chain reaction: And finally, in linked property transactions, one delay can trigger a series of setbacks, potentially impacting your own purchase.

Frequently asked questions

How much should I save before starting my property search?

The amount you should save depends on various factors, including the property price range you’re considering, your income, your current situation, and the local market conditions.

Generally, you should aim to save for a deposit (typically 5-20% of the property price), legal fees, survey costs, and moving expenses.

It’s also wise to have an emergency fund for unexpected costs.

How much does it cost to buy a house and move?

What happens if I want to back out of a house survey?

If you want to back our before exchanging contracts, you can do so without legal penalties, although you may lose any money you’ve already invested on surveys or legal fees.

After exchanging contracts, backing out can result in losing your deposit and potentially facing legal action for breaking your contract. It’s crucial to be certain before exchanging contracts.

How long does it typically take to move in after my offer is accepted?

The time between having your offer accepted and moving in varies widely, but typically it can take 2 to 3 months.

The timeline will depend on things such as chain complexity, communication between parties involved, and survey and search results.

Find out here how long it takes to move in after having an offer accepted.

Do first-time buyers complete more quickly?

First-time buyers may often be able to complete more quickly due to not having a property to sell, which simplifies the chain.

However, this isn’t a guarantee. Factors like the mortgage approval processes, the length of the chain after the buyer, and potential delays if purchasing a new build could still affect timelines.

While first-time buyers may have some advantages, a smooth completion ultimately depends on all parties in the transaction working efficiently together.

Check out our first-time buyers guide for more.