Buying property how long

Saving for a deposit is the first step to buying a house. The more that you can afford to put down for your deposit, the less you will need to borrow from a mortgage lender, and the wider choice of mortgage deals you are likely to have. For more information on this, read our guide on how much you have to save for a deposit.

A credit report is what your lender uses to establish that you have good track record of making repayments and have not missed payments on any previous credit you may have had. Your credit report is collated by Credit Reference Agencies CRAs and includes your personal information, the accounts you have opened in the past, the number of enquiries that have been made to see the report, how payments have been maintained etc.

You can apply for a mortgage directly from a bank or building society although some may not offer this option. You may also choose to apply for a mortgage via a mortgage broker or financial advisor, who will help you compare the different mortgage rates on the market. From the different lenders available to fixed and variable rates, it can be difficult to decide which is the right mortgage for you. Choosing the best fit will depend on the size of your deposit, the type of buyer you are and if you currently already have a mortgage.

When looking into how much you can borrow, remember to factor in the additional costs of buying a property, such as stamp duty. Once you know how much you can borrow for a mortgage, you can draw a clearer picture of your budget. Once you've found the property that you feel is right for you, you'll need to make an offer to the seller.

How much you offer on the property should be an amount that you are realistically willing, and can comfortably afford, to pay.

You can use our online mortgage repayment calculator for an idea of how much your monthly mortgage repayments on your chosen property could be. If the seller accepts your offer then the purchase price of the property has been agreed and it's time to make your full mortgage application.

You will likely receive your mortgage application and details of your mortgage quote electronically or in the post. The final stage is the mortgage valuation survey. This is basically the lender checking that the property is worth the money you want to pay for it and that they would get their investment back by foreclosing taking possession and selling the property should you default on the mortgage payments. Depending on how rigorous a system the mortgage lender employs, this can take anywhere from a couple of days to a few weeks — again, just sit tight.

Once this all checks out, barring any last-minute curveballs, you should be able to celebrate receiving a formal mortgage offer in writing — and having the money to purchase that property. This is where the legal process takes over and your solicitor really earns his or her fee. It is perfectly acceptable to keep the pressure on them and chase things up since they will be working on a number of different cases and you will want to make sure that they are prioritising yours, especially if you are in a buying chain and have deadlines to consider.

Finally, both you and the vendor will sign legally binding contracts committing to the transfer of property ownership, and your solicitor and theirs will exchange the contracts. This is where you actually sign on the dotted line and can crack open the champagne. Make sure you complete everything that is your responsibility to action as quickly as possible and set the pace.

There is usually a four-week deadline from exchange of contracts to exchange of keys, although a different time frame can apply if mutually agreed by you and the vendor. You will set the completion date when you exchange contracts, so by this point it should be clear how long you have left to sort the final pieces of the puzzle and wait patiently before you can move in.

You solicitor will have to do some final checks and searches to make sure all is still in order. This is also the stage where the rest of the money changes hands. Patience is certainly a virtue.

Homeownership is now seen as an achievable possibility, with millions of people owning homes across the world. These building societies created secured loans, but they came with a catch: you only paid the interest for 3 to 5 years, and you paid the principal the amount of money outstanding at the end of the loan. Perhaps it is very similar to your own and you are thinking about putting your property on the market. With everyone spending more time than ever at home over the past 18 months, making sure our homes are the perfect haven has never been more important.

Well, there. Completion day is the day that the money and ownership for your new home officially and legally changes hands, and you pick up the keys to your new property. There will of course be a lot going on behind the scenes to ensure the sale takes place successfully. So, what should you expect from completion. Show me all Buying Guides. Read More Reviews. The lender will not have had a chance to appraise the property either, so it really is just an initial view.

However, it can be helpful if you have never bought a house before and want to get an early steer on how much you can borrow.

It can also be very useful to convince the estate agent and seller that any offer you make for a property is serious and is likely to be supported by the bank. Looking for a mortgage? Speak to our fee-free mortgage partners. You can start the process online with the mortgage finder service and speak to an adviser at any time. Between the point that your offer is accepted by the seller and the completion of your house purchase there are many overlapping processes which take place.

You can prevent any hold-ups if you have already done your research on which conveyancing solicitor you want to use. Freehold properties are usually more straightforward. If you are buying a leasehold, a property with restrictive covenants or using a government scheme such as Help to Buy, the process can take longer. You should make your mortgage application once you have instructed your conveyancing solicitor, either through a broker or by contacting a lender directly if you have done your own research.

From applying for a mortgage to receiving an offer is likely to take around days 3 to 6 weeks. Many of these timings will be out of your control, but you can do your bit by being responsive. If you look after your side of the process then hopefully the other parties involved will do the same. When you are ready, compare conveyancing quotes from the cheapest, nearest and best rated conveyancers from our panel of quality assured firms.

Your mortgage lender will want to instruct its own surveyor to carry out a valuation survey , which can take anything from a few days to over a week if the market is particularly busy. Read more about the different types of survey here.

Compare quotes from local surveyors today. The survey may highlight areas needing to be addressed and you may need to take additional time consulting local tradesman to give you an estimate so you know how much any problems would cost to put right. If the costs are significant, you can reduce your may want to renegotiate you offer which again can add additional time to the process.

But all this will add delays to the process so act as quickly and decisively as you can. Read our guide on What to do if you get a bad survey report. You must also arrange building insurance for your new property to take effect on the day you exchange so shop around now.

It is usually a condition of the mortgage agreement. Get quotes for buildings insurance today. Once all the searches are complete and satisfactory and the mortgage is in place it is time to exchange contracts. Before doing so you should agree with your buyer and seller a date for completion.

This normally takes place around midday.