So, you’ve found your dream home and you can’t wait to get the keys. But how long does it take to move house in the UK? On average, it can take between 8 and 15 weeks once you’ve had your offer accepted.
In this blog post, we’ll break it down step-by-step. And we’ll also look at how not being in a chain or buying a new build can affect the timescales.
BUYING A HOUSE: THE TIMESCALES
Let’s take a look at the different stages of buying a house and see how long each one can take.
FINDING A HOUSE:
This is the hard part for many people, with so many factors at play and a fluctuating property market. Finding a house can take anywhere from 4 weeks to 8 months on average.
GETTING AN OFFER ACCEPTED:
Depending on the level of negotiating you want to do and how many other potential buyers there are, this can take up to 2 weeks. In some instances you can get this done in a day, however.
GETTING YOUR MORTGAGE SET UP:
This can take from 2 to 8 weeks, and will depend on your personal circumstances and application. For example, if you’re self-employed there may be more checks to do and more documentation required which can take longer.
This will run concurrently with your mortgage application, and usually takes 4 to 12 weeks. The speed of your solicitor will be a factor alongside the time taken for the various property searches to come back. A slow solicitor for the sellers can slow the process down too.
EXCHANGING OF CONTRACTS:
This is where you sign the contracts and exchange them with the seller. You also need to pay your deposit to your solicitor. Check with your bank that you can move that much money in one go. If not, you may have to do it over a few days which can slow the process down. This stage typically takes around 2 weeks.
This is where the chain can come into play, making it difficult to agree on a suitable completion date. If the seller doesn’t have a new property to go to, or they are still in the midst of the legal process, they may push back to give themselves more time. At this stage, the funds will be transferred for the deposit by your solicitor with the remainder paid by the mortgage company. Any stamp duty will also be paid. You should be able to move in on your completion date if all goes to plan.
HOW LONG DOES IT TAKE TO SELL A HOUSE?
If you already own a property and you’re selling it to buy a new one, the sale of your existing home can dramatically affect the timescales to get into your new one.
So, how long to sell a house in the UK? The average time to sell a house in Britain is between 4 and 6 months. This factors in getting your house on the market and finding a buyer. The desirability of your area, the size and features of your home, and the local property market will all affect the time it takes to sell your home.
Once you’ve accepted an offer, you’ll need to wait for your buyers to go through the above mortgage and conveyancing process.
HOW LONG DOES IT TAKE TO MOVE HOUSE ONCE THE OFFER HAS BEEN ACCEPTED WITH NO CHAIN?
If you’re buying a house with no chain, the process can be a little quicker. For example, if you’re a first-time buyer and the seller is moving into a rental first, this would remove any negotiation around the completion date and it takes away the need to sell your home first.
But you still need to go through the mortgage and conveyancing process as well as exchanging of contracts. This may still take between 8 and 15 weeks even if there is no chain.
THE BENEFITS OF BUYING NEW
The time to buy a new build is often dependent on the build stage of the plot you are buying. You will still need to apply for your mortgage which can take time, as well as go through the conveyancing process. The latter will be much quicker as there won’t be any complicated searches to complete when you’re buying direct from a developer – they will have all the information to hand. Plus, the new home builder will often be much more prompt than solicitors acting on behalf of sellers.
You’ll also need to factor in the sale of your existing property. When you buy a new build from Wain Homes, you can sell your current home to us through our Part Exchange scheme, this is available on when you buy selected plots at selected developments. We give you a fair and guaranteed price and you don’t need to worry about chains or estate agent fees. This will ensure the process is as quick as it possibly can be.
One of the biggest questions first-time buyers have when purchasing a new home is how much deposit is needed. Lots of people make a big deal out of deposits, while they can also be something of an unknown quantity. Read on if you want to know how much deposit for a house is really needed, as well as some other things to keep in mind about this aspect of buying a home.
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