How Long Does It Usually Take to Buy a House?

Buying a house is a complex process with lots of legal and financial considerations. The conveyancing steps are crucial to making sure everything goes smoothly and legally. While the process usually takes 8 to 12 weeks in England and Wales for residential properties and 4-8 weeks for new build properties, this can vary depending on how complicated the purchase is, how big the chain is, how quickly everyone responds, and any unexpected issues that might come up. It’s important to stay patient, and keep in mind that delays can happen. Being prepared and proactive with your paperwork can help move things along.

Steps to Buying a House

Conveyancing is the legal process of transferring ownership from the seller to the buyer. Here’s a breakdown of how it usually goes:

Getting Started

The buyer hires a conveyancer (such as Franklins Solicitors LLP) to handle the legal side of things once the offer on the property has been accepted. The conveyancer will do identity checks and ask for some initial information, such as proof of funds.

Property Information and Title Checks

The seller fills out a property information form, and their solicitors send over official copies of the title register and plan from the Land Registry, along with any other key details. These documents provide crucial information about the property.

Local Searches

The conveyancer will carry out various checks with local authorities and other relevant bodies including Local, Environmental and Water searches; other searches may also be suggested to be carried out. These might include looking into planning permissions, building regulations, environmental issues, drainage, and other important details about the property and its surroundings.

Review and Enquiries

The conveyancer will review all the documents provided by the seller’s solicitors, ask the seller’s solicitor any necessary questions, and clarify any potential issues or discrepancies found during the process.

Mortgage, Survey and Source of Funds

If you need a mortgage, this is the time to finalise your application; it is recommended to have a mortgage offer accepted at an early stage of the transaction. The lender may require a valuation survey to assess the property’s value. You can also opt for a more detailed survey (like a Home Buyer’s Report or Building Survey) to identify any structural issues which can be arranged directly or via your estate agent. The lender will then issue a mortgage offer to you and your conveyancer. You will also be required to provide source of funds information to show how you will fund your purchase, the conveyancer will request the required documentation.

Contract and Mortgage Offer

Once all the necessary checks are done and everything looks good, you’ll be asked to sign the contract together with other documentation needed depending on the matter. By this point, your mortgage offer should be in place, and any extra conditions should be met.

Exchange of Contracts

The conveyancer will obtain your verbal authority and once obtained will then exchange contracts with the other side of the solicitors, using identical contracts, usually over the phone. This is when the deal becomes legally binding, and you’ll need to pay a deposit, if necessary. Also, if you are purchasing a residential property then the buildings insurance will be required to put in place.

Completion

On the agreed completion date, the remaining balance of the purchase price is transferred to the seller’s solicitor. You can then collect the keys and move in. Also, if you are purchasing a new build property then you will be required to put your buildings insurance in place.

After Completion

The conveyancer will handle the final details, like paying stamp duty, registering the property in your name at the Land Registry, and making sure any outstanding charges against the property are settled. The registration may take up to 2 years to register with Land Registry.

You can contact our Conveyancing team here or call on 01604 936512 / 01908 953674 or email info@franklins-sols.co.uk.