182015Aug
The House Buying Timeline

The House Buying Timeline

There is a saying that buying or selling property can be one of the most stressful things that any person will do in their lifetime, second to major life changes such as death and divorce. In fact, in the UK it could be argued that it is almost a tradition for house buying to take so long and that it is all part of the whole process.


And yet, the economy depends so much on a fast-paced property market that it is one step away from being ludicrous to think that a straightforward, no-problems-at-all purchase can still take eight weeks or more.

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Online Conveyancing Quote also understand that the timeline of buying a property, what happens when and so on, can seem a little mysterious;

The timeline – in a nutshell, with no delays or issues

·         Starting point: find the property you want to buy and make an offer.

·         Add another 2 to 6 weeks: Offer accepted, and exchange takes place. This means you pay a deposit and cannot change your mind without incurring costs.

In the interim, contracts are drawn up, deeds are read, searches made, mortgage valuation, surveys and so on.

·         + 4 weeks: completion is when you hand over the rest of the cash for the property, you get the keys and the deeds. No one is legally bound until the contracts have been exchanged. The property is yours! Enjoy!

However…

The offer stage

When you have found the property and made an offer, your emotions start to become entangled and thus, people fall deeply in love with their dream property. At this stage, however, there are many things that can go wrong, simply because no one is legally bound at this point (unlike in Scotland) to either sell their property, or the buyer to purchase it. In England and Wales, this stage is only reached at the exchange of contracts.

There can be two issues at this stage:

·         Gazumping – this is when another buyer comes along and offers more for the property, which the seller accepts, meaning your offer is out the window. You could ask the vendor to take the property off the market, so to speak, as a condition of your offer reducing the chances of this happening – but it still can.

·         Gazanging – this is when the seller decides to hang out for more cash and, after initially accepting your offer, decides to change their mind and put the property back on the market. This is more common in times when the property market is particularly buoyant, and there is little that you can do about it, unfortunately.

Conveyancing

This is the legal process of buying and selling the property, and involves the contracts, deeds and searches. You don’t necessarily need to find a conveyancing firm before you make an offer but, being prepared can help cut down time.

Your lender

Hopefully, you will have a mortgage offer in place before you start searching for the property as this can affect the whole buying issue. If you have completed some of the paperwork with a lender, you are already a few steps closer to owning your new home.

They will want to know that the property you are buying is worth the money and will thus they will look at lending to you, and lending on the property you want to buy.

The searches

Once the mortgage is all in place or at least progressing in the right direction, your conveyancing firm will be carrying out searches. These can take some time, depending on the local authorities and so on involved although, there are moves afoot to centralise these searches, making the result available online. This should significantly decrease the amount of time and money spent on the searches.

The survey

You need to know that the property you are buying is sound and worth the money. Hence, a survey will need to be carried out. Conveyancing firms can help you with this or you can use an independent surveyor.

Completion date

When everything has fallen into place, a completion date is negotiated between your party and the vendor. This is the date that everyone aims to have everything in order, keys are handed over, the deposit is paid, and contracts exchanged.

The house is yours! There are now some simpler pieces of paperwork that needs completing, but the property you have coveted for so long is now legally yours, and you are free to renovate, move in and enjoy.

Not that stressful is it?!

On paper, it looks a straightforward process and, at times, it can be. Knowing who is involved at which stage, and being prepared is one way to aid the legal process of buying a house move along smoothly.

There is a saying that buying or selling property can be one of the most stressful things that any person will do in their lifetime, second to major life changes such as death and divorce. In fact, in the UK it could be argued that it is almost a tradition for house buying to take so long and that it is all part of the whole process.

https://farm6.static.flickr.com/5015/5577108264_d994cdbda2.jpgAnd yet, the economy depends so much on a fast-paced property market that it is one step away from being ludicrous to think that a straightforward, no-problems-at-all purchase can still take eight weeks or more.

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