How long is a piece of string!
Rather than try to give you a definitive timeframe for buying a house, it is probably best if we give you an idea of the potential pitfalls you may encounter. This way, you are best prepared to avoid them and speed the process.
Nowadays, to buy a home in and around Maidenhead, most people will need a mortgage. To obtain a mortgage they will need to prove various things including their income, details about their job or, if they are self employed, details of their business and income. You’ll need to transfer any savings you will be using for a deposit to your conveyancer. If they haven’t acted on your behalf before, you’ll need to prove you are who you say you are.
Once you have agreed terms, your mortgage provider will want to check that your purchase is of sufficient value to cover their Loan to Value ratios. This means you will need to pay for a mortgage valuation. You may decide you also need a structural survey or condition report too. This can take anything from a couple of days to a week or two.
The legal process is simple enough in most cases but your conveyancer will need to check that what you are buying is being lawfully sold by the proper owner, that it is clear of all incumbrances and is not likely to be affected by mining works, a new road or further adjacent development. Of course, it might be, in which case you will need more information before you can decide whether to proceed. These searches are sent to the Local Authority and the Coal Mining Authorities, etc. It can take two or three weeks to get these back.
Once your solicitor / conveyancer has all this information and has received an inventory of the sale and responses to her enquiries before contract (questions asked of the seller) she will ask the lender to confirm the mortgage offer. At this point you will be asked if you are ready to exchange contracts and commit to the sale.
And this is where many transactions slow down. You see, if your seller is still waiting on their seller to agree to exchange contracts, or your purchase is conditional upon the sale of your own home, a ‘chain’ of transactions is formed. Usually, the chain will be delayed whilst someone you haven’t even met waits on the exchange of a property they may never have seen! It can be frustrating, but despite it all, most transactions usually take between 6 and 12 weeks to conclude.
It is worth investigating the extent of the chain and whether everyone in the chain has a mortgage offer and is not reliant on something else happening, over which you have no control.
For more information contact us or speak to a mortgage adviser on 01628 507477.
Recent posts
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
11 days ago
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
Your House Viewing Checklist
12 days ago
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
Half of over 60s predicted to benefit from accessing housing wealth through Equity Release
15 days ago
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
Average Age of the First Time Buyer in the UK
22 days ago
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
Delayed Start Mortgage from Skipton
24 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
2 May 2025
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
More information
Trusted by
