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
Delayed Start Mortgage from Skipton
Yesterday
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
6 days ago
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.
The Family-Backed Mortgage from NatWest
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
The Impact of Klarna on Mortgage Applications
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
More information
Trusted by
