Homeowners usually want property sales to happen quickly.
It makes your life easier because you aren’t stuck in limbo.
However, the time it takes to buy a home depends on several factors.
Below, we’ve outlined the average times and factors involved.
What are the different stages of buying a house?
1. Getting a Mortgage Agreement in Principle (AIP)
Obtaining a Mortgage Agreement in Principle (AIP) is easier than it might initially appear.
Getting this sorted early means you’re ready to make an offer when you find your ideal property.
Sellers are more likely to trust you, and you’ll know how much you can afford to borrow.
If all your financials are in order, you can get this done in an afternoon.
2. Finding your dream house
Finding your dream home can sometimes be challenging. But it’s all part and parcel of the home-buying process.
The duration of this stage depends on several factors, such as:
- Market conditions
- Availability
- Your specific needs.
It may take a few weeks or months to find your ideal property.
3. Making the offer
Once you’ve found your ideal property, you can make an offer.
This may involve negotiation, which depends on the offer you make and the price the sellers want. So it can take between a couple of days and a couple of weeks.
4. Pre-contract stage
After your offer is accepted, it’s the pre-contract stage. This takes up to 12 weeks on average.
5. Exchange to completion
The phase from contract exchange to completion is the next part of the process.
Here, you’ll exchange contracts and get a clear picture of when everything will be finalised. This can take 4 weeks on average.
6. Completion & beyond
The completion process involves the successful transfer of funds.
And the much-anticipated moment of receiving the keys to your new property. This gets done in one day.
From offer to completion: the total time frame
The whole process takes 6 months on average. If both parties are chain-free, it’s common to take 4 months.
And if other people in the chain slow things down, it could also stretch up to 8 months.
How long does it take to buy a house after an offer is accepted?
After an offer is accepted, it typically takes between 4 and 12 weeks to reach the completion stage.
This period involves finalising the mortgage offer and conducting property surveys and searches.
It also includes drafting and exchanging contracts and setting a completion date.
Receiving funds
You’ll typically receive funds from a house sale within 48 hours after completion. It gets sent to your bank account when your solicitor deposits the money into your account.
The final amount received will reflect deductions for mortgages, solicitor fees, and estate agent commissions.
