‘How long will the buying process take?’ When it comes to buying a new home, this is everyones favourite question. And who wouldn’t want to move into their new home as soon as they have found it, however there are a number of things that impact on the timescales of your completion so the more you can understand and mitigate against these challenges, the sooner you’ll be in.
Here are the top five things we see that have the biggest impact on how long it takes to get you into your new home:
1.The circumstances of the person selling the house and when they want to move out. Even with an agreed date in the diary circumstances change and personal things come up.You’re not just hoping that all of your matters are in order but also those of the seller
2. The other solicitors or conveyancing team acting on behalf of the seller. From online conveyancing machines to boutique solicitors, everyones processes and methods of work vary. It takes good honest communication by everyone involved to keep things moving smoothly
3. The mortgage lender and other financial considerations. Mortgage offers are conditional and they also tend to expire after 3 – 6 months so depending on timings and financial buoyancy of you and your seller it could be financial matters that cause delays to getting you into your dream home
4. Survey results and local authority searches. Where do we start! Searches are done at the Local Authority and other authorities, to gather information about the property and surrounding area. Sometimes entries require further investigation with the search provider or we may need to raise enquiries with the Seller’s solicitor. Your Survey Report on the property can throw up any items such as damp; structural issues or suggest works to be done to the Property. Your surveyor will advise what works or investigations are recommended and your lender may require these to be done as a condition of your mortgage
5. Leasehold requirements from the landlord or managing agent. In the case of buying a leasehold property, you can face an extra set of requirements and checks such as approval from the landlord to accept you as a tenant in the building. Sometime a document called a ‘Licence to assign’ is required.
In exceptional and simple cases we have been able to complete the process in 24 – 48 hours but most purchases take anything from 6 – 12 weeks. Good communication and managing expectations tend to be the best way to mange some of the inevitable hurdles to keep everyone happy right up to the day of completion.
This month we are delighted to welcome Nick Mathys as a new Partner at Lewis Townsend. Nick is a fluent Japanese speaking commercial, technology and data protection lawyer who brings with him a wealth of experience in both UK and Japanese markets, including many years with Herbert Smith Freehill’s Tokyo office where he worked closely […]
We’re delighted to share the news that we are now joined by Tarron Dobson, the latest member of the team here at Lewis Townsend. Tarron has recently completed her Legal Practice Course at BPP University and joins us to start her legal career as a paralegal. After years of study, Tarron is keen to put her knowledge […]
‘How long will the buying process take?’ When it comes to buying a new home, this is everyones favourite question. And who wouldn’t want to move into their new home as soon as they have found it, however there are a number of things that impact on the timescales of your completion so the more […]