Timescale For Buying A House

Timescale for buying a house will differ from several weeks to several months. Typically, house hunting is the longest stage, and it will be impossible to put a timeframe on that – after all, a lot will depend on your expectations, budget, and simple luck. Plus, even before you start house hunting, you will have to talk to your bank to determine if you can be approved for the loan, and how much money you can expect to borrow. Unlike house hunting, which is a time indefinite process, this will not take you more than a couple of hours.

As soon as you find a house you would like to buy, there are a couple of other stages that determine the timescale for buying a house. The order and timelines are as follows:

Week 1: making an offer

After you find a house you like, you make an offer to the seller. If he /she accepts, the property in question is considered under survey. No one makes any commitments at this stage – both you and the owner can cancel the deal any time, without any explanations. If you are really interested in the property you should start looking for a solicitor – as soon as possible.

Week 2-3: hiring a solicitor to prepare the paperwork

When you find the solicitor, he /she will start working on the paperwork for you. Even before working on the contract, the solicitor should prepare a range of property evaluation reports, which normally include information about building and architectural data, homeowners’ report, etc. The exact list will depend on the reports you order.

Week 4-6: finalizing the mortgage and the deal

If the reports provided by your solicitor prove property cost to be worth it, you go back to the bank to finalize your mortgage plan. First, the loan should be transferred to your bank account; then – buyer’s and seller’s representatives exchange contracts, review them, and if everything is fine, you and the seller sign the agreement. Afterwards, you transfer the money from your account to the seller’s account (via your solicitor).

Week 6 and counting: paying the fees and getting ready to move

At this point, you will have to pay your solicitor and mortgage fees. The whole process will not take more than a day. Yet, there are some other details that have to be considered. For example, you will have to make sure that the owner has paid all of the previous utilities bills. Another point to consider is renovating a house a little. Sometimes, the property may require some minor renovations, like painting the walls anew, and sometimes – something much bigger, like replacing engineering communications. Ideally, you should consider these expenses in your calculations.

Furniture can become another expense point. Even if you already have some furniture  you need, it does not mean that you will not need extra – especially if your new house has more rooms than the previous one. Living and dining room furniture sets  are typically the first ones on the new homeowners’ checklists.