16th November 2017
This is a question we are frequently asked by eager home buyers. Unfortunately there is no simple answer, other than ‘it varies’. A property transaction is like a jigsaw; all the pieces of the puzzle must come together to complete the transaction.
On average it can take between 6 – 10 weeks to buy a house, but there is no guaranteed time to complete the process as there are so many factors that could affect timescales. There are various uncontrollable and unforeseeable circumstances that can crop up in the world of property buying even with the simplest of transactions therefore the ‘move in’ date can be tricky.
These are some of the factors that can impact on the time it takes to buy your property, along with some hints and tips to speeding up the process;
As with most tasks, preparation is key. It is important to get organised in the early stages to minimise any hold ups. Ensure that your finances are in order, visit your bank / mortgage broker early on to obtain your mortgage in principal and make sure that you have all your relevant paperwork and documents to hand.
2. Good Legal Team
Instructing the wrong firm of solicitors can play a major part in purchasing delays. Good conveyancers will work quickly, but remember they also need to be thorough in order to act in your best interests. You don’t want the solicitor to miss anything as this could cause major problems and expense for you later down the line.
3. Lender Panels
It is important to ensure that your firm of solicitors is on your lender’s Panel. Surprisingly many leading Firms are not on various lenders Panels and unfortunately this is often only realised after instruction – to avoid delay and costs be sure to avoid this! At Lamb Brooks we are not aware of any lender’s Panel we are not on.
4. Information Disclosure
It is key to let your conveyancer know about any gifts / loans being provided at the outset so that any necessary information / documents can be obtained early on as we would have to write separately to the gifter / lender and report the gift / loan to your mortgage lender. Even if you are yet to find a property to purchase please do not hesitate to come in and let us know about your proposed transaction so we can get the ball rolling as soon as the offer is accepted.
5. Prompt Paperwork and Documents
Don’t cause yourself delays by putting off the paperwork and documents. Respond to queries straight away to avoid any delays. The Lamb Brooks Property Law Team Office has its own reception where you can call in to drop off paperwork / documents by hand or deal with any questions you may have.
6. Survey Reports
The result of a survey can sometimes delay the buying process. If any serious issues are highlighted in the findings this can cause delays or even abandonment. Be sure to arrange a survey at the outset of the transaction.
7. Chain Reaction
Obviously, the longer the property Chain the greater the risk of delays or problems occurring. You can only move as fast as the slowest party in the Chain. If there are several parties in a Chain the knock on effects are generally rippled through. You should identify all parties at the outset so that you have the full picture.
Buying and selling a home can often send you on an emotional roller-coaster. There can be excitement and exhilaration, alongside feeling of irritation and impatience.
Lamb Brooks Solicitors in Basingstoke have a dedicated Property Law Team office located at the top of town. The office houses both Residential and Commercial Property Solicitors, headed up by our experienced Head of Property Partner, Sheena Aston. The team have vast experience dealing with local property purchases and work alongside you to achieve the best results. The ‘top of town’ office is ideal for popping in with paperwork / documents or to have a quick catch up.
For further information please contact Rebecca Habgood de Burgh, Conveyancer on 01256 305576 or email Rebecca.HabgooddeBurgh@lambbrooks.com
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
If you are need of professional, reliable legal advice, contact us today.
Lamb Brooks LLP
39 Winchester Street
f: 01256 330 933
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Lamb Brooks LLP (registered at Companies House OC363909) whose registered office address is: Victoria House, 39 Winchester Street, Basingstoke, Hampshire, RG21 7EQ
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