How long on average, does it take to buy a propery from start to finish?

geek84

Hi Folks

Could someone please give me a rough idea of how long on average, does it take to buy a property from start to finish, assuming it is a newly built property (not part of a chain), and the buyer has to take out a mortgage.

Thank You.

hazyjo

Regarding 'second hand houses', the average purchase takes 12 weeks from offer to completion. Can be more if a flat (or if you have to deal with managing agents for things like garages if a new build).

Not sure about new builds, but certainly can't see it being much quicker.

Advisable to use your own solicitor and mortgage/financial bod.

Jx

geek84

Hi

Thanks for you reply. Can this time limit be increased/reduced.

What factors determine the time limit?

hazyjo

Of course. Longest a sale took me was 5 months. Have bought in 5 weeks before.

Lots to determine the time limit. Sometimes lots of questions by solicitors, might need indemnity policies, survey might take a while to get booked and throw things up, might need inspections by certain tradesmen or engineers, people can take forever to deal with things (vendors, buyers, solicitors, mortgage providers, etc), a certain number of mortgages are chosen for a finer inspection, chains collapse so the remainder waits for others to play catch-up, things are often posted instead of emailed, other policies might need arranging - I once had to wait for a deed of variation, managing agents can charge and take forever to deal with enquiries, people go on holiday, the list goes on...

Jx

DRP

geek84 wrote: »

Hi

Thanks for you reply. Can this time limit be increased/reduced.

What factors determine the time limit?

It is entirely dependent on the situation of both vendor and buyer - so 12 weeks isn't a 'time limit' as such.

poledancer49

Have never moved within 3 months...annoying I know!

ACG

I would say about 12 weeks, but can be more or less.

I tend to pester anyone and everyone to keep things moving - but im being paid on the back of the mortgage completing so its in my interest to do it.

There are occasions where i get people who do not want to move before a certain date in which case i slow things down

Old_Git

offer accepted 16th March 2013 , completed in 3 May 2013 .
Vendor moving to rented accommodation ,me cash buyer .

LuSiVe

Offer accepted 14th March, completing tomorrow - fingers crossed

Hampered by bad estate agent communications at first as I was waiting for the vendors to confirm they have found somewhere to buy when in fact they had their offer accepted the day after they accepted mine [rolls eyes].

PasturesNew

With new builds, it depends if it's finished. Often the completion date is delayed, even in a straight forward purchase. I know somebody who sold their house and moved in with their parents for a month waiting for their new build completion - they finally got the keys on Xmas Eve two months late.

geek84

Hi Folks

Thanks for you replies.

The new build that I am in the process of purchasing should be completely built by end of July, and that is when the completion should take place. We are going to exchange contracts next week. The searches have come back fine and their doesn't seem to be much of a problem, and my mortgage application has been accepted.

Would it still take roughly 12 weeks from when offer was accepted to completion?

Thanks