Timeline for buying a house in 2022

jay530

Hey all,

New member so please do go easy. I'm a first time buyer and currently going through the daunting procedure of getting on the ladder. I wondered what people's experience has been since the stamp duty holiday ceased regarding how long it takes to get the keys? I know there are many factors in play when it comes to a question like that but it would be good to share thoughts and experience since this is all new to me.

Also this can serve as a sort of diary for myself and may help someone else looking back at it. We are going with the Nationwide mortgage scheme "Helping Hands". So far:

22/11/2021 - Got agreement in principle
05/01/2022 - Viewing
06/01/2022 - Put in offer

..Estate agent delaying passing offer over (stress)..

10/01/2022 - EA told us there's an identical offer. We chose not to amend our original offer.
12/01/2022 - Offer accepted
13/01/2022 - Mortgage application submitted
14/01/2022 - Sales memo received from EA
14/01/2022 - Valuation booked for 24th Jan

I hope there are no major bumps on this road, everything from my end seems straight forward, there is no upper chain and we love the house. Hope to keep this updated with how we get on!

MaryNB

You can see other poster's progress on the following threads.

The new waiting to exchange thread 

Anyone want to join me? Awaiting Mortgage decision...

The second one used to be quite active but it's gone quiet. 

Mahsroh

jay530 said:

Hey all,

New member so please do go easy. I'm a first time buyer and currently going through the daunting procedure of getting on the ladder. I wondered what people's experience has been since the stamp duty holiday ceased regarding how long it takes to get the keys? I know there are many factors in play when it comes to a question like that but it would be good to share thoughts and experience since this is all new to me.

Also this can serve as a sort of diary for myself and may help someone else looking back at it. We are going with the Nationwide mortgage scheme "Helping Hands". So far:

22/11/2021 - Got agreement in principle
05/01/2022 - Viewing
06/01/2022 - Put in offer

..Estate agent delaying passing offer over (stress)..

10/01/2022 - EA told us there's an identical offer. We chose not to amend our original offer.
12/01/2022 - Offer accepted
13/01/2022 - Mortgage application submitted
14/01/2022 - Sales memo received from EA
14/01/2022 - Valuation booked for 24th Jan

I hope there are no major bumps on this road, everything from my end seems straight forward, there is no upper chain and we love the house. Hope to keep this updated with how we get on!

If there's no upper chain then fingers crossed it'll be nice and smooth from here. Anything in a chain seems to be taking an age at the moment because so many sales are falling through. We were in a chain of 3 and it took nearly 7 months from offer to completion.... thankfully you don't have that problem. 

Having said that it can vary massively depending on where you are (huge differences in time for searches to come through depending on the local authority, leaseholds can take longer etc.). 

For us in terms of the conveyancing, all searches were done and enquires addressed in the space of about 6 to 8 for both our sale and purchase once under offer etc. We just had multiple issues completing the chain which I wont bore you with. 

Tiglet2

Having no chain or a short chain is not indicative of a quick sale.

The length it takes will depend on the legal paperwork and whether it is all in order.  If, for example, the seller cannot locate guarantees/warranties or there are title issues then these are all matters which can slow progress down.

What kind of property is it?  Freehold, Freehold with Management Company, Leasehold?

Tiglet2

I also recommend the new waiting to exchange thread - it can be an eye opener!

Mahsroh

Tiglet2 said:

Having no chain or a short chain is not indicative of a quick sale.

The length it takes will depend on the legal paperwork and whether it is all in order.  If, for example, the seller cannot locate guarantees/warranties or there are title issues then these are all matters which can slow progress down.

What kind of property is it?  Freehold, Freehold with Management Company, Leasehold?

Absolutely agree. I wasn't trying to say that in my original reply but reading it back it does read like that. I was merely pointing out that the process *should" be smoother as there are less hurdles, but that's not to say there wont be issues relating to searches or enquiries that need addressing that could hold it up. 

housebuyer143

If you and the seller are motivated and there are no issues with the house you can exchange in 4-5 weeks... 
But anything can happen. I am in a 3 person chain and it's not going fast.

jdsimmons3

Our offer was accepted 29/10. Still no date for exchange although the final enquiries were answered today 5mins before my solicitors close for the day so I'm hoping to get an answer tomorrow. Longest part was the mortgage we used nationwide and it took ages for them to book a survey. Once that was done it was accepted a few days after surveyor results came back. We paid for searches the day after our offer was accepted. The seller has taken ages!!! To answer our solicitors enquiries. Plus we had Xmas and new year so everything paused for a week. Really hope we get the keys soon. Good luck. Hope it goes quicker for you!

RS2OOO

My previous flat/house purchases have all gone from offer to completion in 8-12 weeks, even buying/selling leasehold flat within those time scales.

On my current sale/purchase it has been almost 7 months since accepting first offer on my house and 25 weeks since offer accepted on my onward purchase. 3 agreed completion dates have come and gone. Only 2 properties in the chain.

Predicting timescales is impossible no matter how simple things may seem.

penners324

Accepted an offer on 1st October, no chain. Enquiries sent back in early December, 2 days before Xmas, additional enquiries sent over......

jay530

Tiglet2 said:

Having no chain or a short chain is not indicative of a quick sale.

The length it takes will depend on the legal paperwork and whether it is all in order.  If, for example, the seller cannot locate guarantees/warranties or there are title issues then these are all matters which can slow progress down.

What kind of property is it?  Freehold, Freehold with Management Company, Leasehold?

It's a freehold property. It hasn't been sold in a long long time so I do hope there's nothing major that puts a long break on it but I'm aware it's very much possible. 

Currently waiting on the valuation, quite anxious about if it gets down-valued because although houses in the area were cheaper a year ago, it's in line with what houses are going for at the moment (maybe 1.5% higher)