Purchasing a home can be an overwhelming and stressful endeavour. Unfortunately, the process hasn’t become any easier in recent times. But there are some things that can make the journey – and overall timeline – more straightforward.
This article may be helpful in gaining a better understanding of purchasing a property as a first-time buyer.
The Timeline
Firstly, it’s important to know the standard timeline for buying a home, particularly in Wales, Northern Ireland and England in this case. The common timeline for buying a home can range from six weeks to eight months. But, it’s essential to note that the timescales tend to hinge on both the seller’s and buyer’s situations and will vary due to that.
Firstly, one has to locate a property. This involves doing research on the neighbourhood and looking into estate agents.
After that, if the property chosen meets expectations, then the buyer has to make an offer. This entails informing the seller what they’re able and willing to pay alongside any conditions they may have before going through with purchasing the property.
All in all, this part of the process can take between four to twelve weeks, depending on the circumstances of both parties.
If all goes well, the offer will be accepted. But the work doesn’t end there. Next, the buyer has to hire a surveyor to look over the condition of the property while their solicitor investigates for any potential legal issues.
Finally, there’s the exchange when the buyer puts down their deposit, solidifying the deal and ensuring that they can’t retract without significant cost. All of this can take up to four weeks.
Things To Look At
It’s advisable for the buyer to have a conveyancer to assist them. Conveyancing is the name for the legal process of transferring an estate from the current owner to someone else. Conveyancers are lawyers who specialise in issues pertaining to property. They will handle the Land Registry, legal documents and local council investigations.
Employing a trustworthy concierge conveyancing service, such as that provided by https://www.samconveyancing.co.uk/, can make the process run much more smoothly.
Many home buyers decide to get a conveyancer before making an offer. While it’s not essential, if a buyer already has a solicitor that they want to make use of, it can make things go faster. By finding a conveyancer early, the buyer won’t have to worry about finding one at the last minute when their offer for the property is accepted.
But once all of that is done, the hardest parts can be considered completed. The buyer makes the purchase in exchange for the deed and the house is legally theirs.
