Making the first step onto the property ladder is exciting, but it can sometimes take longer than you think to get there.
Check out our home buying timeline to prepare yourself for the various stages of the process – and for how long buying a house can take.
Before you start: assess your finances
Before you start the house buying process, make sure you can afford your future property. Take a look at your income and expenditure and decide how much you can pay each month towards your mortgage repayments.
Up to six months: view houses
Finding a house you like could take months of work so be prepared to play the waiting game. It could be that properties don’t come up for sale in your chosen area very often, or that you’re pipped at the post when it comes to putting in offers.
Visit local estate agents and use property websites online to find houses that interest you. Line up viewings for any that take your interest, and second or third viewings for the ones that really excite you.
Instant result: apply for a Mortgage in Principle
Estate agents may ask to see proof that you’re in a position to buy the properties you want to view.
An Agreement in Principle isn’t a mortgage, but it is evidence that a mortgage provider would – in theory – offer you a loan up to a certain amount. You can use this, and your bank statements, to show that you could afford a property.
Getting an Agreement in Principle takes minutes in practice, but you first need to do your research to find the right mortgage provider for your needs. You may want to speak to a mortgage adviser before applying for a Mortgage in Principle to make sure you’re getting the right deal for your circumstances.
A few days: make an offer on a house
When you’ve seen a property a few times and you’re sure it’s the one you want, it’s time to put in an offer.
The estate agent acts as an intermediary. They’ll put your offer forward to the vendor and let you know if the offer has been accepted or if the vendor wants a higher amount, which can happen when there are two or more interested buyers. This negotiation period can take a few days of back-and-forth to reach an agreement.
Up to a month: apply for a mortgage
Once the buyer has accepted your offer, you need to complete a full mortgage application. Speak to a mortgage adviser to make sure you have all paperwork and identification required for the application to be completed.
While you wait for a mortgage: find a solicitor
Research solicitors experienced in property sales and conveyancing to find one that suits you. The estate agent may recommend one to you, but be sure to shop around first as it may not be the most cost-effective option.
While you’re waiting for your mortgage to be accepted, your solicitor can get things rolling on the legal side of a house purchase.
While you wait for a mortgage: conduct surveys
Whether you’re buying the property with cash savings or need to satisfy the mortgage provider on the suitability of the house, you’ll need to carry out surveys on the property.
Local area searches, buildings surveys and other checks such as mining surveys are all important to make sure the property is suitable and worth the proposed value.
Four to twelve weeks from offer: exchange contracts
Exchanging contracts and paying the deposit can be done in as little as four weeks if both sides have a tight schedule, but it’s more likely to take around 8 weeks.
If your contract is more complicated, such as negotiations to include existing furnishings or adjacent land owned by the vendor, it can take up to 12 weeks.
Up to 4 weeks: complete your purchase
Some people choose to exchange and complete on the same day, while others choose a date in the near future. This is something to speak to your solicitor about and to negotiate with the vendor.
If your house is part of a chain then your completion date may rely on the sale of other properties too.
Moving day!
You legally own the property on the date of completion when you’ve handed over the rest of the money and have the keys in your hand.
You can move in whenever you like. Congratulations, you’re a homeowner!
Find out about our Mortgage Advice service in York