Buying a home – the timeline
A full rundown on what to do & when
Buying a home is widely recognized as one of the most stressful experiences you can undertake, and unfortunately, it hasn’t become any less challenging over the years. However, having a general understanding of the process can help make the journey a bit more manageable. This guide provides a comprehensive overview of 25 essential steps involved in buying a home, along with an outline of the typical timeframes for each stage.
1 – How long does buying a home take?
Get a rough idea of the timescale you’re looking at
Here’s a general timeline for a property purchase in England, Wales, and Northern Ireland. Keep in mind that the timeframes can differ based on the specific situations of the buyer and seller, and unexpected conveyancing issues might cause delays.
Six weeks to eight months
- Find a property. Research the area, scour estate agents and search websites.
- Put in an offer. Tell the seller what you’re willing to pay and any conditions.
Four to 12 weeks
- It’s accepted. Now get a survey to check the property’s condition. Your solicitor checks any legal issues.
- Exchange. You pay your deposit and can’t back out without major cost.
Instantly to four weeks
- Completion. You hand over the rest of the cash in exchange for the keys and deeds. The property’s now legally yours.
Important. Nobody is legally bound to complete the deal until exchange of contracts.
2 – Can you afford the property you want?
It’s important to temper your enthusiasm for your dream property with a clear understanding of your budget. To prevent any future letdowns, make sure you’ve reviewed our guide on how much you can borrow. This will help you determine if:
- Have the upfront funds you’ll need, and…
- Can borrow the additional cash you’ll need.
Our affordability calculator is designed to estimate how much you could potentially borrow based on your income.
To enhance your confidence and improve your appeal to estate agents and sellers, consult our Boost Your Mortgage Chances guide for valuable tips on improving your mortgage approval odds. Additionally, obtaining an agreement in principle (AIP) can further increase your attractiveness to sellers.
How do I get an an AIP?
An Agreement in Principle (AIP) is a preliminary assessment where the lender reviews your financial details and credit history to estimate how much they might be willing to lend you. This is not a definitive offer and the lender retains the right to alter their decision. For instance:
- The lender may have concerns about the property you intend to purchase.
- You might not supply the necessary documentation, like payslips or a P60.
- The lender could uncover issues that you weren’t aware of.
An AIP may also be known as a ‘decision in principle’ or a ‘mortgage in principle,’ so be attentive to the terminology used.
3 – Find your dream home
Now you’re really ready to house hunt.
Make sure you read the 23 property search tips guide to help you find ‘the one’.
4 – Putting an offer in
You’ll probably receive better engagement if you share a link to the home’s listing on a major property search platform like Rightmove. However, keep in mind that this is a public forum, and doing so might reveal your strategies to the seller.
Additionally, here are a few other factors to take into account when deciding on your offer:
- Don’t spend more than you can afford. Avoid stretching your resources too thin—keep in mind all the extra expenses you’ll need to manage. If you’re uncertain about the full range of costs, consult the Buying Fees guide for a comprehensive breakdown.
- Get fixtures and fittings in writing. To ensure you don’t end up with a house stripped of essentials, request a detailed list from the seller specifying all fixtures and fittings that come with the property. This should cover everything, including light fittings, TV aerial cable screws, bins, and even the fire grate.
What should I pay if I buy fixtures and fittings from the vendor?
If you’re shelling out more for any fittings, keep in mind that sellers frequently base their prices on the original cost, which might not reflect current market values. For instance, a TV that once cost £2,500 and was a cherished part of their home six years ago might now be available for around £400 brand new, or even less if bought second-hand.
To quickly assess the value of second-hand items, you can use eBay*. Simply enter your search term and select ‘completed items’ to see the prices that similar items have recently sold for.
5 – MILESTONE – offer accepted
Mini celebration time!
But there’s still a lot to do (and nobody is contractually obliged) so don’t get carried away yet.
6 – Watch out for gazumping and gazanging
You and the seller are not legally obligated to finalize the purchase until the contracts have been exchanged. Until this critical point is reached, there is always the potential risk of being gazumped or gazanged.
Here’s an explanation of these terms:
- Gazumping. When another buyer offers more money than you and your seller reneges on your deal. You could ask for them to ‘take it off the market’ as a condition of your offer, reducing the chances of them attracting another buyer (though it’s not foolproof).
- Gazanging. When your seller decides to cancel the sale and stay, usually because prices are going up, and they can make more money if they wait a few months.
Unfortunately, avoiding these issues is quite challenging, as they largely depend on the seller’s actions and can result in significant financial losses, particularly if they occur right before the contract exchange, a point at which your solicitor—and potentially your surveyor—may have already invested considerable effort.
The best approach is to expedite the process as much as possible between the acceptance of your offer and the exchange of contracts. This involves urging your solicitor, mortgage lender, or broker to accelerate their work.
7 – Finding the right mortgage
An agreement in principle typically remains valid for only 30 to 90 days, depending on the lender. If your property search has taken longer than expected, it’s possible that your agreement has expired. However, if you followed the steps outlined in our “Boost Your Mortgage Chances” guide and were accepted previously, you are likely to be accepted again.
Since mortgage product offerings can fluctuate daily, it’s wise not to default to your initial lender without reviewing current options. A quick market check could help you find a more advantageous deal. For instance, choosing a mortgage with a 5% interest rate rather than a 4% rate on a £150,000 repayment mortgage over 25 years could result in an additional cost of £26,000.
Here are some additional tips to consider when searching for a mortgage:
- Don’t just go direct to your existing bank. With numerous lenders available, only one may offer the best deal for you. How likely is it that your current bank is that lender? If you have a strong credit score, other lenders might be just as eager to work with you as your existing bank.
Read our Cheap mortgage finding guide for tips on how to find a good mortgage for you, or head to our Mortgage best buys tool to search the market for current deals. It’s one of the biggest financial decisions of your life, so get it right.
- Get a mortgage illustration. Make sure you get a personalised mortgage illustration. It’ll detail all the key features of the mortgage. You’ll need this later on. Scan it, keep it and file it.
After selecting the mortgage that suits your needs and submitting your application, it may take from a few weeks to more than a month to receive a mortgage offer. It’s important to be patient during this process.
8 – Choose your conveyancing firm
Conveyancing refers to the legal procedure involved in transferring property ownership from one individual to another. This process is managed by licensed conveyancers, who are specialized property lawyers. Their responsibilities include handling all legal documentation, conducting Land Registry and local council searches, drafting the contract, and managing the transfer of funds.
While some prospective homebuyers may choose to engage a conveyancer before making an offer, this step isn’t mandatory. However, having a solicitor lined up in advance can expedite the process if you’ve already selected one.
The cost of conveyancing services can range up to £1,500, or even more in some cases.
By arranging a conveyancer ahead of time, you avoid the rush of selecting one in a hurry after your offer is accepted. It’s crucial to find a conveyancer who is experienced, communicates effectively, is dependable, and is on the panel of major lenders.
One consideration is that if you use a conveyancer not approved by your lender, it might cause delays. Therefore, it may be prudent to wait until you have confirmed your mortgage lender before choosing your conveyancer.
How do I find a cheap solicitor / conveyancer?
– DON’T automatically use the estate agents’ firm.
It’s probably a commission-based recommendation. If you speak to it, use its price as a benchmark.
+ DO get maximum quotes in minimum time.
Answer a few questions at Reallymoving.com and it emails you up to four quotes from relevant firms. The Law Society’s Find a Solicitor tool also has a section on conveyancing. It’s worth asking friends and family for recommendations too.
– DON’T assume they need to be nearby.
Think about someone from a distant location. It is entirely feasible to hire a solicitor based in Newcastle even if you reside in London, and it could be significantly more cost-effective.
+ DO check out the web.
Rate cheap and cheerful online conveyancers. Generally had good experiences with My Home Move Conveyancing.
As ever, nothing is guaranteed – feedback (as with all solicitors and conveyancers) varies, so please do your own research first.
– DON’T go for rock bottom price if you’re in a rush.
The cheapest companies often work in bulk and can be slower. If time’s an issue, that can be a problem. Pick a company that answers emails/calls promptly.
+ DO check for hidden extras.
Ask for a full cost breakdown. Does the breakdown include likely bank transfer fees, stamp duty forms, land registration fees and drainage and environmental searches? Will they charge to verify your ID?
– DON’T automatically use the solicitor who did your divorce.
Choose a company that specializes in conveyancing or has a dedicated department for it. Inquire about the number of cases they managed in the past year. Keep in mind that experience in handling divorces does not necessarily qualify someone to handle conveyancing tasks.
– DON’T be shy.
Ensure you fully understand what your legal adviser will and won’t do on your behalf.
+ DO check they are regulated by a professional body.
Solicitors are regulated by the Law Society and conveyancers the Council for Licensed Conveyancers. If they are, then they must have a clear complaints procedure.
+ DO ask if they’ve a holiday booked.
Will the lawyer be on holiday any time in the next three months? If they’ll be backpacking in Brazil on your preferred completion date, best go with another option.
9 – The lender will check the property (and you) are worth it…
Once you have secured an agreement-in-principle, the next phase is to complete a full application. This is when the lender thoroughly reviews the details to ensure they are satisfied with:
- Lending to you. The lender will verify the accuracy of the information you’ve provided by requesting documentation such as payslips.
- Lending on the property you wish to purchase. The property serves as collateral for the loan. If you default on your mortgage, the lender can repossess and sell the property to recover the loan amount. Consequently, the lender needs to be assured that the property is suitable for this purpose. This is why an independent valuer will evaluate the property and provide a report to the lender as part of the application process.
It’s important to note that the price you offer for the property might not align with its ‘value.’ The loan-to-value ratio for your mortgage will be based on the official valuation rather than the purchase price.
Different lenders have their own criteria regarding the types of properties they are willing to finance, which generally reflects their confidence in the property’s resale value.
Why might the lender not lend on my property?
Lenders often approach properties situated above commercial establishments, high-rise buildings, or those constructed from unconventional materials with caution, especially when it comes to cladding concerns.
The application form is designed to address most of these factors, allowing the lender to determine potential issues before engaging a valuer. If the property has any unique characteristics, it’s best to highlight them during the application process to save time.
Keep in mind that a complete mortgage application or a formal offer cannot be processed without first having an accepted offer on a property.
10 – Your solicitor will carry out searches for you
While your mortgage application is under review by the lender, your solicitor will initiate the necessary searches. The nature and cost of these searches can vary depending on the location. Although some searches are optional, it is generally recommended to complete them all. Your mortgage lender will require certain searches, including:
- Local Authority Searches: These searches identify any relevant issues such as building control problems, enforcement actions, or nearby roadworks that might affect the property.
- Drainage Searches: These determine if the property is properly connected to the sewer system.
- Environmental Searches: These ensure that the land is free from contamination.
These searches incur a cost, which your solicitor will usually request payment for early in the process. Typically, these charges are part of a ‘search pack’, with costs generally ranging from £150 to £300.
Unfortunately, there are usually no ways to reduce these search expenses.
Keep in touch with your solicitor
Delays in the conveyancing process are unfortunately quite frequent and can arise from various sources, including issues with the other party, complications that arise, or even the solicitor handling the case. To help expedite the process, make sure to follow up with regular phone calls to keep the paperwork moving along.
If you suspect that the solicitor might be the cause of the delay, and things aren’t going as expected, keep in mind that you are their client. If they fail to meet your standards, consider addressing your concerns by writing to a senior partner.
11 – Getting a property surveyed
Do you need to do a property survey? If yes, book it now
Once you’re confident about your borrowing capacity, the next step is to ensure that the property is in good shape. While you can wait to do this until after you’ve received your mortgage offer, it’s essential to complete this check before finalizing the exchange.
Keep in mind that…
A mortgage valuation is NOT the same as a survey.
The mortgage lender will conduct a basic valuation to confirm their willingness to provide the loan. However, this does not offer you any protection. If the property were to collapse the day after your purchase, you’d be left to deal with the consequences.
Yet, many people mistakenly depend solely on the mortgage valuation.
Did you know that in some cases, the valuation performed by the lender may only involve a ‘drive-by’ assessment? In this scenario, the appraiser merely drives past the property, and their inspection is limited to what can be observed from the car window. Often, the primary purpose is just to confirm that the property exists.
Unless you’re a valuation expert yourself, it’s advisable to seek a professional opinion. If any issues are identified, this can be a valid reason to return to the estate agent and negotiate a lower price. Although this may seem a bit late in the process, conducting a full survey incurs an additional expense. It’s wise to avoid this cost until you’re certain that you can secure the mortgage.
The types of survey available
There are three primary types of surveys, each differing in scope and cost based on your property’s size, location, and value. Generally, the larger and more valuable your property, the higher the survey cost.
Here are the main types of surveys:
- Homebuyer’s Report: Often referred to as a ‘level two home survey,’ this survey typically ranges from £500 to £1,000. It’s designed for standard properties that are under 50 years old. Occasionally, you can arrange for this report to be completed alongside the basic valuation for your mortgage.
- Full Structural Survey: Also known as a ‘level three home survey,’ this survey is ideal for older or unconventional properties. It offers a comprehensive assessment and can cost up to £1,500. Although more expensive, it’s often worthwhile as it might provide leverage for negotiating a lower purchase price.
Make sure you understand what is not covered by these surveys. While they should attempt to inspect areas like the attic, they cannot make structural alterations or lift carpets in someone else’s home without the seller’s consent.
- Snagging Survey: For those purchasing new-build properties, a snagging survey might be necessary. This type of survey identifies defects and incomplete work, allowing you to request corrections from the developer before finalizing the purchase. These surveys usually cost between £400 and £600, depending on the property’s size.
Alternatively, you can find detailed snagging lists online at a low cost and perform the checks yourself or with the help of a meticulous friend. See Snagging.org.
Tips when getting your survey done
If you do choose to get a survey done, consider doing the following too….
- Make friends with the surveyor. It’s worth going with them. They’re likely to say far more than they’d write in a report. To get instant quotes from surveyors in your area, fill in your details at Reallymoving.com.
- Get quotes for work. If the survey finds any nasties, ask a reputable builder for repair costs. Ask the vendor to either fix it before completion or knock the total off the price.
- Get a second opinion, especially with damp. What might seem like minor work can be complex and expensive, so it’s best to get more than one opinion on how much work will actually be required.
12 – MILESTONE – you’ve got a mortgage offer!
Another milestone achieved! You now have an official offer confirming that the lender is prepared to provide the funds needed for your property purchase.
Before you celebrate too exuberantly, take the time to thoroughly review the offer:
- Go & find your mortgage illustration. Compare the new mortgage illustration and the offer document from your lender with the original illustration you’ve kept. If you spot any inconsistencies, reach out to your broker (or lender if you applied directly) to clarify and address any issues.
- The mortgage offer must be accurate. Ensure that every detail on this document is correct, especially your personal information and financial figures. Any inaccuracies should be promptly discussed with your broker or solicitor to avoid potential complications.
Errors could lead to the lender requiring another credit check, or worse, could result in borrowing less than needed, creating a shortfall at the closing stage. Even minor mistakes, like a misspelled name, could cause delays, additional costs, or even the withdrawal of the mortgage offer.
- Check the mortgage conditions. The offer will outline specific conditions that must be fulfilled before the lender disburses the funds. Your solicitor will be responsible for ensuring these conditions are met, so make sure to pay attention to them and don’t overlook any details.
13 – Sort out your buildings insurance NOW
“But I haven’t even bought it yet!” you exclaim.
Even if you haven’t completed the purchase, once you’ve signed the contracts, you are legally obligated to go through with the transaction. Therefore, it’s wise to be cautious.
Examine the rebuild value noted in your mortgage valuation report, as estimated by the surveyor. This figure may differ significantly from the purchase price, but it’s crucial to ensure you have adequate coverage to rebuild the property if necessary.
14 – Negotiating a completion date
Your solicitor will inform you about the outcomes of the searches. If everything checks out, the next step is to agree on a completion date with the seller. This is the date when the keys will be exchanged. It’s essential that this date works for both you and the seller.
Be prepared to be flexible. Many sellers prefer to align the completion date with the start or end of the month to coordinate with their mortgage payments.
If you’re also selling your current home, you’ll need to consider the timing of the completion with your buyers as well. For additional advice on selling your property, refer to our Selling Your Property guide.
15 – Get your deposit money to your solicitor – gulp!
You’re nearing the point of exchanging contracts, which means it’s time to transfer your deposit to your solicitor. To simplify this process, it’s best to consolidate your deposit funds into a single bank account (or two if your deposit exceeds £85,000 to ensure full protection under the UK savings safety scheme) a few weeks in advance.
Typically, banks have a daily transfer limit of around £25,000 (though some may offer higher limits). If your deposit exceeds this amount, you’ll need to contact your bank to arrange a CHAPS payment to your solicitor.
CHAPS stands for Clearing House Automated Payment System, and payments made via CHAPS are usually processed on the same day. Be aware that banks charge a fee for this service, generally between £20 and £35 per transaction, so make sure to include this in your budget.
At this stage, your solicitor will also require you to sign the contract, marking your formal commitment to purchasing the seller’s property.
16 – Exchanging contracts
The process of exchanging signed contract copies between your solicitor and the seller’s solicitor is referred to as the exchange of contracts. This milestone is cause for genuine celebration.
At this juncture, a legally-binding agreement has been established between you and the seller. With this in place, withdrawing from the sale is no longer an option; doing so would result in the loss of your deposit. On the bright side, the seller is also committed and cannot back out of the deal.
Following the exchange, the remaining paperwork is typically completed swiftly, and the subsequent steps progress rapidly.
17 – Get a completion statement from your solicitor
Your solicitor will provide a completion statement that outlines a detailed summary of the funds you need to transfer to them. This statement will encompass any remaining deposit, stamp duty land tax, legal fees, and other related costs. Typically, these payments are due on or before the completion date.
For a comprehensive overview, refer to the Buying Fees Guide.
18 – Your solicitor will carry out MORE searches…
Before completion, your solicitor has to check that the seller still owns the property and that you haven’t been made bankrupt since your mortgage offer.
19 – You now need to sign the transfer deed
Your solicitor will draft the transfer deed for you. You’ll need to sign it and have it witnessed, which confirms your intent to assume ownership of the property. After that, your solicitor will forward the signed document to the seller’s solicitor.
In some cases, buyers may not be required to sign this deed. If you’re uncertain or haven’t been requested to sign it, be sure to consult with your solicitor for clarification.
20 – Your solicitor draws down the funds from your lender
Your solicitor will contact your lender to arrange for the release of the mortgage funds, allowing the payment to be processed and cleared in the solicitor’s account. This is when you (or more accurately, your solicitor) will receive the mortgage amount you’ve agreed to borrow.
21 – Paying for the house
The solicitor will transfer the total payment to the seller’s solicitor and, in return, obtain the title deeds and confirmation that the seller’s mortgage has been settled, indicating that the bank no longer holds any claim on the property.
22 – MILESTONE – completion! You have a new home.
The keys are finally yours.
Now you have the joy of moving. That’s the bit of the process that’s supposed to be the most stressful – good luck!
23 – Pay your stamp duty (through your solicitor)
You have 14 days for your solicitor to send HM Revenue & Customs your transfer deed and for you to pay stamp duty, though usually they’ll have asked for the cash before completion.
Figure out how much stamp duty you’ll need to pay by using our Stamp duty calculator.
24 – Officially register your ownership
Your solicitor will file your information with the Land Registry. You should provide them with a fee ranging from around £250 to £500 for this service, although the amount may vary based on the property’s purchase price.
This fee is typically outlined in the completion statement and should be settled by the completion date.
25 – Get the title deeds, and that’s it…!
Your solicitor will obtain the updated title deeds from the Land Registry and send them to your mortgage lender, or directly to you if you have no mortgage. Occasionally, they may retain these documents for safekeeping if you do not ask for them or prefer not to store such crucial papers at home.
Congratulations—it’s finally done! You’ve moved into your new home (hooray), and can now begin repaying your mortgage (oh no)!
Looking for more home-buying help?
We’ve got lots of other helpful guides:
- First-time buyers’ guide. Free PDF to get you on that first rung.
- Remortgage guide. Free PDF which has loads of remortgaging tips.
- Cheap mortgage finding. How to find the top deal for you.
- Mortgage best buys. Find your top mortgage deals.