I’ve been told that the average time it takes to buy a house in the UK is 6-10 weeks. That’s 42 – 70 days. However, there is no guaranteed time to complete the process of buying a house; it will depend upon many factors.
My current situation is a prime example of how buying a property can easily get delayed. The 70 day mark is but a distant speckle of dirt in my rear view mirror. My project, “Buy a house, become a landlord”, actually started exactly 100 days (14 weeks) and I’ve not even completed yet. I approximate it will take another 2 weeks, so I’m looking at 16 weeks in total for completion.
But on a more positive note, it doesn’t feel like it’s taken me 3 months to get this far. Time has literally flown by, and it’s kind of scary. But strangely, even though everything has moved so quickly, I don’t even remember the early stages of my journey. I don’t recall house hunting; I don’t recall doing any of my brain numbingly boring research, I don’t recall any of the issues I went through with my mortgage broker, and I don’t even remember building this damn website. I’m not entirely sure what my point is, or whether I even have a point… I’m just saying 3 months has gone by quickly, and I remember very little.
How Long Is A Piece Of String Vs How Long Does It Take To Buy A House
Even though there is a national statistic for how long it takes to buy a house on average, I still feel it’s a question that can be answered somewhat accurately when the facts on the table. Even then, there are so many uncontrollable and unforeseeable circumstances that can crop up in the world of property buying that even the estimation based on relevant details can be completely off the mark.
Factors that affect how long it takes to buy a house
- Preparation– like with the success of most tasks, preparation is key. It’s important to get all finances, insurance policies and solicitors all in place at the early stages to minimize any hold-ups. It becomes extremely transparent when someone is ill-prepared.
- Good legal team– I made the mistake of using an extremely poor legal team, and in my opinion that’s what played a major part in the delay of my purchase. Good Conveyancing Solicitors will work quickly, be organised and know exactly what they’re doing. If solicitors seem to be taking their time, don’t feel guilty about contacting them, enquiring about the process. Just make sure you have completed your end of the bargain by filling in all the necessary forms as quickly as possible.
- Property Chain– Obviously, the bigger the property chain, the greater the risk of delays occurring. If there are several parties in a chain the knock on affects are generally rippled through from top to bottom./li>
- Leasehold/freehold– freehold properties are generally less complicated to purchase, so they generally complete quicker than leasehold properties. Leasehold properties require more paperwork because solicitors having to invesigate the lease on the property. How much this adds on depends on what they find.
- Survey report– the result of the structural survey can often delay the buying process if any serious issues are highlighted. In this case, delays are likely, if not complete abandonment.