Buying your Home Knowledge & Resources

On average, it takes six to eight weeks (slightly longer if purchasing a flat) for contracts to be in place ready to exchange, with completion sometimes up to two weeks after this. However, it can take longer than this if for example there is a long property chain.

It is wise to get a mortgage agreed in principle before finding the house/flat you want to buy. Once your conveyancer receives mortgage instructions from the lender, they will check them carefully to ensure any special conditions imposed by the lender have or will be complied with by completion.

There are now much tougher rules on borrowing and lenders are being very rigorous with their checks before approving a mortgage. Borrowers may have to take an affordability test to ensure they can pay back their loan. It is a good idea to apply for a mortgage as soon as possible as the process can take some time.

Before purchasing a house or flat, your lawyer/conveyancer will need to carry out various searches against the property you are buying. Information is requested from the local authority to check if anything might affect the property, such as planned developments, property disputes, or flood risks.

Locally in St Albans the council has a short turnaround time, usually taking between one to five days to complete searches. However this can vary between local authorities up and down the country so it is worth checking with your conveyancer how long it is likely to take.

Yes, it is recommended to have at least a Homebuyers Survey carried out. This will help identify any structural problems, such as damp or subsidence, before you agree to buy the property.

Unless you’re lucky to be chain free, you’ll be relying on the seller to buy another home and likewise the seller of that home, and similarly you may have your own home to sell. Known as a ‘chain transaction’, where each move is dependent upon another, this will progress more slowly than a chain free transaction because it moves at the speed of the slowest link.

Chain free properties are often hard to come by. One option, if you are selling, is to sell your property and move into rented accommodation while you search for a new home. This way you won’t be relying on the buyers of your home as well as those further up the chain.

The sooner the better. Instructing a lawyer/conveyancer early on will help speed up the process and should be done before agreeing to purchase the property.

The smooth running of the house or flat buying process depends upon finding a lawyer/conveyancer who understands the local market, can quickly identify any potential issues and work quickly to overcome any barriers.

The deposit will need to be paid when the contracts are exchanged, a few weeks before the purchase is completed and the money is received from the mortgage lender.

Yes, both the seller and the buyer can change their minds up to the point that contracts are exchanged. Following this, both parties are legally bound and cannot withdraw without incurring penalties.

The completion date has to be agreed between all the parties in the chain and it must take place on a working day.

Most lenders require a minimum of five working days notice, but some may require longer.

All title records are now stored electronically by the Land Registry and a copy of the registered title will be given to the buyer following completion.

On exchange of contracts the buyer is legally committed to purchase the property. The completion date is when the title to the property is transferred from the seller to the buyer and the buyer takes possession of the property.

Yes, exchange and completion can take place on the same day but the buyer won’t know they’re moving until the day they move which can make the process even more complicated and stressful. If anything does go wrong, there isn’t any time to put things right, so it is advisable to avoid exchange and completion on the same day.