Buying a home is a complex process requiring the cooperation of several parties, which means it can take time. This guide will help you understand the various stages involved in buying a home, how you can start planning and a rough timeline of the home-buying process.

Getting a mortgage Agreement in Principal (AIP)

Arranging your mortgage Agreement in Principal is the first step for anyone looking to buy a property. With this, you will be well-placed to know the property price bracket you should be looking for. Usually, this takes one or two days after your application, but many lenders may get back to you or your broker within 24 hours. Bear in mind you will need to show at least a 10% deposit. 

Find your property and place an offer

Once the previous step is in place, it’s time to kick off the property search. Identify your favourite areas, the property size, etc. It is important to have specific criteria for your first home. Not only will this save you time down the road, it may also help you land a better deal for your purchase. Once you find the property that ticks most of the boxes, you’re ready to make an offer. Bear in mind that negotiations are hard with the agencies and you will need to brace yourself for a difficult discussion.

Offer accepted

Once your offer has been accepted, you should appoint a conveyancing solicitor who will take over the sale process. The agent will send the memorandum of sales to both parties (buyer’s and seller’s solicitors). Then, the lender will conduct their own valuation to turn the agreement in principal into a concrete mortgage offer.

Exchange contracts

Once you have your mortgage offer, the contract has been drafted and the property search is complete, you can exchange contracts and pay the deposit, usually 10% of the property’s agreed price. From this point onwards, the agreement is legally binding. After you exchange contracts, you should agree with the seller on the completion date which is typically a few days to several weeks later.

Completion date

The completion date has arrived and you are ready to move into your new house. Your solicitor will transfer the rest funds to the seller’s solicitor and will arrange the handover of the keys for you. 

While this is a simplified timeline, each person’s circumstances are different and the timeframes could differ significantly. The national average is around three months’ time according to Zoopla. If you are not part of a chain, which means you are not selling your property and, at the same time, the seller of your property is not in the process of buying a new home, then you might complete it in less than 3 months.

At Xenofon Property, we’ve partnered with several buyers to help them secure their ideal homes. With more than 10 years of experience in the real estate market, we have the knowledge and experience to advise and guide you during the research, planning and buying process. To learn more about our services, get in touch today.