buying-a-home-timeline - The Mortgagehut

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Buying a home can be a stressful experience. From locating a suitable property through to completing on the sale, the whole process can take around six months – not including unprecedented hold-ups you might encounter in the aftermath of the pandemic.

Once you feel you’re in a good position to buy (if you haven’t already, check out our top tips to getting onto the property ladder), having a timeline of events and approximate timescales to refer to can help make your journey to homeownership a little smoother, knowing that you’re on track and what to expect next.

This guide provides you with a simple walk-through of the 25 steps to buying a home.

1) Get a rough idea of timescales

In England, Wales and Northern Ireland, the typical time frames for each key stage of the house-buying process are as follows:

Be aware that this is only a rough guide, as timescales can vary depending on the buyer’s and seller’s individual circumstances, and issues that arise during conveyancing can add further delays.

2) Calculate your budget

There’s no point setting your heart on your dream home until you’ve established whether you can afford it. As a starting point, use a mortgage calculator to find out how much you could realistically borrow.

For added assurance, and to make yourself a more attractive prospect to the seller, you might consider getting a mortgage agreement in principle (AIP). This is an informal statement from a mortgage provider (any reputable lender will do) saying that they are happy to lend you a certain amount, based on your declared circumstances.

At this point you should also work the moving costs into your budget. These can soon rack up, so you’ll want to be sure you have the extra cash available. Factor in things like stamp duty, valuations and surveys, legal fees, buildings insurance, mortgage costs, and removals.

The average cost of moving house in the UK is around £9,000, although this can vary considerably depending on where you live and your circumstances.

3) Find a property

Now you have an idea of what you’re able to afford, the fun begins – the hunt for your dream property.

Visit your local estate agents, and register for daily online updates from property portals such as Rightmove and Zoopla. You should have the option to personalise your search, so you’ll only see results matching your budget and desired location.

Then get viewing – it’s never a good idea to commit to buying a property before you’ve taken a look around and got a feel for the place (do this at least twice if you can).

4) Put in an offer

Once you’ve found a property, things start getting real: it’s time to make an offer.

No matter how badly you want a property, don’t commit to paying more than you can afford – you’ll need that extra cash to cover the rest of your moving costs.

You shouldn’t be put off if your first offer is declined – this is very common, especially in today’s market. Remember, both you and the seller are negotiating for the best price.

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