When considering ‘how long does buying a house take’, it’s important to understand that several factors can cause delays, particularly during the exchange of contracts. We take a look at some of the most common causes of delays.
When you buy or sell property, the contract only becomes legally binding once it has been exchanged with the other party. This is the point at which the date for completion is set, and no one can pull out without breaching the contract.
In order to exchange contracts, all of the parties in the chain need to be ready. Potential hold-ups include:
How long does buying a house take? A problem with the survey
If a problem is revealed in a survey, the buyer will usually want to obtain quotes for any work needed to remedy the issue. It can take time to arrange for builders to visit and provide a detailed quotation. Once this has been received, the buyer will generally want to renegotiate the price to take into account the cost of the work. All of this can delay matters, particularly if you have had to wait for a busy surveyor to be available to carry out their inspection in the first place.
A delay in survey results is one of the reasons why the common question ‘how long does buying a house take’ can vary. Buyers may want to wait for quotes on necessary repairs, which could push the timeline.
Delay in receiving a mortgage offer
Exchange cannot take place until anyone needing a mortgage has received their offer. If lenders are busy or potential borrowers have been slow to send in their applications or have omitted crucial documents, everyone in the chain could end up waiting for an offer to be issued.
An issue with the legal title to the property
It is essential to ensure that the legal title to the property is sound. If you are obtaining a mortgage, your lender will also insist on this. If an issue arises with the title, you need an experienced solicitor who will be able to deal with this promptly and effectively. If there are title issues, it can take longer to resolve, affecting the answer to a common question ‘how long does buying a house take’ and the overall timeline for completing your purchase.
Missing documents
A wide range of documents need to be provided to the buyer’s solicitor, including any documents referred to in the legal title, planning consents, building regulations approvals for alterations and guarantees. If documents are missing it can cause a delay while replacements are obtained. If you are selling a property, you can instruct a solicitor early on and they will let you know what you need to provide so that you can start putting together everything you have available.
If documents are missing, and you do not have them, an experienced conveyancer will be able to suggest how to deal with the situation. This could be by requesting replacements or by putting indemnity insurance in place.
The need for extra legal paperwork, including relating to funding
In some situations, a range of extra paperwork may be needed. For example, if you are being gifted the deposit, the person giving the money will need to sign a range of documents to satisfy your lender and also to comply with anti-money laundering regulations.
Delays receiving search results
If local authorities or other search bodies, such as drainage companies, are busy, there could be a delay in receiving search results. If you are buying a property, your solicitor should apply for these promptly as soon as the contract package is received. In some cases, another option such as search indemnity insurance, may be a better alternative.
Someone in the chain pulls out
If someone in the chain pulls out, then the exchange will not be possible until a new buyer is in place. This can often cause the whole chain to collapse and you may need to start again from scratch. However, in some cases, the other parties in the chain may be prepared to wait. Exchange of contracts is likely to be delayed for several weeks while the new party catches up with the transaction.
Avoiding delays
To give yourself the best possible chance of avoiding delays, you should use a conveyancing solicitor with the experience to manage issues quickly and efficiently. Most problems can be resolved and having an expert conveyancer on your side will ensure that difficulties are anticipated wherever possible and dealt with as soon as they arise.
How to avoid delays
You can’t control every part of a property transaction, but there are several things you can do to keep your purchase or sale moving. The sooner you start the legal process, the less likely it is that avoidable delays will occur.
Instruct your conveyancer early
Ideally, you should choose and instruct a conveyancer as soon as your property is listed or your offer is accepted. Don’t wait until your transaction progresses.
Return paperwork straight away
Complete your ID checks and provide source of funds information the day it arrives. Even a short delay at this stage can hold up the next steps.
Start your mortgage application early
Your mortgage offer is an important part of the process, so don’t leave your application until the legal work is already moving forward, or you could be left unprepared and unable to move forward with the conveyancing.
If you’re selling, complete your property information forms carefully
Providing full and accurate answers first time can reduce the need for additional enquiries, which are the biggest cause of delays.
If you’re buying a leasehold property, request the management pack immediately
This comes from a third party, so there may be limits to how quickly it can be obtained.
Chase through your own solicitor rather than the estate agent
Your conveyancer is best placed to tell you exactly what they’re waiting on and what needs to happen next.
Contact us
While delays can impact the common question ‘how long does buying a house take’, working with an experienced conveyancer can help streamline the process and avoid common hold-ups.
If you would like to speak to one of our expert property lawyers, ring us on 0333 3055 189 or email us at info@lpropertylawyers.co.uk
