Buying a new house is one of the most significant events any of us ever undertake. But whether you’re buying a flat, house, country estate or waterfront property, Savills’ team of experienced estate agents can guide you through every step of the process.
From viewing properties and finding your next home, to finalising your mortgage and the completion of sale, our residential sales teams will be on hand to advise you every step of the way. To give you a better understanding of what the house buying process involves, here is our guide to the typical stages and timeline.
How long does buying a home take?
Every home purchase is unique so there is no definitive answer to how long the house buying process can take. If you are not reliant on selling a property in order to buy and your seller isn’t buying elsewhere, on average you could be looking at 15 weeks to complete your purchase.
However, if you are part of a chain some delays are inevitable and in some cases the process could take up to six months. Below we map out the steps involved in buying a house including some timescales for each stage.
Stage 1. Obtaining a mortgage Agreement in Principle
The first step in the house buying process is to understand how much you can borrow. An Agreement in Principle (AIP) not only gives you an idea of what price bracket you should be looking in, but it will also make the process of getting a full mortgage application approved much quicker.
Once you have approached a lender about obtaining an AIP, a decision about how much you can borrow can take a matter of minutes as long as you have all the right information to hand such as your personal details, addresses for the last three years and details of income and monthly outgoings.
Stage 2. Finding a property
Having been given an idea of how much you can afford to spend on a property thanks to your AIP, the house searching progress can begin.
You will undoubtedly already have an idea of the area you want to live in and the types of specifics you will want from your property. Research your chosen area fully to get an understanding of what the transport links and school catchment areas are like. You can then begin searching online for properties before approaching estate agents in order to book in a viewing.
Stage 3. Making an offer
Once you have found the right property for you, it’s time to make an offer on a house. It is quite common for buyers to offer below the asking price and so we recommend you research how much similar properties in the area have sold for, to get a better understanding of how much a property is worth.
Of course, it may also be necessary to offer above the asking price in order to stave off competition but once you have decided how much you wish to offer you can let the estate agent know either in person, over the phone or by writing.
It’s always a good idea to make the estate agent aware of your situation, for example, if you are chain-free this will be in your favour when you decide to make an offer.
Stage 4. Getting your mortgage offer
The next step is to obtain a formal mortgage offer from your lender. This will involve you returning to the lender who gave you your AIP, or if you are keen to get the best deal possible, you can search for a better deal.
Once you have chosen the lender you wish to use, they will take all the details they need from you, undertake their own valuations on the property, and return to you with a decision within weeks.
Learn more about obtaining a mortgage here.
Stage 5. Drafting of contracts
At this stage of buying a house, you should have appointed a conveyancer who will begin drafting contracts, alongside the conveyancer of your sellers. You may also choose to undertake a survey of the property to establish any issues it may have. From here, your conveyancer will also be conducting the necessary searches on your property such as: