When you’re buying or selling a property, one of the most pressing questions on your mind is probably, “How long will this take?”
The timeline can vary depending on several factors, but understanding the average timescales and potential delays can help manage your expectations and reduce stress.
Below, we’ll outline a typical timeline, common delays, and what you can expect from the moment you view a property to the day you receive the keys.
The general timeline
For most straightforward property transactions, the process from offer acceptance to the exchange of contracts takes about 8 to 12 weeks. However, this is only a general estimate, and the timeline can vary depending on various factors such as the complexity of the chain, the efficiency of solicitors, the mortgage process, and the necessary searches.
From first viewing to receiving the keys: The complete process
The entire process, starting from when you first view a property to the day you finally receive the keys, generally takes longer than just the 8 to 12 weeks typically associated with exchanging contracts.
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First viewing to offer acceptance (1-2 weeks):
After your initial viewings, it usually takes a week or two to decide on a property, submit an offer, and have that offer accepted.
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Offer acceptance to exchange of contracts (8-12 weeks):
This is the period during which most of the administrative and legal processes occur, such as conveyancing, searches, mortgage approvals, and contract negotiations. This phase takes between 8 to 12 weeks on average.
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Exchange of contracts to completion (1-4 weeks):
Once the contracts are exchanged, the process is legally binding. From this point, it typically takes 1 to 4 weeks until completion, when the purchase funds are transferred, and the keys are handed over.
In total, from viewing to receiving the keys, you’re looking at a timeframe of around 12 to 18 weeks, although this can stretch further depending on external factors.
Common delays in the buying and selling process
While it’s possible for the process to run smoothly and fall within the 8 to 12-week window, delays are not uncommon. Here are some of the most frequent reasons for delays:
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Property chain delays:
Being part of a property chain can slow down the process significantly. A chain is formed when multiple buyers and sellers are involved, each dependent on the completion of another sale. If one transaction hits a snag, it can delay the entire chain.
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Mortgage issues:
Obtaining a mortgage offer is a critical part of buying a home, but delays can happen if the lender requires additional documentation, carries out more rigorous checks, or encounters a backlog in processing applications. If there are issues with the buyer’s financial situation or credit check, this can prolong the mortgage approval process.
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Searches and surveys:
Searches are conducted to uncover any potential issues with the property, such as planning permission violations or environmental risks. Delays can occur if local authorities take longer than expected to return search results. Additionally, surveys or valuations requested by mortgage lenders may take extra time, especially if they reveal issues that need further investigation.
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Legal complications:
Sometimes, the conveyancing process uncovers legal issues such as problems with the property title, boundary disputes, or unapproved building works. Resolving these issues can significantly slow down the process, as additional paperwork or legal opinions may be required.
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Slow communication:
Delays often arise from slow or inefficient communication between solicitors, estate agents, and buyers or sellers. Missed emails, waiting for responses, or miscommunications can drag out the process unnecessarily.
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Buyer or seller changing circumstances:
Unexpected changes in personal circumstances, such as a job loss, illness, or a sudden decision to pull out of the deal, can also result in delays or even cause the entire transaction to fall through.
Exchange of contracts and completion
The exchange of contracts is a crucial milestone, as it legally binds both parties to the sale or purchase of the property. This typically happens toward the end of the 8 to 12-week process, assuming no major delays. Once contracts are exchanged, a completion date is agreed upon. Completion can occur anywhere from 1 to 4 weeks after the exchange of contracts, depending on the circumstances of both the buyer and the seller.
At this point, it’s essential to avoid making any significant financial commitments, such as hiring movers or purchasing furniture, until the contracts are exchanged and the completion date is confirmed.
How to minimise delays
While some delays are outside of your control, there are steps you can take to help keep things on track:
- Prepare early: Ensure all your documentation, including proof of finances and identification, is ready before you make an offer.
- Be proactive: Stay in regular contact with your solicitor and mortgage lender to address any issues as soon as they arise.
- Choose reliable professionals: Working with an experienced solicitor and estate agent can help you avoid common pitfalls and keep things moving smoothly.
Conclusion
The process of buying or selling a property typically takes around 12 to 18 weeks, from your first viewing to receiving the keys. However, the journey to exchange contracts, which usually takes between 8 and 12 weeks, can be affected by several factors, such as delays within the property chain, mortgage approvals, and legal issues.
While it’s natural to want everything to happen quickly, property transactions can be complex, so it’s essential to plan for potential delays. By being well-prepared and communicating effectively with your solicitor and estate agent, you can help ensure the process runs as smoothly as possible.