Buying a house is both exciting and nerve-wracking. One minute you're dreaming of decorating your new home, and the next, you're caught up in the whirlwind of legal jargon, paperwork, and deadlines. Understanding the timeline from your house survey to completion can help you stay in control and reduce stress. Here’s a clear guide to walk you through the process, so you know what to expect at every turn.
From offer to survey: Setting things in motion
Once your offer is accepted, the first major step is arranging a house survey. This is where things start to move fast, and having a good solicitor or conveyancer on hand can be a game changer. They’ll handle most of the paperwork and communications, but it’s essential to stay informed and keep the lines of communication open.
Typically, after your offer is accepted, you’ll have about 2 to 3 weeks to organise your homebuyers survey. A homebuyers survey is highly recommended, as it gives you a detailed report of the property’s condition and highlights any issues you may need to address. Not only does this protect your investment, but it also gives you a stronger position to renegotiate the price if the survey uncovers significant defects.
The survey results: What happens next?
Once the homebuyers survey is completed, the results will be sent to you within 5 to 7 working days, depending on the complexity of the property. If the report comes back with no significant issues, you can move forward confidently, knowing your new home is in good condition. However, if the survey highlights problems, you might need to reassess your offer or request that the seller carries out repairs.
This stage can be a bit nerve-wracking, as it could potentially delay your timeline if negotiations need to take place. It’s not uncommon for buyers to renegotiate after a survey, and any price reduction or request for repairs will require a back-and-forth with the seller. Be prepared for this, but with any luck, things will proceed smoothly, and you’ll be able to move on to the next step.
Contracts, exchange, and completion: Sealing the deal
Once both you and the seller are satisfied with the survey results and any adjustments, it’s time to sign the contracts. At this point, your solicitor will carry out the necessary searches, which can take anywhere from two to three weeks. These searches are vital for uncovering any potential legal or environmental issues with the property.
Following the searches, and once the mortgage offer is confirmed, you’ll reach the exchange of contracts stage. This is the moment when the deal becomes legally binding, and both parties are committed to completing the sale. From here, the final countdown to completion begins.
Completion typically occurs within one to two weeks after the exchange of contracts. On the day of completion, the money is transferred from your solicitor to the seller’s, and you receive the keys to your new home. Congratulations! You’re officially a homeowner.
Finalising it: Your new home awaits!
The house survey to completion timeline can be daunting, but with the right support and a clear understanding of the steps involved, you’ll soon be holding the keys to your new home. Remember, while there may be bumps along the way, each stage brings you closer to that exciting moment of unlocking the door to your future.
