You might be tempted to believe that, to buy a house, all you need it to have a reasonable amount of money saved up somewhere. While money is a huge criterion, it is not the only factor there is. Buying a house might take a little bit of time due to some necessary steps or procedure you should follow when purchasing one.
On average, it has been carefully estimated to take about six months or 24 weeks to buy a house. This time duration is drawn from the very first moment you initiate the interest to acquire a house to finally obtaining one. Nonetheless, this timeline is not cast in stone, as it can easily be prolonged due to unforeseen circumstances.
Every aspiring homeowner is expected to abide by the procedures installed for purchasing a house religiously.
Make An Offer.
When you’ve concluded how much your pennies are worth, you can then proceed to initiate an interest in obtaining a house.
Having done the numbers and putting together a budget you can conveniently attach to a mortgage plan, it is now left for you to pick a house. Finding the right house that you consider suitable, can take up as much as 12 weeks. The local housing market, the neighbourhood of the residence and eventually how urgently you wish to move in, will ultimately determine how long this process will take.
Apply For A Mortgage.
The services of a solicitor will be needed for this phase. You are required to obtain the services of a professional solicitor who will aid you in putting up an application for a mortgage. The mortgage broker or entity will then take some time to evaluate the property you are interested in purchasing. Your timeline can easily be strained by roadblocks during this process.
It takes roughly four weeks from the time of putting in an application to receiving a mortgage offer. So as not to cause further delay, endeavour to provide all necessary documents required for a mortgage application to go through without a hitch.
For the transfer of house ownership to be legally binding, you must sign a contract stating this fact. In the presence of your solicitor and that of the seller, both parties are expected to trade signed contracts invoking the new ownership of the buyer.
Before the contract stage is reached, it is expected that the buyer’s solicitor will have cross-referenced the property at the local council. The Land Registry should also be involved to properly investigate the status of the house before exchanging contracts. This process can take up another four weeks.
To round up the process of buying a house at this stage, you will need to pay up all outstanding fees. These include the deposit for the house, solicitor fees and all other pending transactions. Also, conclude your mortgage plan so it can be activated after trading contracts. It can take about four weeks to settle all of these, before getting to receive the keys to your new home.
In a nutshell, this is why it takes quite a while to purchase a house. These steps are necessary to validate the ownership of your home and avoid problems in the future.Tags: buying a house, house, mortgage
Categorised in: property
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