Before you start searching for a property, you need to work out how much the move is likely to cost and see what kind of mortgage deposit you can afford. Our professional Financial Consultants can help you calculate the costs involved in the house buying process.
It is advisable to apply for a Decision in Principle from a mortgage lender and find a solicitor before you make an offer. Your Move can help you with both of these services. Just contact your local branch for more information. Or, click to see the full buying process in England and Wales, or Scotland.
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Every purchase is different, and your position and the seller’s position needs to be taken into consideration before this question can be answered accurately. If the seller has already vacated the property and you have already secured a mortgage, exchange of contracts and completion can happen relatively quickly.
However, if you need a mortgage and the seller is still in the property, the exchange of contracts normally takes between 4 and 6 weeks, the completion takes between 2 and 4 weeks. So in total you should expect up to 10 weeks to complete the purchase. Please note that in Scotland conclusion of missives normally takes between 6 and 8 weeks.
We recommend that you arrange your own survey whenever you purchase a property. It allows you to see the current condition of the property, reducing the chance of nasty surprises further down the line. There are three main types of surveys with varying costs and your local Your Move branch can introduce you to a local surveyor from our sister company e.surv Chartered Surveyors. To read more about surveys.
Even after you’ve received the keys to your property, there is still a significant amount of work to be carried out by your solicitor. The title deeds of your property will remain with your solicitor for some months before finally being sent to your Lender for storage. They will hold the deeds until such time as you repay in full the mortgage you have with them.