How Long Does it Take to Buy or Sell a House?

Unfortunately, when it comes to buying or selling a home, it takes as long as it takes. There are no shortcuts, and the process can get increasingly frustrating, especially when there are hold-ups at different stages. 

How long it takes to buy or sell a house depends on a myriad of factors of various complexities. With that in mind, the following typical timelines can act as a rough guide on what to expect;

• Receiving a mortgage in principle - 24 Hours
• The average time between when a house is listed on the market and an offer is made and accepted - 10 to 12 weeks
• From acceptance of the offer to the property search order - 1 to 2 months
• Arranging a mortgage (in conjunction with the conveyancing process) - 3 to 6 weeks
• From the search order to the exchange of contracts - 2 months
• From the exchange of contracts to completion - 1 day to 4 weeks

As illustrated above, the time can vary significantly. The entire process can be completed as quickly as 3 months, with about 6 months being the average. However, the process can also take much longer if you are part of a conveyancing chain where there are more than one buyer and seller.

Thankfully, there are some things within your control, that will allow for the deal to flow smoothly and conclude quicker. Having your finances in order, knowing your credit score, and having a mortgage in principle are all a good springboard to get your offer accepted, which will officially start the conveyancing process.

How does the conveyancing process work?

Once the offer to purchase is accepted, the seller needs to draw up a legal contract to transfer ownership to the buyer. This will usually be dealt with by a solicitor, who will also answer any questions the buyer may have, and negotiate the details of the contract, where applicable.

In parallel, the buyer needs to instruct a conveyancer and formally apply for a mortgage. The conveyancing solicitor will kickstart everything by conducting the local searches and reviewing the required legal documents. Freehold property sales conclude a lot quicker than leaseholds or properties with restrictive agreements, so keep this in mind as well.

The mortgage lender will instruct its own surveyor to do a valuation survey, which acts as a surety against the property. At this stage, there will be a lot of communication flying back and forth between all parties involved, from the seller to the mortgage lender. This process can be tedious, and you will have little control over it, but you can do your part by being responsive. If any party fails to respond in a timely fashion, it will hold up the entire chain.

Only once the local search has been completed, the contracts have been drawn up and the mortgage is in place will contracts be exchanged – but not immediately. Both the buyer and seller will have to agree on a completion date.

Finally, once the contracts have completed, they become legally binding, and no party can back off from the deal without paying the offended party compensation. Depending on the parties involved, the process can run smoothly if everyone is responsive and does their bit, but buying and selling a house is hardly ever a simple matter that can be concluded within a few weeks. It may, therefore, be tempting to try to expedite the process by using a "quick sale" company, but in most cases, even in the rare event that they aren't scammers, the deal is generally not in your best interest. Quick sales offer to buy a house very quickly, for cash, but at a heavily discounted rate. This market is not regulated so there are no protections in place for consumers.