Purchasing a property in the UK can be a lengthy process, with various potential delays and setbacks along the way. If there are few complications, it typically takes 15-20 weeks to reach completion, but the process may be much longer. Being aware of some of the common delays can help buyers be prepared and patient during what can be a stressful time.
The Mortgage Application Process
One of the main delays when buying a home is the mortgage application process. It can take 4-6 weeks for mortgage lenders to officially approve a mortgage application. The lender will want to verify income, debts, credit history, and savings. If any part of the application is incomplete or needs clarification, it can cause further delays. Buyers should get their paperwork in order early and respond promptly to any requests from their lender.
Survey and Valuation
After an offer is accepted on a home, the buyer will need to get a survey and valuation done on the property. This needs to be scheduled with a surveyor and can take 1-2 weeks to complete. Some surveys are more in depth than others. If any potential issues are found that need further investigation, it can hold up the buying timeline. Try to get the survey completed as soon as possible.
The Conveyancing Process
Conveyancing is the legal process of transferring ownership from the seller to the buyer. It includes searches to ensure there are no issues with the property. Conveyancing can take 6-12 weeks in normal conditions. Delays happen if there are questions about boundaries, planning permissions, building regulations, etc. Using a reputable solicitor and staying on top of requests for information/signatures can help speed up this step.
The Vendor’s Situation
Sometimes delays occur due to situations on the seller’s end. They may struggle to complete the legal paperwork or have difficulty vacating the property in time for completion. If the vendor’s property chain falls through, it can also lead to delays for the buyer. Keeping open communication with your estate agent can help stay updated on any vendor issues.
Why Bridging Loans Can Help
Bridge finance loans are a useful financing option that can help minimise delays when buying a property in the UK. They provide short-term funds to complete on a home purchase or commercial property before selling an existing property or receiving funds from another source. This avoids delays from needing to sequence completion dates between two properties. Bridging loans UK allow buyers to secure their desired property quickly. The funds get repaid once the buyer sells their old home or secures longer term financing. While the interest rates are higher, bridging loans are beneficial to avoid missing out on a dream home.
Buying a home in the UK can involve many steps, checks, and paperwork. Being aware of potential delays and using options like bridging loans can help streamline the process as much as possible. Staying organised and prompt in responding to lenders, solicitors, and agents will also keep things moving forward.
