How long does it take to buy a House
Getting the keys to your new house is a significant milestone, especially if you’re a first-time buyer.
In total, buying a Shared Ownership home can take anywhere from 18 to 30 weeks, depending on various factors. Understanding the timeline involved can help ease some of the stress and uncertainty. If you’re considering purchasing a Shared Ownership home, this article will walk you through the process and the typical time it takes from start to finish.
Initial Research and Mortgage Pre-Approval (2–4 weeks)
The first step in the home-buying journey is to research your options and get pre-approved for a mortgage. This involves evaluating your finances (you can use our affordability calculator to help), researching various lenders, and applying for pre-approval. Mortgage pre-approval not only gives you a clear idea of your budget but also shows sellers that you’re a serious buyer.
During this stage, you should also explore Shared Ownership schemes, which allow you to buy a portion of a property and pay rent on the rest. This can make getting on the property ladder more accessible, especially in high-cost areas like London.
Finding the Right Property (4–8 weeks)
Once you have your pre-approval, the next step is to find the right property! This stage can vary significantly in duration depending on your preferences, the availability of properties, and market conditions. Make sure you’re monitoring our listings and attending viewings whenever you can to maximise your chances of finding the right property. We’d recommend coming to as many as you can to get the best chances, plus it’s always nice to speak to one of our sales consultants directly.
It’s a good idea to make a list of your must-haves and deal-breakers to streamline your search. Remember, patience is key during this phase, as the perfect home might not be available immediately. Also, be sure to check over the charges related with each property so there are no surprises.
Making an Offer and Acceptance (1–2 weeks)
Once you find a property you love, it’s time to reserve your property, and make an offer. For Shared Ownership homes, the process may be slightly different than a traditional purchase.
Typically, you’ll need to submit an application to the housing provider and provide details about your financial situation.
After your offer is accepted, you’ll receive a Memorandum of Sale, which outlines the agreed terms. This document is crucial for moving forward with the purchase.
Conveyancing and Legal Work (8–12 weeks)
Conveyancing is the legal process of transferring property ownership from the seller to the buyer. This stage involves several steps, including property searches, contract preparation, and signing. But don’t worry, it’s not as complicated as it sounds as you’ll have a solicitor or conveyancer to handle this process. During conveyancing, your solicitor will:
● Conduct searches to make sure there are no issues with the property.
● Review and explain the contract.
● Arrange for you to sign the contract and pay your deposit.
For Shared Ownership homes, additional checks related to the lease and Shared Ownership agreement are necessary. This can add a bit more time compared to traditional purchases.
Mortgage Finalisation (2–4 weeks)
Once the conveyancing process is underway, your mortgage lender will conduct a property valuation and finalise your mortgage offer. This stage can overlap with the conveyancing process and typically takes a few weeks. Make sure you promptly provide any additional documentation requested by your lender to avoid delays.
Exchange of Contracts and Completion (1–2 weeks)
After all legal and financial checks are complete, you’ll exchange contracts with the seller. This is a significant milestone, as it legally binds both parties to the sale! At this point, you’ll pay your deposit, usually 5–10% of the property share price.
Completion typically occurs one to two weeks after the exchange of contracts. On completion day, the remaining balance of the purchase price is transferred, and you receive the keys to your new home.
Looking for Support?
In total, buying a Shared Ownership home can take anywhere from 18 to 30 weeks, depending on various factors. While the process can seem lengthy, each stage is crucial in providing a smooth and legally sound purchase. By understanding the timeline and staying organised, you can navigate the journey to getting on the property ladder with confidence.
Legal & General Affordable Homes is committed to supporting first-time buyers throughout this process; you can reach out to our team with any questions. For more information and to explore available properties, take a look at our FAQs and start your journey to owning your home today.