You'll need to jump through a lot of hoops when buying a home. Even if both you and the seller are keen to exchange contracts as soon as possible, inevitably there can be delays.
We’ve pulled together eight top tips to make buying a home as smooth (and as quick) as possible.
1. Get to grips with the terminology
There's a fair share of unfamiliar language involved when it comes to buying a home.
Arrangement fee? Standard Variable Rate? Mortgage Indemnity Guarantee? It can help to get to know the lingo.
Make sure you understand the key terms before you kickstart your property search.
Our jargon buster will help you out.
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2. Consider selling before buying
If you're already a homeowner, think about selling your home before you start looking for a new one.
It's easier to buy a home when you're chain-free. But you'll need to factor in renting and storage costs in the meantime.
If you're eyeing a new-build home, then a part exchange scheme may be the answer. With part exchange schemes, the developer buys your home from you, removing the worry of a chain.
Look for new homes developers and find out if they run part exchange schemes
3. Put yourself in a strong financial position
Speak to a mortgage advisor to confirm your budget and get an agreement in principle.
Then work out what you can and can’t afford before you arrange any property viewings.
Once you’ve found your home and had an offer accepted, you will need to then formally apply for a mortgage.
Make sure you have all the relevant paperwork organised beforehand.
Mortgage lenders typically ask for proof of your income and outgoings as well as proof of your identity and address.
Remember that a formal mortgage offer has a shelf life and if you fail to complete the purchase before it expires, you’ll have to start the process again.
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4. Ask the seller to take the property off the market
Found your dream home? When you make your offer, ask that the property is taken off the market immediately.
This will help to prevent another buyer from making a higher offer.
5. Pick your professionals carefully
It pays to work with people you trust during the home buying process.
This will usually include a surveyor, a solicitor and removals company.
Ask friends and family for recommendations and hire carefully.
Here are some of our green flags to look out for:
Look for someone local: They know the area you’re trying to buy a new home in, inside out. Their knowledge can really help speed the process up, by suggesting the ideal property with the standout features you’re looking for.
Their viewings policy: Will they accompany viewers around the house? Do they provide weekend viewings? Will they extend the hours of visits for neurodivergent clients? Can they help you out by visiting during quiet hours?
Experience in selling similar properties: When buying a home, it’s important you find an estate agent with experience in helping sell properties that are similar to your dream home. This will really help as they have an understanding of what you’re looking for from the get-go.
Find an agent who understands your market: An agent who knows the local area you hope to purchase in is really important. Not only do they know the best properties and roads to purchase on, but they can also prevent you from paying over the odds. Their local expertise really can help along the way.
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6. Make sure you’re responsive
Be ready to review, fill out, sign and return all documents quickly and efficiently.
Your solicitor will no doubt send through a lot of information about your property, including local authority searches.
Sitting on the paperwork will only hold up the process.
7. Communicate effectively with all parties
Communication is king!
Stay in regular contact with both your solicitor and your estate agent.
This will ensure that you are up to speed with the purchase and that it’s on track.
You might agree to a weekly update between all parties. This will cut the chances of miscommunication over what is expected from whom and when.
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8. Be realistic at the timescale
Everyone wants to buy a home quickly. But it’s sensible to be realistic. We estimate that different parts of the process could vary in how long they might take. Examples of this could include:
Searching for your perfect home - 3 to 12 months
Securing a mortgage - 2 to 4 weeks
Making an offer - 1 week
Instruct a conveyancer - 6 weeks to 3 months
Getting a survey done - 1 week
Exchanging contracts and completing the purchase - 1 day to 2 weeks
With each stage likely to vary, it is important you include possible delays in your timeline, so being prepared is important. Don’t panic, delays are natural and inevitable. You can always consult your relevant property agent for more information.
Set a target for exchanging contracts so that everyone in the process has the same deadline to work towards.
You can always amend the timescale between exchange and completion if you and/or the seller needs to delay moving.