Last week we looked at how to take some of the stress out of your home move by planning each of the activities. This does take time but is well worth doing if you want to avoid the abyss of uncertainty when moving through the process. In planning you will know how long the process is estimated to take and if one element takes long that the others, due to unknowns, such as other elements in a chain, you will know how long there is left once that element is resolved. It also helps who to speak to and when.
House Move Plan
‘’A goal without a plan if just a wish’’ Antoine de Saint-Exupery
Your goal in this instance is to buy the property of your dreams. Part one of these planning articles should you steps 1 to 3 from funding and finding your new home to instructing a conveyancer. We are now going to look at the next three steps.
04 Mortgage Offer
Hopefully you will have a mortgage application in principle secured prior to your house search. If so, it is time to get back in touch with the financial adviser or mortgage broker and ask them to proceed. The lender will need to undertake a valuation survey of the property. Depending on the lender, this can take 2-3 weeks.
It is vital that you instruct a survey on your potential new home. The right type of survey will depend on the property itself. If you are unsure of which survey to instruct, please read the article ‘13 Choosing The Right Type Of Survey Is Vital’ and speak to the surveyor.
The survey itself takes less than a day but will need to be booked in when the surveyor is available. This is usually 1-2 weeks from instruction. You will then need to wait 1-5 days for the report, depending on which survey is being under taken. Make sure you check with the surveyor how long it will take him to report before instructing.
06 Searches and Checks
Your conveyancer will undertake several searches and checks to ensure that your potential new home does not have any serious issues that may prevent you from buying it. The timescale of the checks very much depends on the local council and the speed they turn around enquiries. But estimate this will take 3-4 weeks.
Once received by your conveyancer, enquiries will be sent back to the sellers solicitor before a summary Home Buyers Report is produced. Depending on the seller and seller solicitor this can take 1-3 weeks.
You can instruct the searches before you have received your mortgage offer and survey report if time is your priority. (see article 1). However, if your budget is your priority, I recommend waiting until you have a confirmed mortgage and survey before proceeding with the searches.
Next week I’ll look at steps 7 to 9, from exchange to completion. This can happen very fast after the longest step – 06 Searches and checks is complete. So be prepared to move fast if necessary.