How long is the house buying process?
The process of buying a house can be unpredictable and it is difficult to pinpoint an exact timescale. You may be wondering how long searches take? Is the process quicker if there is no chain and what will happen if the sale falls through? A good guideline to buying a house from start to finish can be between 3-6 months, however individual circumstances such as how many people are in the chain and the nature as to why they are selling can change this.
What is the cost of buying a house?
There are a number of costs involved in buying a house and it is important to understand what is required up front in order to complete the purchase.
How much deposit will I need?
The lowest deposit you can give averages around 5%, with most first time buyers putting down a 15% deposit. The more deposit you can save, generally speaking the better mortgage rates you will have access to.
How much are solicitors fees?
Dependent upon the conveyancing company that you choose, the rates may vary. Normally you will be looking to pay between £800 and £1500 plus VAT. Please visit our conveyancing page and find out about our fixed price conveyancing. Searches may also be an additional cost and are charged at around £300.
How much is stamp duty?
On the 8th July 2020, the government announced a stamp duty holiday until 31st March 2021. For properties with a value of £500,000 or less, you will not have to pay stamp duty. After this date, first time buyers are stamp duty exempt on properties up to a value of £300,000. For properties with a value between £300,001 and £500,000, stamp duty is charged at 5%. If the property you are purchasing is not your first home, then stamp duty will be applicable from £125,000 and the % charge will vary depending on the value.
How long does a mortgage application take?
Where the requirements are fairly straight forward, a mortgage application should take about a month. In the first instance you will speak with your chosen mortgage advisor and discuss your financial situation and find a suitable product. The lender with then go through the process to determine if you are a suitable candidate for the product and can afford to pay the mortgage back. They will also look into whether the property is worth the money that you would like to borrow.
What to look for when buying a house?
When viewing your shortlisted property, you will need to consider the things you can’t always determine from a photo
- What’s the parking like?
- Is there too much noise?
- Can you smell damp or rising mould?
- Does the property require much work e.g. cracks in the wall, roof repairs?
- Is the garden overlooked?
This doesn’t mean you shouldn’t purchase the property; however it’s worth is something to considering whether you can afford to make the repairs or are they liveable until you can.