How Long Does It Take to Buy a Property as a First-Time Buyer?

Buying your first home is an exciting but sometimes overwhelming experience. To help you navigate this journey, here’s a complete guide that outlines the timelines, roles of professionals, and the paperwork you’ll need to prepare.

How Long Does It Take?

The process of buying your first home typically takes between 2 to 6 months, depending on how smoothly things progress. Here’s a timeline and what happens at each stage:

Step 1: Start of Your Journey – Finding the Right Property (1–3 months)

• What Happens?
  • Apply for a Mortgage Agreement in Principle (AIP) – using a broker like Oak Mortgages will access your income and find the best lender for your personal needs and situation.  This will give you confidence that the properties you are looking for are within your price range.
  • You search for a property, attend viewings, and make an offer.
  • Once the seller accepts your offer, the process moves forward.
• Who’s Involved?
  • Your Mortgage Broker: Gains an Agreement in Principle (AIP)
  • You: Research and budget for properties.
  • Estate Agent: Facilitates viewings and negotiates on your behalf.

Step 2: Mortgage Application (2–4 weeks)

• What Happens?
  • Your Mortgage Broker will submit your full application to the lender.
  • The lender will assess your financial situation and conduct a property valuation.

• Who’s Involved?
  • Mortgage Adviser: Helps you find the right deal and submits your application.

• Lender: Checks your affordability and issues a formal mortgage offer.

• What You’ll Need:
  • Proof of identity (passport or driving license).
  • Proof of address (utility bill or bank statement).
  • Proof of income (recent payslips, P60, or SA302 if self-employed).
  • Bank statements (3–6 months).
  • Deposit proof (savings statement or gift letter).

Step 3: Conveyancing Process (6–12 weeks)

• What Happens?
  • A conveyancer (solicitor) handles the legal side of the purchase.
  • They conduct property searches, review contracts, and ensure the property is legally sound.
  • Surveys and checks are conducted to identify any issues with the property.
• Who’s Involved?
  • Conveyancer/Solicitor: Coordinates searches, prepares contracts, and manages funds.
  • You: Review documents and raise any concerns.
• What You’ll Need:
  • ID verification.
  • Details of your mortgage offer.
  • Funds for searches and solicitor fees.

Step 4: Mortgage Offer and Exchange of Contracts (2–4 weeks)

• What Happens?
  • Once your lender is satisfied, they issue a mortgage offer.
  • Contracts are exchanged, and you pay your deposit. This step makes the sale legally binding.
• Who’s Involved?
  • Conveyancer: Reviews and finalises contracts, coordinates with the lender.
  • Lender: Transfers the funds needed for completion.
  • You: Provide your deposit, sign contracts, and confirm the completion date.
• What You’ll Need:
  • Full deposit (usually 5–10% of the property price).
  • Signed contracts.

Step 5: Completion (1–2 weeks after exchange)

• What Happens?
  • On completion day, the remaining funds are transferred, and ownership of the property is legally transferred to you.
  • You receive the keys to your new home.
• Who’s Involved?
  • Conveyancer: Confirms payment, registers the property in your name, and provides title deeds.
  • Lender: Transfers the loan amount to the seller’s solicitor.
• What You’ll Need:
  • Funds for additional costs like stamp duty, solicitor fees, and moving costs.

Summary of Timelines and Key Players

Tips for First-Time Buyers

• Get Organised Early: Prepare your documents and gain your Agreement in Principle before starting your property search.
• Save for Extra Costs: Budget for stamp duty (if applicable), surveys, broker and solicitor fees, and moving expenses.
• Ask Questions: Your mortgage adviser and solicitor are there to help—don’t hesitate to ask for clarification.
• Stay Patient: Delays can happen, especially with lender requirements, searches and contracts, so allow some flexibility.

By understanding each step of the process, knowing who’s involved, and being prepared with the right paperwork, you can make your first home-buying experience as smooth as possible. Good luck!