Completion timescales for your first home
Find out more about the typical house sale completion timescales to help you get a better understanding of the overall process
1. Finding the perfect property
Finding your perfect first home can vary depending on your situation and what homes are available on the market. Depending on your luck, you could be able to locate something very quickly, or you might have to wait a while for something to pop up. But typically, this stage of the procedure takes a few months.
If you are interested in one of our homes, we ask you to get qualified by The New Homes Group, so both parties have a clear understanding of your financial situation, and we can provide better guidance on the right home for you. You can then proceed with The New Homes Group or use a provider of your choice.
2. Putting in an offer
The actual act of putting in an offer and having it accepted can be completed within days. If you’re looking at reserving and investing in a new build as your first home, you can find out more about the offer process in our other guide.
3. Getting a mortgage offer
If your offer is accepted, the following step is to secure a mortgage in principle. If you include the time it might take you to discover a suitable provider, speak with them, and receive your offer, this could take a few weeks.
6. Frequently Asked Questions:
How long after valuation to mortgage offer?
You can typically expect the bank to release your mortgage offer a few working days after the valuation is completed, providing they have all the relevant and necessary information to process the offer.
How long is a mortgage offer valid for?
A mortgage offer is typically valid for anywhere between 3-6 months, depending on the bank you receive the offer from. You then have 3-6 months to accept the offer before it becomes invalid, and you will have to begin the process of applying again.
What happens after mortgage offer is issued?
Firstly, you need to confirm whether you're happy with the offer. If you are, then you sign the contract and accept the offer, which can be typically done online. Your solicitor will then begin the process of agreeing a contract exchange date, and you can start thinking about completing on your dream home.
What time of day does exchange of contracts happen?
Contracts can exchange at any time of day. The exchange of contracts is typically done around 7-28 days before completion. Although sometimes it can be possible for it all to be done within the same day. A lot depends on whether you're in a chain and how fast the process can be completed.
When do you exchange contracts on a new build?
Exchanging contracts on new builds take around 7-28 days, so generally the same amount of time as a normal house. It all totally depends on whether you're in a chain with other buyers.
Extra help from Tilia Homes
You should remember that this is just a rough guide of the timescales to completion when buying your first home. It can vary depending on the circumstances. Furthermore, if you’re buying a new build – especially if you’re buying off-plan – you have the additional wait of having the property built.
If this is an option you are considering as a first-time buyer, and you were to choose one of our quality new homes, you’ll also get service and support throughout the whole buying process. To find out more about this, get in touch today.