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
Searching for your ideal first home is exciting. And while some may strike luck quickly, others may spend longer searching for the perfect property. Typically, this stage of the process takes a few months.
At Tilia Homes, we encourage potential buyers to get qualified by The New Homes Group during the searching stage. This ensures both parties have a clear understanding of your financial situation, and it helps us provide tailored guidance in finding the right home for you.
2. Putting in an offer
The process of making an offer and securing acceptance can be completed within days. If you’re looking at buying a new home, you can find out more about how to make an offer in our other first time buyer guide here.
3. Securing a mortgage offer
After your offer is accepted, the next step is to secure a mortgage in principle. This stage, which includes research, finding a suitable provider, consultations and getting your offer, typically takes a few weeks.
4. The next four to twelve weeks
In the next few weeks, you can expect to:
- a. Appoint a conveyancing solicitor
The process of choosing a conveyancer, which could take a few weeks, is an important stage. If you're purchasing from a new build developer, they can help you with this. - b. Have surveys and legal checks
The next few months will typically involve any property surveys and the drawing up of contracts.
5. The final stage
Once the legal side is complete, you’ll be on the final step towards completion. Completion timelines may vary depending on the build stage of the new home you are buying. This stage involves:
- a. Confirmation of a mortgage offer
The confirmation of your mortgage may take several weeks to be confirmed by your lender. This may take longer if they need additional information or documentation. - b. These steps may have previously been covered by your solicitor. It typically involves the formal transfer of funds, mutual agreement on the completion date, and exchanging the legally binding contacts. If all aspects are in order, this could take a few weeks. However, unresolved issues may lead to delays lasting several months.
Please note, we expect exchange of contracts within 42 days from the receipt of draft contracts. - c. Home demonstration
If you are buying a Tilia Homes property, we will promptly arrange a new home demonstration once your home is ready. This step allows you to inspect your new home, understand how it operates and check that everything is in good working order. - d. Completion
On completion day, the funds for your first home will be transferred. Once this goes through, you’ll officially be able to collect the keys to your new home.
6. Frequently Asked Questions:
How long after valuation to mortgage offer?
You can 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.
How long is a mortgage offer valid for?
A mortgage offer is generally valid for 3-6 months, with an equivalent period to accept.
What happens after mortgage offer is issued?
If you're happy with the mortgage offer, then you can sign the contract, 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 moving into your first home.
When does exchange of contracts happen?
The exchange of contracts is typically done around 7-28 days before completion, so generally the same amount of time as any other house sale. It all totally depends on whether you're in a chain with other buyers.
Extra help from Tilia Homes
It is important to note that these timelines serve as a rough estimate, subject to variations. For those considering buying a new home, especially if you’re buying off-plan – then you’ll have the additional wait of having the property built.
Choosing one of our high-quality new homes for sale means you’ll get support throughout the whole buying process.
To find out more about how we can support you, get in touch with our helpful sales advisors.