The amount of time it takes to exchange contracts when buying a house depends on a number of factors. One factor is whether or not you’re in a conveyancing chain. If there’s no chain, the whole process can be much quicker. The converse is true when there’s a chain of course. The more houses in the conveyancing chain, the longer will likely take. But how long does it take to exchange contracts when buying a house? Let’s take a look…
How long does it take to exchange contracts when buying a house in brief:
When you’re buying a house it takes between 4 to 6 weeks to exchange contracts from accepting an offer. Then a further 1-4 weeks to complete depending on the contract. The time taken to exchange contracts when buying a house depends on the size of the conveyancing chain. It will be much quicker without a sales-chain.
How long does it take to exchange contracts when buying a house with no chain in detail?
The time it takes to exchange contracts when buying a house depends on a number of factors. But typically, when buying a house without a conveyancing chain it can take anywhere between 4 to 6 weeks to exchange contracts from offer.
But when the buying process involves a conveyancing chain, this time scale is likely to be longer. A transaction that takes between two to three to get to exchange of contracts from an offer would be considered quick.
If there is no conveyancing chain involved in your house move, the time taken to exchange contracts should be reduced. From your original offer through to exchange of contracts should take between 4-6 weeks. With a further one to two weeks to completion of the contract. This makes it a total time of between 6-8 weeks from beginning to end.
What factors impact on how long it takes to exchange contracts when buying a house?
There are many factors that can impact on how long it takes to exchange contracts when buying a house. However, you can be proactive in the process and chase the parties involved. This includes chasing your solicitor and by making sure you act on anything you are asked to do immediately. However, let’s take a look at what factors will impact on the timescale.
What can hold up exchange of contracts?
Slow solicitors: This could be your solicitor or the solicitor of the seller.
An estate agent that’s not proactive: Estate agents take an active role in making sure house sale go through quickly. A part of their job (as well as yours) is to chase all parties concerned. It is also in their interest to make the transaction happen quickly in order for them to get paid their commission.
Your lack of responding to deal with legal matters: During the selling process there will be certain legal forms that need to be completed. If you deal with these quickly, this won’t hold the process up.
The sellers being slow to respond: Like you, the sellers are also responsible for completing certain legal forms. If they fail to complete these on a timely manner, this will hold up proceedings.
Searches: As a part of the house buying process your solicitor will carry out various searches. The time it takes for these searches to come through will depend on the local authority concerned.
Survey: If your are using a mortgage to buy your house a survey will be required. But even if you are buying for cash and don’t need a mortgage, you are still better to have a survey done. This can sometimes take time to arrange and slow down the process.
Arranging a mortgage: Depending on your circumstances and on the type of house your are buying, these factors can affect the time taken to arrange the mortgage.
A conveyancing chain: The more houses in the chain, the longer it will take between an offer on a house and exchange of contracts.
I hope this article has helped on how long does it take to exchange contracts when buying a house
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How Long Does It take To Exchange Contracts When Buying A House?
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Article written by Russell Bowyer who has been investing in property since purchasing his first commercial property in the 1990's for his own Chartered Accountancy business. But his first property investment project was to turn an old dilapidated restaurant into a large 5-bed home, which he purchased for £117,500 and sold for £450,000 (to see an "after" photo of the house before it was sold see here: About). Russell owns a number of investment properties, which includes houses, flats and HMO's. More recently he has turned his creative side to investing in property using lease options. His largest lease option deal to date was to acquire 12 properties worth over £2 million for just £12, which means he paid just £1 to acquire each property!
