1. Liaise with a mortgage broker and get an agreement in principle.
Buying a home can be one of the most important purchases you will make. Looking for properties is the fun part, but when you start going through the process of purchasing a property everything can become a bit daunting and overwhelming. At New Homes Law, we aim to make this process as simple and straightforward as possible, by supporting you through the process.
The average transaction can take between 8-12 weeks; however this timeframe can shorten or extend for a number of different reasons.
When purchasing a residential property, you will usually that the seller is buying another property too, this is known as a chain, a number of buyers and sellers buying and selling simultaneously. Everyone in a chain needs to exchange and complete at the same time. This can mean that your transaction may take longer than the expected 8-12 weeks as each party could be working to a different timescale. The chain must remain, if someone withdraws the chain can collapse and have to start again. Therefore it is always advisable to discuss with your Estate Agent if you have a specific timetable to work to.