First Time House Buyers Frequently Asked Questions - FAQ

First Time Home Buyers Frequently Asked Questions - FAQ

3 minutes The house buying process can appear complicated so we compiled a FAQ to answer common questions. Always seek legal advice!

1. How long between searches and exchange?

   6 weeks would be expected if all searches are promptly supplied.

2. Do you get a mortgage or solicitor first - At what stage do I need a solicitor when buying a house?

   You hire a solicitor or convenancer after you have chosen a house and want to proceed to purchase it and you already have a Mortgage Offer (In Place).

3. What is the longest / slowest part of buying a house?

   Chains cause delays that you have no control over and unexpected survey results are common sources of delays.

4. How long does it take to buy a house with no chain in the UK?

   A house sale for cash with no chain can go through in about 3 months if surveys and searches are prompt with no problems.
5. 

   Is it worthwhile doing my own 'viewing' survey?

   It is very effective at finding problems and filtering out defects at an early stage before you spend money on professional advice.

6. How long does it take to buy a house once an offer is accepted?

   The average time from offer to completion in the UK can extend to 6 months or longer if there is a chain or delays relating to surveys or searches.

7. What can go wrong after your offer is accepted on a house?

   If the offer is subject to your surveys (What are the different types of house buyers survey?) and they come up with serious or costly problems, that can cause delay. Legal Title searches or Legal disputes that were not previously disclosed as well as sudden interest rate changes that may affect your mortgage offer will slow matters.

8. Who decides the completion date?

   It will be agreed by the seller with you.
9. 

   What is the most difficult part of buying a house?

   Choosing your 'wants and needs' (Home Buyers Wants and Needs List) early will speed up selecting a home but getting all the third parties such as surveyors and solicitors to work together can be difficult.

10. What are the three main searches when buying a house?

    1. Land Registry.
    2. Environmental, water and local authority searches.
    3. Mining search if in a risk zone.

11. What does a mortgage surveyor look for?

    They want to assess the general condition and value of property to make sure the mortgage is reasonable.

12. Can I exchange contracts without searches?

    Yes but ideally all searches should be done before entering into a contract.

13. What do solicitors check when buying a house?

    A solicitors duty is to investigate legal ownership (Title), report the results (findings) and proceed to transfer it correctly on sale as well as identifying you (anti-money laundering / fraud).

14. How often should you hear from your solicitor when buying a house?

    You need to establish a timescale with your solicitor when hiring them and check in at least once a week.

15. Can a seller pull out after accepting an offer?

    Yes, if there is no contract and even with a signed contract they can pull out but they may have to pay penalties. This is why you should exchange contracts as soon as possible after a verbal acceptance of your offer.

16. What is the most difficult part of buying a house?

    Communication with all parties is vital to reduce stress and to make sure the purchase goes through smoothly.

17. What things can go wrong?

    Look at What Can Go Wrong When Buying a House?

18. What are typical house buyers mistakes

    Look at Common home buyer mistakes to avoid.

19. I am buying or bought a house with problems not disclosed in the UK

    If you think that there are hidden problems or you know that the vendor or estate agent have not been truthful and disclosed all relevant matters (the TA6 form in England), you should immediately talk to your solicitor as sellers and agents have legal obligations of disclosure and honesty when selling a house.

20. What is the most expensive part of a house?

    A house is built on a site with materials and labour - the site cost and preparation will be at least 10-15% of the selling price. Rooms cannot be 'simply' valued as some are essential such as a kitchen.

21. What happens on completion day with a chain?

    Each member of the chain completes individually. The process is that money is transferred from the bank to buyers solicitor who on 'Completion' then transfers the money to the sellers solicitor and the estate agent releases the keys to the buyer.