A property-focussed law firm claims it takes a whole working day to obtain a Mortgage In Principle and up to six weeks to finalise the mortgage itself.
Recent data analysed by JMW Solicitors indicates that it takes at least six months to buy or sell a home. This period covers property search, offer acceptance, mortgage approval, and legal procedures. Variations occur due to market conditions, location, and property types.
The firm says key stages include a full day to obtain a mortgage in principle, taking 10 weeks from listing to offer acceptance, and over a month from offer acceptance to property searches.
It claims that mortgage arrangement spans three to six weeks, followed by 58 days from searches to contract exchange. The time span from the exchange of contracts to completion ranges from the same day to four weeks.
Michael Purvis, partner in residential real estate at JMW, says: "Awareness is key in managing expectations. Clients should know that from property listing to completion, the journey is a marathon, not a sprint. Timely communication throughout the process cannot be overstressed, and ensuring that each step is approached efficiently ”
To speed up the process, he claims there are practical steps to follow - financial preparation; securing a mortgage agreement in principle; prompt conveyancing solicitor instruction; timely mortgage application; proactive communication; swift property survey arrangements; arranging building insurance for contract exchange; and preparing for moving day upon completion date confirmation.
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