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Purchasing a home always has been a slow, difficult progression. In these times of instant approvals and ‘24/7/365’ service, the house buying process is lagging.

The steps for finding a house can certainly be quicker than they once were. New home seekers can sit in the comfort of their homes and search for the type and price range of the homes they want on their computers and receive instant results of options. Viewings can easily be set-up by email outside of office hours or by telephone arranged by telephone. As a result, real estate agents to be aggressive and rise to the competition if they want to secure your purchase, by making themselves available seven days a week and do just about anything they can to satisfy your needs.


However, once you have made an offer on a house, things seem to slow down. The average time it takes to finalize a home purchase is a vacillatingly slow 8-12 weeks. Is it possible for this process to be completed faster?

Yes! It is possible to for home sales to be completed in four weeks or less. However, you will first need to have the selling party agree to a quick sale.

What are the areas of blockage? They are typically with mortgage agreements, conveyancing and surveys.

There is no question that the process associated with mortgage applications has been more fine tuned in the recent years. However, the process of getting approved can still take as long as two weeks, as the lender waits for property assessment and finalizes their financial check on you.

Now, as competition grows more fierce, it has become fairly common for some mortgage lenders to provide instant mortgage offers online. Credit scores are obtainable online and Land Registry data can be downloaded, allowing for these procedures to be performed in a few minutes. This allows lenders to make a home loan offer to potential borrowers very quickly.

However, there are brokers that do not anticipate this speedy process coming into play extensively. Although we might get the ‘five minute decision' in principle, there can be no such thing as a ‘ten minute mortgage’. Lenders are able to make fast offers, but they will often say it’s a decision that is subject to this or that. Additionally, without an assessment being performed, a mortgage lender would predictably make some limits on loan-to-value amounts.


Thus, with an unpredicted estimation, it is very possible for the mortgage deal to fall apart. A good broker can put together a deal for lenders and get a estimation done in 48 hours or less, followed by a mortgage offer within three to four days. Even that would be exceptionally fast.

More often, delays arise when solicitors working on conveyancing, contracts and searches. Solicitors indicate that the delays come from waiting for the requested information to be returned. Conveyancing cannot be finalized until all the pieces are in place. The key to speedy conveyancing is a fast survey, with no problems coming up, and searches being returned quickly by the local authority.

Below are a few things you can to ensure a fast process. If you have any questions please contact us.

- Obtain a mortgage offer in principle while you are looking for your new home.
- Get a surveyor the instant you locate a property.
- Express your need for quick speed to your solicitor.
- Make sure you submit all paperwork and payments timely.
- Stay in contact with all parties.


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