Buying a new house is always a big deal, and it marks a new chapter in our lives. When it comes to going through the motions of house buying, things can be more complicated than they first may seem.
From a broken chain to probate, there are many things that can slow down your ability to buy your new home and move in, and we want to help you feel prepared for these today.
Here are the things you need to know that may slow down the purchase of a new home this year.
1. Life
One of the biggest things that can change during your purchase of a home is the circumstances of both you and the seller. Everyday things change, and when you are making a big decision like moving house, sometimes life can get in the way.
2. Slow solicitors
It is known that buying a house involves a lot of waiting around for documents to be written and signed, and often the slowest party is the solicitor. If you have landed yourself with a slow solicitor your home buying might take a lot longer than it needs to. It is important that when you search for a solicitor you speak to family and friends and get reviews to ensure you choose the right one for you.
3. Probate
When someone dies and the home is left abandoned, a process called probate must be done to sell the house to someone new. If you are buying a house that is under probate, you may be waiting for a long time for family members and heirs to decide what they want to do with the property. It can add a lot of time onto your purchase and stop you moving in.
4. Getting a mortgage agreement
Applying for a mortgage is a complex process, and it involves checks of identity, work, and credit. When you apply for a mortgage it might take some time to gather all of the documents and information you need, and then a little bit longer for your mortgage provider to decide what they will offer to you. If there are complexities such as a low credit rating this may delay things even further.
5. Broken chain
When you step onto the property ladder, you may also enter a chain. A chain can be complex because it depends on the seller being able to buy their new home as well as you buying your seller’s home. A chain can become broken if one of the parties backs out. For example, your seller and yourself may be still on for the deal, but if the seller of your seller’s new home backs out, it causes the seller to back out, and therefore you.
6. More offers
Even when you have made an offer on a property, it doesn’t mean that the sale is a done deal. It is important to remember that others may offer on the home too, and this can slow down your progress and even lead to a bidding war. Be aware of competition and get in early for an offer when you find a property you want.
