Exact Answer: 6 Weeks To 12 Weeks
Property search might sound like a simple task for an individual to perform, after all, all a person has to do in this step is to search for the most suitable property that can stand up to his or her expectations.
But, the task, or the most primary step of buying a property, that is looking for a property is not as easy as it sounds. There are multiple steps included within the only step of property searches.
How Long Do Property Searches Take?
| Steps included in property searches | Time |
| Standard searches | 3 to 4 weeks |
| Receiving mortgage offers | 1 to 2 weeks |
| Completion of mortgage | 1 week |
| Pre-contract inquiries | 5 days to 2 weeks |
| Exchange of contracts | 2 to 3 weeks |
| Stamping | 5 days to 1 week |
Though some general steps are included within the step of looking for a property, the number of steps can vary from person to person and property to property. These steps are the major factor that determines the time it takes for property searches.
The number of steps and how long these steps would take depend upon the situation, the time it takes for property searches depends on the major factor. In most general cases, there are a total of 6 different steps. Those 6 steps included for property searches are as follows:
- Standard searches
- Receiving mortgage offers
- Completion of mortgage
- Pre-contract inquiries
- Exchange of contracts
- Stamping
On average, the first step for property searches, that is the standard searches of property takes about a minimum of 3 weeks to a maximum of 4 weeks to be done.
The second step of property searches, that is, receiving mortgage offers can take about a minimum of 1 week to a maximum of 2 weeks.
It takes about another one week or two, specifically about a minimum of 5 days to a maximum of 2 weeks for the third step to get done, that is pre-contract inquiries.
The second last step included in the process of property searches, that is exchange of contracts can take another about a minimum of 2 weeks to a maximum of 3 weeks to get done.
Lastly, the fifth and the last step for the process of property searches, that is the step of stamping takes about a minimum of 5 days to a maximum of 1 week to be done.
Why Do Property Searches Take That Long?
The major reason why it takes that long for property searches is that buying a property is not at all casual work that can be done without putting much effort and attention into completing this task.
Instead, all the steps included within the step of doing property searchers have their importance. Moreover, in general cases, there are many delays caused in the process which can make property searches a long process.
The first step is standard searches which include looking for properties primarily, such as looking for properties in your locality, finding the best suitable environment and locality that one might wish to live in, and other such searches to be performed.
The second, that is receiving mortgage offers is to receive financial advice for the property searches. In this step, the person is told about the current property prices and the best offers.
The third step is pre-contract inquiries is the step which includes additional inquiries of the properties. Some of the most basic pre-contract searches that are done during property searches are as follows
- Drainage system for the property
- Utility supplies in the locality
- Land restrictions
- Property regulations
- Previous disputes over the property
- Shared access if any
The second last step, that is exchange of contracts is simply just giving the contract to buy the property, completing all the documentation, and signing the contract.
Lastly, the last step that is stamping is the final step which refers to the approval of the documentation provided and the transactions to get completed. Once all this is done, the contract is approved and the property is allocated to the buyer.
Conclusion
Property searches are not a simple task to be done, and it also requires full attention and complete knowledge of properties, prices, and other such information. Moreover, all the steps included within property searches are crucial and need time to be invested in them.
References
- https://search.informit.org/doi/abs/10.3316/agispt.20200118023193
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/hlr119§ion=30
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