Six common factors that can delay completion

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When you are buying a new house, it needs to be legally transferred from one owner to another. This process generally takes somewhere between 10 and 12 weeks to complete; however, it can take longer. Let’s look at six of the most common factors that can delay completion.

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1. Delays in getting your mortgage offer

While getting approval for a mortgage in principle takes a few hours, it takes much longer to get a confirmed mortgage offer. This can be anywhere between 18 and 40 days, according to the HomeOwners Alliance. A formal offer can only be made after a lender has completed an affordability assessment on the borrower and received a valuation on the property.

2. Sellers are looking for another property

Most people selling their home are also looking for one. They might not want to move until they have found a new house, extending the time it takes to complete the sale.

3. Interlinked property chains

Property chains can lead to significant delays in the conveyancing process; for example, you might need to sell your house to release the deposit for the house you want to buy or your seller might be waiting for the people they are buying from to find their onward purchase.

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4. Delays in accessing the property

To have the property valued, the lender needs access. If a seller does not grant access in a timely manner, this can lead to delays in the conveyancing process. It is vital that all details, including the name, address and contact number for the sellers, are correct on the paperwork.

5. Issues with the survey

If the survey identifies issues with the conditions of the property, a full building survey might be required, leading to delays in the conveyancing process. The lender could even ask for these issues to be rectified prior to approving the mortgage. This also provides an opportunity for you to negotiate on price, which conveyancing solicitors such as can help you with.

6. Delayed search results

Along with valuations, you need to have searches carried out for a mortgage to be approved. These searches are carried out by your solicitor, who relies on the council to provide them with information. Some councils issue paper-based copies of searches, which can lead to delays in the completion process.

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