How Long After Home Survey to Completion of Sale

Buying a home is an exciting yet complex process, with several key steps along the way. One crucial stage is the property survey, which provides valuable insights into the condition of the house.

Many prospective buyers wonder how long it takes to complete the sale after this important assessment.

Typically, completion occurs about six weeks after the property survey. This timeframe can vary depending on various factors, including the survey results and any issues that may arise during conveyancing.

The period between the survey and completion allows for necessary negotiations, legal processes, and financial arrangements to be finalised.

It’s important to note that the type of survey conducted can influence the overall timeline. A basic valuation might take just a few hours, while a comprehensive structural survey could require several days to complete and up to eight days for the report to be prepared.

Buyers should consider their specific needs and the property’s characteristics when selecting a survey type to ensure a smooth path to completion.

Understanding the Home Survey Process

A home survey is a crucial step in the property buying process. It provides valuable insights into the condition of the property you intend to purchase.

The duration of a house survey varies depending on the type chosen. A Level 1 survey, the most basic option, typically takes 1-2 hours to complete. Level 2 surveys, also known as homebuyers surveys, usually require 2-4 hours.

For more comprehensive assessments, a Level 3 survey (formerly called a structural survey) can take up to a full day. This thorough examination delves into every aspect of the property’s structure and condition.

After the inspection, surveyors need time to compile their findings. Level 1 and 2 survey reports are generally ready within 3-5 working days.

Level 3 survey reports may take up to 10 working days due to their extensive nature.

It’s important to note that the survey is just one part of the overall property purchase timeline. The period from survey to completion can vary significantly, often taking around six weeks. However, this timeframe can be influenced by factors such as:

• Survey results
• Negotiations based on findings
• Mortgage arrangements
• Legal processes

To ensure a smooth progression, buyers should maintain regular communication with their conveyancer and the seller’s estate agent throughout the process.

Pre-Survey Considerations

Before conducting a home survey, buyers should carefully evaluate their offer terms and conditions. This stage sets the foundation for a smooth survey process and potential property purchase.

Offer Subject to Survey

Making an offer subject to survey protects buyers from unforeseen issues. This condition allows withdrawal or renegotiation if significant problems emerge during the survey.

Buyers should clearly communicate this stipulation to the seller and estate agent when submitting their offer.

Including this clause provides flexibility and peace of mind. It ensures buyers can reassess their position based on the survey findings. However, sellers may be less inclined to accept such offers, especially in competitive markets.

Subject to Survey Conditions

Specific subject to survey conditions outline the circumstances under which a buyer may alter or retract their offer. These might include:

• Major structural defects
• Evidence of subsidence or damp
• Presence of hazardous materials (e.g. asbestos)
• Estimated repair costs exceeding a certain threshold

Buyers should work with their solicitor to draft clear, comprehensive conditions. This helps prevent disputes and ensures both parties understand the implications of the survey results.

It’s crucial to strike a balance between protecting one’s interests and maintaining a strong negotiating position. Overly stringent conditions may deter sellers, while insufficient safeguards could leave buyers vulnerable to costly surprises.

Timeline After the Home Survey

The period between a home survey and completion typically spans 6-8 weeks, though this can vary based on several factors. The process involves report generation, review, and subsequent steps that move the sale towards completion.

Home Survey to Report Generation

After the surveyor inspects the property, they begin compiling their findings into a comprehensive report. The turnaround time for this report depends on the type of survey conducted:

• HomeBuyer Report: 3-5 working days
• Building Survey: 7-10 working days

Surveyors may prioritise urgent issues, providing preliminary findings to the buyer sooner. Factors affecting report generation include the property’s size, condition, and the surveyor’s workload.

Report Review and Next Steps

Once the buyer receives the survey report, they should review it thoroughly. This process usually takes 1-2 days. Key actions following the review:

1. Discuss findings with the surveyor or estate agent
2. Obtain quotes for necessary repairs
3. Renegotiate the offer if significant issues are uncovered

The buyer’s solicitor will also review the report, which can take 2-3 days. They may raise additional enquiries based on the survey findings, potentially extending the timeline by 1-2 weeks.

If no major issues arise, the process moves towards exchange of contracts, typically occurring 2-4 weeks after the survey. Completion usually follows 1-2 weeks later, barring any complications or delays in the chain.

Factors Affecting Completion Time

The duration between a home survey and completion of sale can vary significantly. Several key factors influence this timeline.

Survey findings play a crucial role. If the survey reveals major issues, negotiations for repairs or price adjustments may extend the process.

The complexity of the property chain impacts completion time. Longer chains often lead to delays, as multiple transactions must align.

Mortgage arrangements can affect timelines. Securing financing and meeting lender requirements may take several weeks.

Local authority searches typically take 2-10 weeks. These are essential for uncovering potential issues with the property or surrounding area.

The efficiency of conveyancers and estate agents is vital. Prompt communication and document processing can expedite the process.

Buyer and seller readiness is important. Delays in providing necessary information or making decisions can slow progress.

seasonal factors may influence timelines. The property market often experiences busier periods, potentially causing delays.

Typical timeline:

• House survey: 1-2 weeks
• Searches and conveyancing: 2-10 weeks
• Exchange to completion: 1-2 weeks

Whilst completion often occurs about six weeks after a survey, individual circumstances can significantly alter this timeframe.

Home Report Validity and Impact

Home reports typically remain valid as long as a property is on the market for sale. There is no fixed expiry date, which provides flexibility for sellers.

However, if a property stays listed for an extended period, commissioning a new report may be advisable. This can reassure potential buyers and provide up-to-date information.

A chartered surveyor may request an update to the home report. In such cases, they will reinspect the property and revise the single survey. The energy performance certificate and property questionnaire usually remain unchanged.

Home reports consist of four key documents:

• Single survey
• Energy report
• Mortgage valuation certificate
• Property questionnaire

These reports play a crucial role in the Scottish property market. They protect both buyers and sellers during transactions by providing comprehensive property information.

The time taken to complete a home buyers survey can vary. Factors such as property size and complexity influence the duration.

Generally, surveyors aim to conduct the inspection and deliver the report promptly.

Buyers should factor in the validity of the home report when planning their purchase.

A recent report can expedite the process, while an outdated one may necessitate additional time for updates.

Negotiations and Vendor Considerations

After a home survey, buyers may seek to renegotiate the purchase price if significant issues are uncovered. This can lead to a delicate situation where the vendor must decide how to respond.

Some vendors may be reluctant to lower their asking price, especially if they believe the survey findings are exaggerated or can be easily addressed. In such cases, buyers face a difficult choice.

If a vendor won’t negotiate after the survey, buyers have two main options:

1. Proceed with the purchase at the original price
2. Withdraw from the sale

Pulling out of a house sale after the survey is a serious decision, but it can be the right choice if the property has major defects that weren’t previously disclosed.

Buyers should carefully weigh the costs of necessary repairs against the property’s value before making a final decision. Getting quotes from contractors can provide clarity on potential expenses.

For vendors, flexibility in negotiations can help prevent a sale from falling through. However, they must also protect their own interests and ensure any price reductions are justified by the survey findings.

Clear communication between all parties is crucial during this stage. Estate agents can often facilitate productive negotiations and help find mutually agreeable solutions.

Completion of Sale Without a Chain

Selling a property without a chain can significantly speed up the process. In ideal circumstances, a chain-free sale may complete within 4-6 weeks from listing to handing over the keys.

The absence of a chain removes many potential delays. Buyers and sellers can move more quickly without waiting for other transactions to progress.

After a survey, completion in a chain-free sale typically occurs faster. While the average time from survey to completion is about 6 weeks, chain-free sales often move more swiftly.

Factors affecting timelines in a chain-free sale:

• Buyer’s mortgage approval
• Conveyancing process efficiency
• Availability of required documents
• Responsiveness of all parties involved

In some exceptional cases, chain-free sales have completed in as little as 10 days from listing to completion. However, this is rare and requires all elements to align perfectly.

A typical timeline for a chain-free sale after survey:

1. Survey completion
2. Mortgage offer (if applicable): 1-2 weeks
3. Conveyancing process: 2-4 weeks
4. Exchange of contracts: 1 week
5. Completion: 1-7 days after exchange

Whilst chain-free sales generally progress faster, it’s important to remain realistic about timelines. Unexpected issues can still arise, potentially causing delays.

Final Steps Before Completion

The final stages before completing a house purchase involve crucial legal, financial, and administrative tasks. These steps ensure all parties are ready to transfer ownership and finalise the sale.

Conveyancing and Legal Work

Solicitors or conveyancers handle the bulk of legal work in the weeks leading up to completion. They review and prepare key documents, including the property title, lease agreements, and land registry forms.

Buyers should carefully review the property information forms provided by the seller.

Solicitors conduct final property searches to check for any issues that could affect the sale. These may include local authority searches, environmental reports, and water and drainage checks.

The legal teams also draft and agree on the final contract terms.

It’s crucial to stay in regular contact with your solicitor during this period. Promptly respond to any queries or requests for information to avoid delays.

Finalising the Mortgage Offer

If you’re buying with a mortgage, your lender will conduct a valuation survey. This is separate from the homebuyer’s survey and focuses on the property’s value as security for the loan.

Once satisfied, the lender issues a formal mortgage offer. Review this document carefully, paying attention to the terms, interest rates, and any special conditions.

Your solicitor will receive a copy of the mortgage offer and liaise with the lender to arrange the transfer of funds. Ensure you have the deposit ready and any other funds needed to complete the purchase.

Key steps:

• Review and sign mortgage documents
• Arrange buildings insurance (often a condition of the mortgage)
• Prepare funds for completion, including deposit and fees

Exchange of Contracts

Exchanging contracts is the pivotal moment when the sale becomes legally binding. Both parties sign identical contracts, and the buyer typically pays a deposit (usually 10% of the purchase price).

Before exchange, ensure all enquiries are resolved and you’re happy with the survey results. Once contracts are exchanged, you’re committed to buying the property.

The completion date is set during the exchange process. This is typically 1-2 weeks after exchange but can be longer if agreed by both parties.

After exchange, finalise removal plans and notify utilities of your move date. Your solicitor will conduct final pre-completion searches to check for any last-minute issues.