1. Applying for an agreement in principle: up to 24 hours  

An agreement in principle, sometimes called a decision in principle, is one of the first things many buyers sort before they start viewing properties. It gives you an idea of how much a lender may be willing to let you borrow, so you have a clearer picture of your budget from the outset. It is not a formal mortgage offer, but it can be a helpful early sign of what may be possible based on your circumstances. Better still, many lenders now offer fast online decisions, which means you could have your agreement in principle back the same day, sometimes within a few hours. 

2. Finding a home and making an offer

How long it takes to find the right property can vary massively. For some buyers, it happens within a few weeks. For others, it can take several months. Either way, it is worth taking your time and doing your research properly, because this is one of the biggest financial decisions you are likely to make. 

Before putting in an offer, it is important to investigate both the property itself and the surrounding area. That means researching the local area, checking for anything that could affect the property’s value or future use, and looking into things such as planned developments, environmental risks or ownership issues. You will also want to think about the day-to-day cost of owning the property, including bills like water and electricity, as well as the cost of any repairs or improvements that may be needed. 

It is also a good idea to check the property’s EPC rating, or Energy Performance Certificate. This gives you a better idea of how energy efficient the home is, based on things like the heating system, insulation, windows, doors, lighting and overall energy use. In simple terms, the higher the rating, the cheaper the property is likely to be to run. 

Once you have found a property you want to go for, the next step is to make an offer, usually through the estate agent. They will then put this forward to the seller and let you know once they have a response. 

3. Formally applying for a mortgage: up to 2 weeks  

Once your offer has been accepted, the next step is to turn your agreement in principle into a full mortgage application. In many cases, it takes a couple of weeks from submitting your application to receiving a formal mortgage offer, although some applications can take longer depending on your circumstances and the lender involved. 

One of the best ways to keep things moving is to have your documents ready from the start. Lenders will usually ask for proof of identity, such as a passport or driving licence, to confirm your name, identity and date of birth. They will also want evidence of your income, which could include payslips if you are employed, or tax returns and other supporting documents if you are self-employed. You may also need to provide bank statements from the last two to three months to show your savings and regular income, along with details of any existing financial commitments such as credit cards, student loans, car finance, personal loans or other monthly outgoings. 

As part of the process, the lender will carry out a detailed assessment of your finances and arrange a mortgage valuation on the property you want to buy. This helps them confirm that the property is suitable security for the loan and that the amount you are borrowing is in line with its value. 

4. Conveyancing: 6-12 weeks

At this stage, you will need to appoint a solicitor or licensed conveyancer to deal with the legal side of the purchase. This part of the process is known as conveyancing, and it covers everything from checking contracts to carrying out searches and making sure the property can be legally transferred into your name. 

If everything goes smoothly, conveyancing can take around six weeks. In reality though, it often takes longer, and six to 12 weeks is fairly common. One of the main reasons for delays is the property chain. This happens when several sales and purchases are linked together, so each move depends on another one going through. For example, if the person selling to you is also buying another property, and that seller is doing the same, it creates a chain that all needs to line up before completion can happen. 

5. Property survey: 2-3 weeks 

It is always worth arranging a survey on the property, as it can highlight any issues before you are too far into the process. A survey gives you a more detailed picture of the property’s condition, including its structure, any risks that may need attention and any repairs that could be required. 

This can be incredibly useful as a buyer, because it helps you make a more informed decision. If the survey reveals problems, you may be able to renegotiate the price, ask for repairs to be carried out or, in some cases, decide not to go ahead with the purchase at all. In that sense, it offers both clarity and protection at an important stage. 

It is also worth knowing that a survey is different from a mortgage valuation. A mortgage valuation is carried out for the lender’s benefit, whereas a survey is there to give you a clearer understanding of the property itself. The inspection usually only takes a few hours, but it can take a couple of weeks for the surveyor to prepare and send over the final report. 

6. Exchange of contracts to completion: 1 to 4 weeks

Once your mortgage offer is in place and your solicitor or conveyancer is satisfied that everything is ready, you can move on to exchange of contracts. This is the point where the purchase becomes legally binding. If you are part of a chain, everyone else involved will need to be ready too, which can sometimes cause delays. 

At exchange, your solicitor or conveyancer will swap contracts with the seller’s legal representative, and you will usually pay your deposit. Once this has happened, the agreement is legally committed on both sides. This is also the stage where you will need buildings insurance in place, as it covers the physical structure of the property. Many buyers also choose to arrange contents insurance at the same time, so their belongings are protected against risks such as theft, damage or vandalism. 

As part of the exchange process, a completion date will be agreed between you and the seller. In many cases, completion takes place around two weeks later, although it can happen much sooner, sometimes even the next day. As with other stages of the process, timings can be affected if there is a chain involved. 

On the day of completion, the purchase is finalised and you can collect the keys to your new home. 

Buying your first home is a big milestone, and while the process can feel long at times, it often feels far more manageable once you know what to expect. From getting your agreement in principle sorted to exchanging contracts and finally completing, each stage plays an important part in getting you to the finish line.  

Get help with your first purchase with Heron Financial by speaking to one of our advisors via the link below, understanding the process is a great place to start and having the right mortgage advice behind you can make all the difference.