First-time buyer timeline: offer accepted to completion

Does being a first-time buyer make the process faster?

It can help because you are not waiting to sell your own property. That makes you “chain-free” on your side. But the seller may still be buying another home, and your purchase still needs conveyancing, funding and property checks.

Do not treat a week-by-week internet timeline as a promise. GOV.UK currently says buying a home in England and Wales takes about five months on average, while individual transactions vary substantially. The most useful timeline is the one based on which milestones in your purchase are complete.

Stage 1: offer accepted

The seller has agreed to your offer, but in England and Wales you are not normally legally committed until contracts are exchanged.

What to do now

• Instruct your conveyancer and give their details to the estate agent.
• Submit the full mortgage application if you are borrowing.
• Arrange your survey.
• Prepare proof of identity, deposit and source of funds.
• Tell your conveyancer about gifted deposits or unusual funding early.

Stage 2: mortgage, survey and contract papers

Several things should now happen in parallel. The lender assesses your mortgage and values the property. Your surveyor inspects the property for you. The seller’s conveyancer prepares the draft contract information and sends it to your conveyancer.

If one of these tracks has not started, that is often more important than the number of days since your offer.

Stage 3: searches and legal review

Your conveyancer reviews the title and contract papers and arranges the searches that are appropriate for the property and lender. These usually include local authority, water/drainage and environmental searches.

This is also when your conveyancer can identify questions that need to be put to the seller’s side.

Stage 4: enquiries

Enquiries are questions raised about the legal and transaction information. They can be straightforward or they can depend on missing documents, a freeholder, managing agent, lender or other third party.

As a buyer, a useful progress check is: “Which material enquiries are still open, who needs to answer them, and what else would stop us exchanging once they are resolved?”

Stage 5: mortgage offer and final checks

If you are borrowing, you need the formal mortgage offer and your conveyancer must be able to meet the lender’s legal requirements. You should also be comfortable with the survey and any renegotiation or further investigation.

Your conveyancer will report to you on the legal position and explain the contract and other documents you need to sign or approve.

Stage 6: exchange of contracts

Exchange is the major legal milestone. In England and Wales, the purchase normally becomes binding at this point. A completion date is agreed and your conveyancer will explain the deposit and other arrangements relevant to your transaction.

Before you exchange, make sure you understand the consequences of pulling out afterwards and ask your conveyancer about anything you do not understand.

Stage 7: completion and keys

Your conveyancer arranges the final funds and legal steps. On completion day, purchase money is transferred to the seller’s conveyancer. Once completion is confirmed, the estate agent or seller can release the keys.

Your conveyancer then deals with post-completion legal work such as tax/registration where applicable.

First-time buyer mistakes that can create avoidable delay

Your simple first-time buyer checklist

• Offer accepted
• Conveyancer instructed
• Full mortgage application submitted (if needed)
• Survey arranged
• Draft contract pack received
• Searches ordered and returned
• Enquiries raised and satisfactorily resolved
• Mortgage offer received and lender conditions dealt with
• Survey issues resolved
• Deposit and completion funds ready
• Contracts exchanged
• Completion confirmed and keys collected