How Long Does it Take to Exchange Contracts on a House?

27/06/2023

Exchanging contracts on your property in Harrogate, Pateley Bridge & Ripon is a significant milestone in the homebuying process. Along with completion, it’s the most exciting event for new homeowners.

The exchange of contracts is the point at which the buyer is legally obliged to purchase the property from the seller. For the new owners it’s when they can finally start making concrete plans for their new home.

But how long does it take to exchange contracts?

Well, when purchasing a property in the Harrogate district, the timescales for each part of the process can vary between the different transactions.

As a rough estimate you can expect the exchange of contracts to take around 8 to 12 weeks on average.

Why has my exchange of contracts been delayed?

Unfortunately, there are various factors which can slow down the exchange process causing unnecessary hold ups. Some of the more common reasons for delays when exchanging contracts include:

The size of the chain. Broadly speaking, the shorter the chain is, the smoother the transaction as there are less people and properties involved.

Waiting for a mortgage offer. Buyers only need a mortgage in principle to confidently make an offer on a property in Harrogate. However, once the offer has been accepted, they’ll need to wait for the lender to offer them the actual mortgage. This can be a drawn-out process if they have a messy credit history or a variable salary for example.

A difference in valuations. A lender may value a property lower than the agreed sale price. In this instance, they’re likely to offer the buyer a mortgage for the lower amount. This means the buyer either needs to negotiate to get the price reduced, find a larger deposit to cover the difference, or find a new lender who will let them borrow the full amount.

Search results being delayed. When an offer on a property has been accepted, the buyer’s solicitor will begin to conduct the searches. These include environmental, water authority and local authority searches. Sometimes it can take several weeks for the results of these searches to come back, and if they flag concerns then the solicitor will need to raise further enquiries, which further delays the process.

Overworked or slow solicitors. Unfortunately for buyers and sellers, there are times when a property transaction may not be top of the solicitor’s priority list. They may have a mountain of other cases to work through, or they may be slow at responding to enquiries from the other party. In these cases, it’s worth chasing your own solicitor for updates and progress. Your estate agent in Harrogate will also be able to assist you with this.

How can I speed up the exchange process on my property?

In most cases there is very little that buyers and sellers can do to speed up the process of buying a property in Harrogate, as many delays are potentially out of their control. For example, waiting for search results and mortgage lenders conducting background checks on the buyer.

In some cases, these things can help:

Chase your solicitor. Hopefully this won’t be necessary, as a good solicitor will keep you updated regularly. If they’re not, then give them a call to check on progress. There’s a difference between giving them a nudge and being a nuisance, so don’t fall into the latter category! However, if you feel like things aren’t moving at the right pace then it's worth picking up the phone and finding out what the delay is.

Buyers - have your deposit ready in advance! One thing that buyers often overlook until the last minute is their deposit funds. These can often be tied up in savings accounts or trusts which aren’t instantly accessible, which can delay the whole process. Make sure your deposit is instantly accessible before getting to the eleventh hour and discovering you cannot withdraw it.

Sellers - have your paperwork in order! If you’re selling a property in Harrogate, Ripon or Pateley Bridge consider the things that buyers will want to know in advance. Look out double glazing guarantees, boiler service records and electrical certificates. These may all seem trivial when you’re living in a property, but to a new buyer these are the things they’ll need to know about before committing to the purchase.

Be proactive. Sometimes delays can occur because one side is responding slowly to the other’s enquiries and there can be a breakdown in communication in the middle. If this is the case, contact your estate agent in Harrogate to find out if they can investigate the delays. You can also ask your solicitor to chase the other solicitor. It can often be a minor detail holding up a transaction, which could be nipped in the bud with a couple of phone calls.

Are You Ready For Your Next Move?

Moving home in Harrogate can be a smooth and organised process with the proper planning and preparation. By following our checklist, you’ll be able to tackle each task efficiently and stay on top of all the necessary details. If you’re ready to move and are looking for an experienced and knowledgeable estate agent in Harrogate to help guide you through the process, we’re here to help.

What Next?

Ready to sell? Would you like a FREE Property Valuation in Harrogate?

TLC Properties are your local estate agents in the Harrogate District Area. Call us on 01423 582020 or email tom@tlc-properties.co.uk to find out how we can help you.