The F1 Pit-Stop Paradox: the truth about timing

Have you ever considered comparing the process of buying your first home to a Formula 1 pit stop? If you've never watched one, its a beautifully choreographed display of teamwork where a car comes in and stops on the perfect spot, where engineers who are primed, prepped and ready to go, leap onto the car in a synchronised swoop, whipping wheels off and replacing them with new. The racing car continues out of the pit lane, barely disrupted from its drive through.

So why compare the home buying process in this way? I'll explain. You see, if you ask any seasoned property professional (and anyone buying a home usually does) how long it will take for you to get the keys of your new home? They'll likely tell you that completing a property purchase takes 8-12 weeks. And this is the equivalent of saying your next car service will be as quick as an F1 pit stop. While it's an appealing idea, the reality often unfolds quite differently.

Let's delve deeper. Nowadays, the road map to follow to get through the home buying process is far less flexible than it used to be. For example, its now more difficult to obtaining a Mortgage Offer before securing an accepted offer on a property because part of the consideration for the application is an assessment of the actual property you're going to buy and until you have an agreed offer, you don't know which one it will be. The assessment of your application is tied to the property's potential as security for your mortgage loan. This is why the mortgage application typically comes after the offer has been accepted, distinguishing it from a Mortgage In Principal which is a higher-level assessment of your mortgage eligibility. Things have to happen in a certain order.

Similarly, in relation to the conveyancing process. It's advisable to hold off on getting your solicitors to start on your case file until you have your mortgage offer in hand. This to ensure that you aren't already being charged for work being done if your mortgage offer doesn't come through. There are many more examples of the sequence of events.

If you're purchasing a Leasehold property, the complexity increases. Your solicitors must also liaise with the Freeholder or their representative, obtaining crucial information and updating ownership records. Complexities in your home purchase (and there are potentially many) adds extra time to the process.

So as you can see, when you ask the question and get the equivalent of a F1 pit stop as your answer, in reality you will be getting a 1 day service and MOT.

So, why the promise of an 8-12 week completion? In the past, this timeframe was indeed more achievable. However, the landscape has changed. Additional checks and steps in the conveyancing process have been implemented, elongating the process. This standard advice hasn't kept pace with the evolving complexities of property transactions.

And, frankly speaking, with our modern expectations of next- or even same-day delivery, the prospect of having to wait even longer to achieve your dream of home ownership, is potentially off putting for many. So the promise of a swifter purchase is likely to entice you to commit.

The truth is, every property purchase is a unique journey, subject to its own set of circumstances. While it can be challenging to predict with precision, replacing the standard 8-12 week expectation with a more realistic average of 5-6 months will leave you better prepared.

There is no formal measure of time the time taken from when your offer is accepted to the date of completion, but this is the current norm. Some locations are slightly faster and others slightly slower, but in general you can plan better for job moves or rent payments if you expect a 5 month timescale.

Empowering you with knowledge, one realistic expectation at a time.