How Long Does It Take To Buy a House With Cash?
Buying a house with cash is a unique position to be in. Buying with cash will streamline the process to as little as four weeks. With no mortgage to worry about, save yourself time by ensuring you have the necessary paperwork in place.
Looking to buy a house with cash as quickly as possible? Read on to find out how long it takes, where time can be saved, and whether you need a solicitor if you're buying with cash.
Is it quicker to buy a house with cash?
Buying a house with cash is generally quicker than buying a house with a mortgage, because you can skip certain sections of the process. You will automatically shave off all the time involved in making a mortgage application and waiting for your valuation (2-4 weeks), for your solicitor to pore over the mortgage terms, and to draw down the mortgage funds (5 working days).
There are other sections of the conveyancing process you could skip, but be careful about cutting corners, as each step is designed to protect you as a buyer:
What is the timeline for buying a house with cash?
- 1
Instruct your solicitor (10 minutes)
Even with a cash purchase, you’re still going to need a solicitor or conveyancer to carry out the legal process of purchasing a house, not including making your offer. You can save time by researching your options and getting a quote from the best 3-5 before you’re ready to instruct. This means you’ll be ready to pick up the phone and pay your preferred conveyancer as soon as your cash offer is accepted.
- 2
Order your survey and searches (1-2 weeks):
With no mortgage valuation to confirm you’re not overpaying for the property, a RICS survey becomes all the more important. Although these are not legally required for any purchase, they are crucial to protect you as a buyer, with a thorough and professional inspection of the property for any defects that could affect its safety, value, or your enjoyment of your new home.
If you choose to risk skipping your survey, you can save 1-2 weeks; however, we have local surveyors available this week, and you’ll get your report within 5 working days.
Normally, mortgage lenders require certain conveyancing searches before they’ll grant the mortgage. As a cash buyer, you can save 1-2 weeks by skipping these, but you risk missing important details which may reveal the purchase or the agreed price to be a bad investment.
Just a few issues you could miss by skipping searches include chancel repair liability, flood or deadly radon risks, conservation restrictions and industrial contamination. You can order our search bundle now for just £325.
- 3
Legal enquiries (1-3 weeks):
Skipping your surveys and searches will make it difficult for your solicitor to ask the appropriate questions. These enquiries are raised with the seller's solicitor; it's illegal for the seller to lie when the enquiries have been raised.
While your solicitor can raise the enquiries quickly, the time it takes for the seller's solicitor to respond could prolong the process. Your solicitor is professionally obligated to conduct thorough enquiries within their duty to you, their client.
- 4
Negotiations (Varies):
The negotiation time during a cash purchase can vary. It is up to you, the buyer, to negotiate if necessary. Your solicitor, however, can negotiate on your behalf if instructed, using the survey report provided by a RICS surveyor. However, this may incur an additional fee. This step is only necessary if you've uncovered defects, which means you are unwilling to pay the original accepted price.
Any reasonable seller will accommodate and adjust the price if any problems need to be fixed. If there are no issues and the price is fair, the negotiations stage will end very quickly.
- 5
Exchange contracts (1-2 days):
This makes your purchase legally binding. You must take the time to read the terms carefully before paying your deposit and any fees to your solicitor according to the completion statement, wet signing your contract, and returning by post which will arrive with your solicitor by 1pm the following working day, at the earliest (Royal Mail recorded delivery by 1pm).
- 6
Completion (2 hours):
You will need to send the rest of the purchase monies to your solicitor at least one working day before completion. As there’s no mortgage to draw down or funds to be released, your solicitor will transfer the completion monies to the seller’s solicitor. This takes a few hours by CHAPS, but will go through on the same day, as long as it is transferred before the cut-off time.
Total cash completion time
The cash purchase process above can be completed in as little as 2.5 weeks to 5.5 weeks, plus negotiation time if required.
While some companies which specialise in fast cash purchases promise to complete in as little as 1-2 weeks, they take on a significant risk by waiving the proper due diligence in the purchase process, which is reflected in the price they'll pay as well as mitigated across mass purchases.
If you are selling to an individual and want a more reasonable sale price, you'll have to allow for a slightly longer process. If both parties are willing to skip all the non-essentials, a cash purchase can be completed in as little as 21 days.
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What can delay the process?
While buying a house with cash is generally a quick process, some factors can delay this:
Buying a leasehold
Although buying a leasehold with cash will be quicker, there will still be the extra work required when purchasing a leasehold property. Buyers must verify the following: the remaining lease term, ground rent and service charge details, any planned works, and interactions with the management company.
Chain delays
Being a cash buyer does not mean you are chain-free. If the seller you're buying the property from is selling it to fund another purchase, delays to that onward purchase will likely delay yours, unless your seller has alternative accommodations while they wait for their new home.
Title issues
Issues with the property title can cause significant delays in purchasing a property with cash. For example, the boundaries in the title plan do not match the physical boundaries. This will mean your solicitor has to confirm where the boundary is and who is responsible for it before you can exchange contracts. These legal enquiries with the seller’s solicitors would add additional time to the purchasing process.
Seller's dispute
A difficult seller could cause delays in your cash purchase. For example, your solicitor attempts to negotiate a lower price after finding property defects. This dispute will likely result in a stalemate between you and the seller, causing delays in the purchase or forcing you to withdraw from the transaction.
Can you speed up the conveyancing process?
Yes, you can speed up the conveyancing process. Below are some of the ways to significantly decrease the purchase time.
Skipping property searches
Cash buyers have the option of skipping out on your property searches. While searches and surveys can be skipped, we recommend that you complete them. This is to protect you from any potential issues with the property that you might not be aware of without a professional investigation.
Expedited service
You can opt for an expedited service: our solicitor will prioritise your file, actioning each event, as it arises, within one working day. We offer this expedited service at £400 INC VAT. Please note that we are unable to force the speed of the other party’s solicitor.
Having your ID and paperwork in order
Although there are many variables out of your control as a cash buyer, having your paperwork in order before the seller's solicitor asks for it will save you time.
This process is simplified if the money came from a single source, requiring a single proof of funds. But for most, the funds will come from multiple sources, each requiring proof. For example, a combination of savings from salary earnings, inheritance or cash gifts from parents, and the sale of other assets such as vehicles or financial investments.
Arrange exchange and completion on the same day
With no mortgage funds to draw down, typically requiring 5 working days, cash buyers can arrange to exchange and complete on the same day. The standard time between exchange and completion is two weeks; however, as a cash buyer, you can opt to do both on the same day if your seller agrees.
As the transaction is not legally binding until exchange, it leaves you exposed if any issues or delays arise at the last minute. If the whole thing falls through on moving day, you’ll have to find somewhere to live (and offload the removals van into) before the end of that same day.
If you give yourself a week or two between exchange and completion, you’ll have some time to make temporary arrangements if things don’t go to plan.
Jordan has several years of experience working as a content writer for several publications. His readership spans the globe, including Asia, Europe, and North America. Jordan runs the content and script design for a podcast he co-hosts.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
