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.
What is the quickest a cash purchase can go through?
While there is no guaranteed timeline for completion, a freehold house purchase with cash can be between four and six weeks . A leasehold takes considerably more at twelve to sixteen weeks.
This process can be sped up with our expedited service. This means your solicitors will respond to action within one working day. The cost for this service is £400 including VAT for your existing solicitor. Please note that this will only speed up the process on our end. This process also won't be covered under our No Sale No Fee policy. If the deal falls through, you'll be liable for the charges.
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Is buying a house with cash quicker?
Buying a house with cash is quicker than getting a mortgage. You don’t have to deal with the extra party, i.e, the lender. Meaning you are bypassing the mortgage approval process, as there is no mortgage deed for your solicitor to review.
The time it takes to buy a house with cash that has no chain can take as little as four weeks. Not being part of a chain is where the precious time will be cut. This is because you’re not dependent on other parties to finalise your purchase. Not having an onward chain is ideal for cash buyers if you're looking to complete the purchase process as quickly as possible.
Can you speed up the cash buying process?
Cash buyers can speed up the cash buying process by skipping property searches and a mortgage valuation. By paying in cash, you're not going to be spending a monthly sum on a mortgage. 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 this information.
If you skip on your searches, you can arrange the exchange and completion on the same day. This can be stressful for cash buyers, however, as you'll need to arrange removals. While, in principle, it sounds like a great time-saver, you're not giving yourself any wiggle room if anything goes wrong.
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. Along with proof of ID and proof of address, have your proof of funds ready. With a cash purchase, buyers have to prove the source of every pound. This process is made easier if the money came from an inheritance, for example. But for most, the money came from multiple sources.
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.
