How Long Does a Cash House Purchase Take?
The whole process of buying property, even in our modern-day and age, is a long and drawn-out one. This is one of the reasons why so many dread when they need to buy a new property the more traditional way, involving estate agents, solicitors, and so much more. It is also quite a stressful process, because in England and Wales at the very least, you have not officially taken ownership of a property until the deeds, contracts, and money has transferred from the buyer and seller.
It, at best, can take anything between a couple of months and possibly even the best part of a year to complete the property buying process. That’s if there are no complications and everything goes more or less according to plan.
If you have the budget available, though, there is a way that you can cut out a lot of the stress and time it takes to complete the process of buying a property. You can buy a property with cash. There are many benefits to buying a property with cash, including the amount of time it takes.
How Long does it take to buy the property with cash?
When you already have the funds in your account and are ready to spend, it is much easier and quicker to complete the purchase of a house. Although it will depend from one property sale to the other and there are many variables you need to consider, it could take anything between just a few weeks and 30 days.
Further Advantages of Cash Property Buying
The speed at which you can complete the process of buying a property with cash is just one of the great advantages. There are further advantages you may want to consider, especially if you are on the fence about the whole thing.
In addition to how long and drawn out a process it can be buying property the traditional way through estate agents and mortgage companies, it can also be unstable. Until contracts are exchanged, and the money leaves the relevant bank account, there is always the chance that the deal could fall through. This is partly because there are so many different stages and individuals involved – all it takes is one part of the property chain falling through.
For example, the seller may decide to not sell their property at all or to sell to a different individual, the mortgage company may have only offered a mortgage in principle but rejected it when you went to complete the transaction. There is any number of different ways, therefore, the process could fall apart.
When you buy with cash, however, you avoid many of these issues from being a problem in the first place. Although we are not suggesting that it is completely foolproof, it is far more secure than the alternatives.
You Own the Property Outright
When you buy with cash, as well as not requiring a mortgage, you also don’t have any of the concerns that go along with having a mortgage. We all know how quickly our financial, employment, and family situations can change. Many people experience problems with their work, finances, or family which means they miss mortgage repayments, which can eventually, in the worst-case scenario, lead to repossession of their home.
You Have the Option of Remortgaging at a Later Date
Although it is true you do not need a mortgage when you are buying a property with cash, it doesn’t mean you can’t ever have a mortgage again. Like we said above, situations and circumstances change. You may find yourself going through a hard time financially – and in that situation, you could apply for a mortgage in the form of remortgaging.
If you are considering buying a property with cash, then we would suggest you give it some real thought. The biggest benefit is that it will be a more simplistic process, take less time, and is less likely to fall through. There is no perfect way to buy property in this country, but if you are looking to buy quickly, having the cash ready and waiting in your bank account and using that is incredibly attractive.