One in four sleep on sofas during house purchases
The property conveyancing firm When You Move found that one in four people sleep on friends’ couches while waiting for their house purchase to complete.
Three out of four people questioned in a survey said that buying a house took longer than they anticipated.
There are two main reasons why people are forced to find alternative accommodation during this period. One is that their rental lease may have expired before they can move into their new property, or it could be because they have sold an existing home and need to vacate it so that their buyer can move in.
Processing a mortgage application and completing all the legal work required to buy a house can take around seven weeks. When You Move is a platform that aims to speed up the conveyancing process.
Simon Bath, CEO of When You Move said:
“Evidently, there is a significant need for the property industry to bring itself up to speed, not just when agreeing the sale of a home but the lengthy steps that follow to seal the deal.”
Sometimes, delays can be caused because a mortgage application takes a long time. One solution to this issue could be to use a bridging loan that can be quickly arranged and the funds used to complete the home purchase. Once mortgage funds are available, the bridging loan can be repaid. A bridging finance broker will be able to find a suitable bridging loan for the purpose.