Completing a property transaction can feel like it takes forever. Average UK completion times are around 12 weeks, but it’s not uncommon for the process to take up to six months. For buy-to-let investors, time really is of the essence, as there’s rental income at stake. With that in mind, we’ve put this quick guide together featuring top tips to speed up the process. While some factors may be out of your hands, there are other actions you can take to achieve it. Find below our tips for faster completion.
How long does it take to purchase a buy-to-let property?
Like any other property, the purchase of buy-to-lets can take anywhere between 12 weeks and six months to complete. Buying a property has many moving parts, and there are many scenarios that could slow down the process. These may include:
- Delays getting a survey scheduled due to surveyor availability issues
- Mortgage lenders requesting further paperwork leading to underwriting hold-ups
- Back and forth, haggling over the property price or additional requests from the seller
- Last-minute issues flagged on searches just before the exchange of contracts
Sellers experiencing problems or delays with an onward purchase housing chain - Underestimating the time frame needed for important steps when setting the completion date
Even if it all goes to plan, you’re still looking at a significant amount of time before completion. That’s why it’s so important to stay on top of everything that you do have control over, as this can help minimise any delays from your end.
80 LTV mortgages
- Borrow up to 80% of the property’s value
- Get a mortgage as an individual or limited company
- An online mortgage application that takes place entirely online.
How can I speed up the completion process?
The goal is to complete on your buy-to-let property as soon as possible, and there are some actions you can take to speed up the process once an offer has been accepted and your buy-to-let mortgage application is underway.
- Work closely with your lender and stay on top of any requests, such as the need to provide documents essential to the application, be it proof of current address or income.
- Make sure your solicitor is proactive and check in with them regularly to keep the conveyancing process moving along. The more efficient they are, the sooner you can complete.
- Stay on top of property searches that come back from your solicitor and follow up regularly on the progress of each search.
- Be quick to respond, whether it’s the estate agent, your solicitor or the mortgage lender. Delays in communication can add unnecessary time to the process.
If there’s anything outstanding, like a physical property survey, get on top of the situation and follow up with the right people. - Request regular updates from everyone involved in the process so you’re informed on the latest news regarding the purchase.
- As you approach completion, clear your schedule so you can deal with any last-minute requirements or issues.
Keeping on top of everything will increase your chances of completing your buy-to-let purchase in a timely and smooth manner. Lots of little actions can be the difference between a fast transaction or feeling frustrated because everything is taking too long.
How can my estate agent help speed up the process?
Once your offer has been accepted, a good estate agent will support you through the completion process. They can chase the seller’s solicitors to help keep things moving, provide any additional information needed for the mortgage lender and liaise with all parties to keep the transaction on track.
The agent can also help troubleshoot issues and work to keep completion on schedule. With their market knowledge, they can advise if any delays seem unreasonable. Their expertise and communication with sellers, lenders and solicitors helps to relieve the stress during this busy period between an offer being agreed upon and getting the keys to your new property.
What can my solicitor do to speed up the process?
A good solicitor is essential to a smooth and timely property purchase. Once instructed, they will get to work on the legal preparations and conveyancing with the aim of progressing the transaction. An efficient solicitor requests the contract pack from the seller’s solicitors as early as possible so they can review documentation and raise any preliminary enquiries.
They stay in regular contact with the other parties, chase progress and information when needed and handle all searches and paperwork in a timely manner. Your solicitor will keep you updated on progress, explain documents, and promptly request any information from you to avoid delays.
An experienced solicitor understands that all parties must work together to progress the purchase and will keep up communication and momentum. Appointing a solicitor who is responsive and used to fast-moving transactions will help avoid unnecessary delays.
Can my mortgage lender help speed up the process
After submitting the application, a responsive lender will review it and get back to you quickly with the next steps. At Molo, the entire process for domestic applicants takes place online, so we can provide the fastest service possible. We use automated decision-making technologies, which include automated property and rental valuations, for faster decision-making. And if we need to carry out a physical valuation, we’ll let you know right away.
Not only that, but we work with the leading conveyancer platform, LMS, to make the conveyancing process simple and efficient. If you’re applying for a buy-to-let mortgage with us, you can compare solicitor quotes and get complete visibility from vetted specialists — all while enjoying total transparency with detailed information on each step.
80 LTV mortgages
- Borrow up to 80% of the property’s value
- Get a mortgage as an individual or limited company
- An online mortgage application that takes place entirely online.
Final thoughts: tips for a faster completion
A faster property purchase takes teamwork. Stay engaged with your lender, solicitor, and agent, act quickly when needed, and communicate regularly to keep the momentum going. Work together to troubleshoot issues, and you’ll be ready to complete sooner rather than later.
