How long will the loan process take?
The length of the loan process when it comes to property investment is a bit of a difficult one to estimate. There are so many variables within the deal process that can affect timescales. We often get asked for a ballpark number and generally, all things being well we advise circa 8-10 weeks. From less experienced investors this is sometimes met with wonder and questions on why it would take so long.
However, what some are not aware of is the lenders’ SLAs (Service Level Agreements) which need to be adhered to and the fact that some solicitors don’t act as quickly as others. Not through incompetence but instead through sheer volume of transactions and regulations they must follow. As mentioned, the estimated timescale is a best-case scenario and often hurdles do come up along the way.
Perhaps a title wasn’t registered by the previous owner or an unnoticed credit default has arisen. Whatever it may be, it will cause delays.
Luckily, we are in a time of rapid technological advancements and the introduction of such time-savers as automated valuations will improve the process no end, but there is no substitute for being prepared. As a property investor have all your documentation ready to go. It will save time and, potentially, money in the long run.