If you are thinking about buying a property, the first thing you need to decide is where you would like to buy and what size and style of property you can afford. Then the best thing you can do is register your interest with local estate agents; they will be able to advise you on available properties and help you on your journey to buying a home.
Click here to view our full Guide to BuyingTo be offered a mortgage, you would usually need to provide a minimum deposit of 5-10% of the property’s value. However, to get a mortgage with a good interest rate and lower monthly repayments, it is common for people to start with a deposit of around 20%.
We recommend speaking to a local independent mortgage advisor about your options and we are happy to point you in the direction of a qualified financial advisor, although we do not have any fixed affiliations.
We recommend speaking to a local mortgage advisor about your options and the best product for your circumstances. We recommend using an independent financial advisor who can look at ‘whole of market’ products.
We would suggest you make an appointment to discuss this with your bank or financial advisor.
Conveyancing is the legal process of transferring the ownership of a property from the seller to the buyer.
Conveyancing is the legal process of transferring the ownership of a property from the seller to the buyer.
The cost for conveyancing ranges widely, but generally from £600 - £2000 plus VAT. Some additional charges may apply depending on the solicitor that you instruct.
We would be happy to talk to you about your options regarding local solicitors if you are unsure.
| Property Value | Stamp duty rate |
|---|---|
| Up to £125,000 | Zero |
| The next £125,000 (the portion from £125,001 to £250,000) | 2% |
| The next £675,000 (the portion from £250,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5m) | 10% |
| The remaining amount (the portion above £1.5m) | 12% |
If you are purchasing a second home, you will have to pay an increased stamp duty. This will usually be an additional 3% on top of the normal stamp duty rates as above.
If you are a first-time buyer, you do not pay STLT on purchases up to £300,000.
Click here to use our Stamp Duty CalculatorWhen purchasing a property, you will either be buying it as freehold or leasehold.
A freehold is the purchase of a property and the entire area of land it is on.
A leasehold is the purchase of the lease on the property from the freeholder for a specific number of years. You will have a ‘lease’ which sets out the obligations of you (the leaseholder) and the freeholder.
As a leaseholder, you may be liable to pay ground rent and an annual service charge. It is worth making sure that if you are viewing a leasehold property, that you ask your agent for this information as it is very important.
Exchange is the exchanging of contracts, and this is carried out on your behalf by your solicitor. It is the point at which the sale becomes legally binding. To exchange, you will need to have signed the contract and transferred a non-refundable deposit to your solicitor. This deposit is usually 10%. If you pull out of the sale after contracts have been exchanged, you will forfeit your deposit.
On the day of completion, your solicitor will transfer the rest of the monies to the seller’s solicitor. When the money has been received by the seller’s solicitor, they will send a deed of transfer document to your solicitor, and the property will officially be yours.
Your estate agent should be able to tell what council tax band the property is, it may even be noted in the property particulars, but you can independently look up the council tax of a property online by clicking here.
For a mortgage to be approved, they may ask for an independent and qualified surveyor to carry out a mortgage survey. This will confirm the value of the property and check that the property is safe to lend against. It is not an in-depth examination and only considers the general condition of a property. Your lender will arrange for this to be carried out.
A Building Survey (or structural survey) is a detailed examination of a property and will establish the structural stability of the property and highlight any potential issues, for example, damp. A buyer will instruct a building survey to offer reassurance on the purchase of the property.
A HomeBuyers report is like a building survey, however, it is not as detailed and therefore doesn’t carry the same assurance. We would suggest that a HomeBuyers report is a suitable option for a newer property.
On average it can take 6-12 weeks from having an offer accepted on a property to legal completion (when you get the keys!). There are factors that can affect this time frame, such as selling with a chain. A property chain is when multiple properties are connected due to the need for a transaction to go through before another purchase can be made.
You have to take into account the time it takes to find and view properties; on average people take 3-6 months to find their dream home, before an offer is made.
