Aside from the actual selling price, you will need to allow paying for stamp duty to the HMRC (UK tax authority), sales agent fees, survey costs and conveyance fees (legal, usually provided by a solicitor).

The vendor’s agent will require a “Mortgage in Principle” document and proof of your deposit funds. Cash buyers need to provide proof of funds.

The stamp duty land tax is calculated according to the purchase price of a UK property.

Property Value Thresholds SDLT Rate
Under £125,000 From £0 to £125,000 0%
The next £125,000 From £125,001 – £250,000 2%
The next £675,000 From £250,001 – £925,000 5%
The next £575,000 From £925,001 – £1,500,000 10%
The remaining amount Above £1,500,000 12%

Surveys can be carried out according to the level of detailed information required. Period properties will need a Home Buyer Report or even a Full Structural Survey, these are more expensive but do provide in-depth information about any repairs or maintenance works that might need carrying out. A valuation survey will be required if you are taking a loan to buy the property.

New homes should come with a 10 year warranty, but it’s still wise to commission a snagging survey which looks for minor faults that can be corrected by the developer. We can help with this service should you require it.

Once the sale is agreed, your solicitor will undertake the necessary checks and the survey will be carried out. Depending on the size and age of the property you are buying it can take several weeks to get to a point where you are ready to exchange contracts. Investors can elect to do this remotely via their solicitor and your estate agent should be in regular contact with your solicitor to ensure the sale is progressing as quickly and efficiently as possible.

Investors in particular may require help with the furnishing and preparation of their property if buying for investment rental purposes. As well as our buying service, we also have extensive experience in letting, managing and furnishing properties.