For buyers · Leeds & Manchester
Calculate the purchase tax and the borrowing before you view, understand each stage of the process, and register to receive details of matching properties as they become available.
The tools
Whether the property is a home or an investment, the same four questions determine whether the purchase is viable: what it costs to complete, how much can be borrowed against it, how the process runs, and what is available in your area.
The process
The purchase process in England, Wales and Northern Ireland. Scotland follows a substantially different procedure, which the full guide sets out separately.
| Stage | What happens | Typical duration |
|---|---|---|
| 01 | Establish your budgetDeposit, purchase tax, legal fees, survey and lender fees, calculated in full. | Before viewing |
| 02 | Agreement in principleA lender indicates the amount it is prepared to advance. | Same day |
| 03 | Register with local agentsRegistered buyers are contacted before a property is advertised publicly. | 2 minutes |
| 04 | View and make an offerOffers are submitted through the agent and are not binding until exchange. | Varies |
| 05 | Instruct a conveyancerSearches, contract and enquiries. Instruct on the day your offer is accepted. | Day of acceptance |
| 06 | Survey and mortgage offerAn independent survey assesses condition; the lender issues its formal offer. | 2 to 4 weeks |
| 07 | Enquiries and searchesYour conveyancer resolves any matter arising from the searches or the survey. | 6 to 12 weeks |
| 08 | Exchange of contractsThe purchase becomes legally binding and a completion date is fixed. | On agreement |
| 09 | CompletionFunds are transferred, the keys are released and the title is registered. | On the agreed date |
The cost of buying
The deposit is rarely the largest sum a buyer has to find. On a £250,000 additional property in England the purchase tax alone is £15,000, and legal fees, a survey and lender charges add a further £2,000 or more.
| Cost | Typical | Notes |
|---|---|---|
| Deposit | 5% to 25% of the price | 25% is standard for buy-to-let |
| Purchase tax | Nil to 17% | By price, nation and buyer type |
| Conveyancing | £1,200 to £2,000 | Including searches and disbursements |
| Survey | £400 to £1,500 | By the level of survey commissioned |
| Lender arrangement fee | Nil to £2,000 | Sometimes added to the loan |
| Removals | £400 to £1,200 | Payable on completion |
Buying to let
A buy-to-let mortgage is assessed on the rent the property will achieve rather than on your salary, and is stress-tested at a rate above the one you will pay. The same figure decides the yield. As a lettings agency we can tell you what a property will rent for, how quickly it is likely to let, and what it will cost to run.
Lender assessment. The rent must cover between 125% and 165% of the interest, calculated at a stressed rate. Our calculator shows whether a lender would approve the loan and the maximum it would advance.
Tax on rental income. An individual landlord cannot deduct mortgage interest from rental income and receives a 20% credit instead. For a higher-rate taxpayer this changes the outcome materially.
Additional property surcharge. Every UK nation applies a surcharge to an additional property. It is the largest single cost of completing the purchase and should be budgeted before you offer.
Common questions
No. You can arrange a viewing without registering. Registering means we contact you about suitable properties as they become available, which is often before they are advertised publicly.
From an accepted offer to completion is typically 12 to 16 weeks. A cash purchase with no chain can complete in around six weeks. A long chain, or a leasehold requiring a management pack, can extend beyond six months.
It depends on the price, which UK nation the property is in, and whether you will own another property on completion. Our stamp duty calculator returns the exact figure for all three, together with the bands it applied.
Yes. We are a lettings agency, so we can give you an assessment of the achievable rent, how quickly the property is likely to let, and the cost of running it. That figure determines both the yield and whether a lender will approve a buy-to-let mortgage.
No. Registration, the calculators and the guidance on this page are provided at no cost and place you under no obligation.
Provide your budget, preferred areas and requirements, and we will send you details of matching properties as they become available. Registration takes approximately two minutes and places you under no obligation.