● Guide to buying
Ten stages from establishing your budget to completion, with the typical cost and duration of each. Written for a first purchase and for an experienced investor.
Budget for the total cost, not the asking price: deposit, purchase tax, legal fees, survey, lender fees and removals. On a £250,000 additional property in England that is approximately £62,500 deposit, £15,000 stamp duty and £2,000 in fees, so close to £80,000 is required before completion.
Our stamp duty calculator returns the exact tax figure, and the mortgage calculator covers the remainder.
An agreement in principle is a lender’s indication, based on the information you provide, of the amount it would advance. It takes a few minutes, costs nothing, and normally records only a soft search against your credit file.
Most agents ask to see one before submitting an offer, and it carries particular weight where a property has attracted more than one offer.
Property portals list what is already publicly advertised. Agents contact registered buyers first, so registering is how you hear about a property at the earliest opportunity.
Be specific about your budget, your preferred areas and your requirements. A precise registration produces relevant introductions; a general one produces a mailing list.
View at least twice, including once at a different time of day, as traffic, parking, noise and natural light all vary. Photograph anything you may want a contractor to quote for.
Ask about the seller’s position, how long the property has been on the market, and whether there is a chain. These three answers indicate how straightforward the purchase is likely to be.
Offers are submitted through the agent and are not legally binding on either party until contracts are exchanged. Set out your position in writing alongside the offer: agreement in principle obtained, no property to sell, conveyancer ready to be instructed.
A proceedable offer is frequently accepted ahead of a higher offer from a buyer who has a property to sell. Once accepted, the property is marked sold subject to contract.
Your solicitor or licensed conveyancer handles the searches, the contract, the enquiries and the transfer of funds. Instruct one on the day your offer is accepted; delay at this stage is the most common cause of a slow purchase.
Budget approximately £1,200 to £2,000 including searches and disbursements, and more on a leasehold property because of the management pack.
The lender’s valuation is commissioned for the lender. It confirms the property provides adequate security for the loan and assesses nothing else on your behalf.
A Level 2 Homebuyer Report, at approximately £400 to £700, is appropriate for most modern and conventional properties. A Level 3 Building Survey, at £600 to £1,500, is advisable for an older or extended property, or one you intend to alter. A survey that identifies £6,000 of roof work has more than covered its cost.
Your conveyancer raises enquiries on any matter arising from the searches or the survey. The lender issues its formal mortgage offer once the valuation has been returned.
This stage typically takes six to twelve weeks and involves little visible activity. Responding to your conveyancer the same day materially shortens it.
At exchange the purchase becomes legally binding and a completion date is fixed. You pay the deposit, usually 10% of the price. Withdrawing after this point carries significant financial penalties.
Buildings insurance must be in place from exchange rather than from completion. This requirement is frequently overlooked.
Funds are transferred, the keys are released and the property is yours. Your conveyancer files the purchase tax return and registers your title at the Land Registry.
If you intend to let the property, the safety certificates, deposit protection and right-to-rent checks all begin at this point. We can manage all of it from the day you complete.
Indicative ranges for a typical purchase. Purchase tax varies the most of any figure here, and it is the one that can be established precisely in advance.
| Cost | Typical | When |
|---|---|---|
| Deposit | 5–25% of the price (25% is standard for buy-to-let) | Exchange & completion |
| Stamp duty / LBTT / LTT | Nil to 17% depending on price, nation and buyer type | Within 14 days of completion |
| Conveyancing | £1,200–£2,000 including searches | On instruction and at completion |
| Survey | £400–£1,500 depending on level | Before exchange |
| Mortgage arrangement fee | £0–£2,000, sometimes added to the loan | On application or completion |
| Broker fee | £0–£500 | On application |
| Removals | £400–£1,200 | Completion |
| Landlord set-up (if letting) | EPC, gas safety, EICR, deposit protection | Before the first tenancy |
From offer accepted to completion is typically 12 to 16 weeks. A cash purchase with no chain can be done in six; a long chain or a leasehold with a slow management company can run past six months.
Three things reliably shorten it: instruct a conveyancer on the day your offer is accepted, respond to every enquiry on the day it arrives, and hold your deposit in an account you can transfer from immediately.
Scotland follows a substantially different process, so the stages above do not translate directly. The seller provides a Home Report up front, including a survey and a valuation, so buyers rarely commission their own. Properties are usually marketed at offers over, and offers are submitted by your solicitor, often to a closing date where every bid is sealed.
The binding point is the conclusion of missives — the Scottish equivalent of exchange — and the purchase tax is LBTT with an 8% Additional Dwelling Supplement rather than stamp duty. Our calculator handles all three nations.
Register as a buyer and we will send you details of properties matching your requirements as they become available, which is often before they are advertised publicly. Registration takes approximately two minutes and places you under no obligation.
This guide is general information about the buying process, not legal, tax or financial advice. Costs and timings are indicative and vary by property, lender and location. Always take advice from a qualified conveyancer, broker and accountant before committing.