Property Buying | | UK Property Buying Guide

A Step-by-Step Guide to Buying Property in the UK

Step 1: Finding the Right Property Based on Your Financial Situation

Step 2: Making an Offer and Agreeing to Sale

Step 3: Legal and Financial Processes

Step 4: Exchange and Completion

Additional Costs to Consider

Further Reading

Step 1: Finding the Right Property Based on Your Financial Situation

    1. Determine Your Needs and Budget: Identify the type of property you need (e.g., size, location, type) and consider the purchase price, potential renovation costs, and ongoing expenses to create a realistic budget.
    2. Agreement in Principle (AIP): Obtain an AIP from a mortgage lender to estimate how much you can borrow and strengthen your position when making an offer.
    3. Find a Property Agent (Optional): Consider using a property agent to help you find suitable properties. They can arrange viewings and assist in negotiations.

Step 2: Making an Offer and Agreeing to Sale

    1. View Properties: Visit properties you are interested in.
    2. Make an Offer: Once you find a suitable property, make an offer through the property agent (if using one) or directly to the seller. Negotiations may follow.
    3. Agree to Sale: If your offer is accepted, the sale becomes “agreed” and the property is taken off the market.

    1. Solicitor: Both parties hire solicitors or conveyancers to handle the legal aspects of the transaction. The buyer’s solicitor conducts various searches (e.g., local authority searches, environmental searches) and raises necessary inquiries with the seller’s solicitor.
    2. Survey: Arrange for a property survey (conducted by a Royal Institution of Chartered Surveyors (RICS) surveyor) to identify any structural or potential issues.

Step 4: Exchange and Completion

    1. Mortgage Offer: Finalize the mortgage with the lender and provide any necessary documentation.
    2. Exchange Contracts: Once contracts are exchanged (usually requiring a deposit, typically 10% of the purchase price), a legally binding agreement is formed for the property purchase, and a completion date is set.
    3. Completion: On completion day, pay the remaining purchase price, and you become the legal owner of the property.

Additional Costs to Consider

    1. Stamp Duty Land Tax (SDLT): A tax on property purchases in England and Northern Ireland (different taxes apply in Scotland and Wales).
    2. Solicitor Fees: Legal fees for conveyancing and other services.
    3. Survey Fees: Costs for property surveys.

Please remember this is a general overview, and specific processes may vary based on individual circumstances. Seeking professional advice from solicitors and financial advisors throughout the buying process is crucial.

Further Reading

Brickong is a second-hand estate agent based in South London, specialising in areas such as Sutton, Kingston upon Thames, New Malden, Guildford, Epsom, and Wimbledon. Click the links for more details on our Property Buying Services or Property Renting Services.

Disclaimer: Please note that this information is for reference only. Additionally, the information on this website does not constitute investment advice. Please carefully assess the risks and seek professional advice.

Scroll to Top