Buying a house FAQs

Unfortunately there is no straight answer for this. The property buying process can vary depending on a number of factors including, length of time to find a property, length of time for the seller to find a property for themselves, complexity of legal issues etc.

From the time your offer is accepted to the time you collect the keys, 3-4 months is typically the average time it takes to buy a property. It has been known for purchases to take in excess of 12 months!

On average, a 10% deposit is typically paid based on the agreed purchase price of the property. There are however schemes available that allow deposits as low as 0% but usually at a higher rate.

Generally speaking, the higher deposit you pay, the better mortgage rate you will secure, thus making your monthly payments lower.

In short; you can apply for and arrange your mortgage yourself.

Managing the mortgage process can be time consuming and you will need to be extremely accurate with the information you provide. Generally speaking, involving a mortgage adviser will save you time and effort, as they will do a lot of the leg work for you such as searching for the best mortgage rates and ruling out any that you are not eligible for.

If you are looking for a mortgage advisor we can help. Our find a mortgage advisor service connects you with hand-picked local mortgage advisors  known for delivering quality and reliable service.

A conveyancer’s fee is generally based on the type of client (first time buyer, someone selling and buying etc.) and the sale price. This is quite a tricky one to estimate however a ballpark figure would be around £1,200-£4,000.

As there are many conveyancers to chose from, it is worth obtaining a minimum of two to three quotes to make sure you are getting good value. Remember, you shouldn’t base your decision solely on cost, so make sure you look up their reviews.

If you are looking for a conveyancing solicitor we can help. Our conveyancing quote service puts you in touch with local hand-picked conveyancers who can assist with buying and selling your property.

Exchange and completion are two terms used towards the end of the property buying process. Exchange is the point where the two parties (the buyer and seller) exchange contracts; at this point, you are typically required to pay your deposit and should you wish to back out, your deposit may be lost.

Completion is where the purchasing process ends, and is the day when your mortgage provider releases the funds and you are able to collect the keys.

Exchange and completion can be done on the same day, however it is common for exchange to take place a couple of weeks before completion.

This will depend on whether you are purchasing your first property or moving to another one, and the value of the property.

For first time buyers, you are currently exempt from paying stamp duty up to a value of £425,000. For those purchasing over £625,001, you will lose your first time buyer relief and will pay the full amount of stamp duty (see table 2).

For first time buyers:

For those selling and moving:

These rates do not apply to buy-to-let or second home purchases, for further guidance see gov.uk.

This will depend on how far along in the process you are. If you have not exchanged contracts, you can withdraw your offer and no penalties will be incurred; you will however lose the money you have spent on your conveyancer, surveyor etc.

If you have exchanged contracts, it is likely you will lose your deposit should you decide to withdraw. We recommend you take legal advice before doing so, to ensure you fully understand the likely repercussions.

Yes. It is quite common for building surveys to identify issues that you may not have been aware of. Many building surveys will provide an indicative cost for rectifying any issues, however this cost should always be verified with a builders quote.

After you have received your report, you will need to decide if you want to amend your offer or withdraw from the purchase. There is no guarantee that the seller will accept your amended offer, so make sure you are willing to walk away if you cannot reach a suitable agreement.