Buying Property in United Kingdom
Buying property in UK is typically split into a few key stages which cover the initial search and placing an offer, conveyancing and finally, completion.
The process
Currency required to purchase: Pound Sterling (GBP)
Overview of Costs
Incurred by
Stamp Duty
0 - 15%
Buyer
Legal fees
0.5 - 1%
Buyer
Estate Agent's Fees
2.0 - 3.5% ( +20% VAT)
Seller
Land Registry Fees
< 0.1%
Buyer
- Finding a suitable property and making a formal offer, is usually through an estate agent or finding agent and once an offer has been placed, the offer is not legally binding for the purchase, except in Scotland, where an accepted offer is binding.
- After an offer has been accepted a survey is generally arranged and advised across the industry, for early detection of potential problems which could significantly affect development, renovation or a future sale.
- The next stage in the process is conveyancing, where the legal transfer of the property to the new owners takes place, which will require the appointment of a solicitor or licenced conveyancer. The seller's solicitor will then provide a ‘draft contract’, outlining the agreed sale price, title deeds and other relevant information regarding the property, which will then be reviewed and amended by the buyer's solicitor, which can typically take 1-3 months to be agreed upon.
- Once the buyer and their appointed solicitor are satisfied, the final contract is drawn up, which is legally binding for the sale and at this point, a 10% deposit is placed by the buyer.
- A transfer contract documenting the transfer of title, will next be prepared and signed by both parties.
- A document outlining the transfer of the title to the new owners is then arranged and signed by both parties, a completion date is set and stamp duty and other fees connected to the transaction are settled. Once all payments have been paid, the final balance has been settled, the completed deeds are handed to the buyer and the process is concluded.
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