Before browsing listings, you need to know what you can actually afford.
Note: In England and Wales, the deal isn't legally binding until the exchange of contracts. In Scotland, the process (missives) becomes binding much earlier. 4. Legal and Technical Due Diligence buy house uk
Most lenders require at least 5% of the property price, though 10–15% often unlocks better interest rates. Before browsing listings, you need to know what
If you are a first-time buyer, look into the , which offers a 25% government bonus on your savings, or Shared Ownership schemes if a full mortgage is out of reach. While your bank does a basic valuation, it’s
While your bank does a basic valuation, it’s wise to pay for an independent RICS survey to check for structural issues like subsidence or Japanese Knotweed. 5. Exchange and Completion This is the home stretch:
In the UK, Freehold means you own the building and the land. Leasehold means you own the right to live there for a set term (often 99 or 999 years) but pay ground rent or service charges to a freeholder.
Budget for "extra" expenses, including Stamp Duty (tax on property purchases), solicitor fees, survey costs, and removal van hire. 2. The Property Search