Before you start looking for a property it is a good idea to find out from a mortgage broker or bank how much you can afford.

Receiving an offer in principle shows any vendor you are serious buyer and in a position to move quickly.

You will need to instruct your solicitor to proceed with all the legal aspects of buying a property. It is a good idea to do this before you find a property in order to get all paperwork ready, saving time. 

In addition to the cost of mortgage arrangement fees, valuation or survey fees and legal fees, there is stamp duty fees to pay.

Cost Considerations

• Cost of mortgage arrangement fees
• Valuation or survey fees (Property Valuation)
• Legal fees
• Stamp duty fees to pay (Calculator here)

Stamp Duty and Land Tax

Stamp Duty Land Tax is the tax that the government charges when you purchase a residential property. You can find out how much Stamp Duty you will need to pay on your purchase by using the government stamp duty calculator.

The buyer is responsible for paying Stamp Duty Tax on the purchase of a property. 

Less than £125k = 0%

£125k to £250k = 2%

£250k to £925k = 5%

£925k to £1.5m = 10%

Rest over £1.5m = 12%

An additional property purchased for less than £40k will attract 0% tax. For purchases from £40k to £125k the SDLT rate will be 3% on full purchase price.

Under the current stamp duty system, a 3% surcharge applies to all transactions involving the purchase of an additional property. Additional property types include buy to let investments and second homes. 

For further details visit www.gov.uk/stampo-duty-land-tax 

Once you have decided your price, then start looking

When you talk to Park Estates we listen to your needs and take time to get to know you and your requirements. 

We offer a comprehensive search service matching the right property to you, taking the stress of viewing too many wrong properties. 

Found the right property

Once you find the right property you can discuss making an offer. Our agent will advise you on the best way forward and negotiate on your behalf.

Negotiate and Offer

Once the price has been negotiated and your offer accepted, we introduce each Solicitor and prepare a Memorandum of Sale. Contracts are drawn up and queries raised for all related property matters. We will keep both parties up to date and assist wherever necessary in proceeding to exchange of contracts and a satisfactory completion. 

Complete the Purchase

Once contracts have exchanged and completion has taken place you will receive keys to your new home.