Buying a property FAQ's

Whilst not a legal requirement, an Agreement in Principle (AIP) from a mortgage lender is strongly recommended. It confirms your likely borrowing capacity, strengthens your position when making an offer, and demonstrates to sellers that you are a serious purchaser.

Deposit requirements typically range from 5% to 20% of the purchase price, depending on the lender and mortgage product. A larger deposit may provide access to more favourable interest rates and lending terms.

In addition to the purchase price, buyers should budget for legal fees (conveyancing), survey and valuation costs, mortgage arrangement fees, and any applicable Stamp Duty Land Tax (SDLT) in England and Northern Ireland. Your solicitor and mortgage adviser will provide a full breakdown based on your circumstances.

The typical timeframe from offer acceptance to completion is approximately 8–12 weeks, although this may vary depending on the length of the property chain, mortgage processing times, and the complexity of legal searches.

A property chain refers to a sequence of linked transactions, where each sale and purchase is dependent on the successful completion of another. Delays can occur within chains; however, they are a common feature of residential property transactions in the UK.

While not a legal obligation, a survey is strongly advised. It identifies potential structural defects or issues that may not be apparent during a viewing and provides greater clarity before you are legally committed via exchange of contracts.

This indicates that an offer has been accepted in principle but is not legally binding. The transaction remains subject to contract until exchange of contracts, at which point both parties become legally committed to proceed.

Keys are released on completion day, once the purchase funds have been transferred through the conveyancing solicitors and legal ownership has formally passed to the buyer.