Aside from the actual selling price, you will need to allow paying for stamp duty to the HMRC (UK tax authority), sales agent fees, survey costs and conveyance fees (legal, usually provided by a solicitor).
The stamp duty land tax is calculated according to the purchase price of a UK property.
|Tax band||Tax rate||Stamp duty|
|Up to £125,000||0%||3%|
|£125,001 - £250,000||2%||5%|
|£250,001 - £925,000||5%||8%|
Our find out how much stamp duty you will pay, try using our handy Stamp duty calculator
Our opening hours allow our sales agents to be present for scheduled viewings and if we have the keys to the property, the vendor needn’t attend every one.
The vendor’s agent will require a “Mortgage in Principle” document and proof of your deposit funds. Cash buyers need to provide proof of funds.
Surveys can be carried out according to the level of detailed information required. Period properties will need a Home Buyer Report or even a Full Structural Survey, these are more expensive but do provide in-depth information about any repairs or maintenance works that might need carrying it. A valuation survey will be required if you are taking a loan to buy the property.
New homes should come with a 10 year warranty, but it’s still wise to commission a snagging survey which looks for minor faults that can be corrected by the developer. We can help with this service should you require it.
Once the sale is agreed, your solicitor will undertake the necessary checks and the survey will be carried out. Depending on the size and age of the property you are buying it can take several weeks to get to a point where you are ready to exchange contracts. Investors can elect to do this remotely via their solicitor and your estate agent should be in regular contact with your solicitor to ensure the sale is progressing as quickly and efficiently as possible.
Investors in particular may require help with the furnishing and preparation of their property if buying for investment rental purposes. As well as our buying service, we also have extensive experience in letting, managing and furnishing London properties operating across London from sixteen branches and from international offices in China, Hong Kong, India, Malaysia and Singapore.
I rented my flat from Benham and Reeves agent and the people who worked there are very friendly and polite especially Veronica Souza and Brett
Professional, fast and helpful team
I was assisted by Brett and Veronica. They were very professional and fast for every request and need. This was very important for me because I moved from Italy with my children and everything was new for me to settle. Many thanks for your kind and effective assistance!
Good service Prompt and responsive
Benham are the go-to place for letting in W8
I’ve used Benham and Reeves to let my apartment for nearly 20 years. Their Letting service is excellent and their local knowledge and reputation leads to a ready supply of first class tenants. The Management Service is very efficient for both tenant and landlord; the quality of maintenance and staff are first rate—I have complete confidence in them. The record keeping is prompt and accurate. I would not hesitate to recommend their services.
Very responsive and professional
Excellent service - always immediately responsive and helpful
I would highly recommend this agency to anyone seeking a rental in London. They were extremely helpful regarding our various questions both relating to the accomodation and to London in general. Requests were dealt with immediately and efficiently and often the personnel went over and beyond what would be expected. Overall, all personnel I had the opportunity to exchange with were excellent professionals.
Very friendly and diligent
Very clear, professional and friendly communication. Easy to get in touch with and happy to follow up. Brett was our negotiator and Veronica our administrator. They are very diligent and synchronised.
Outstanding service by Philip
Philip has been wonderful in our house hunting in London. He listened to our needs and had been so patient in finding that right one. The whole process took a year and he was never discouraged. Instead, he was always very accommodating and positive. Now, we have finally moved into our new place. We highly recommend Philip to anyone who is looking for their dream home. In fact, we have already referred some friends to him. Thank you Philip and we appreciate all your help!
Dedicated service and customer centric
Always provide timely support and coordination
I am very pleased with their services. I am an overseas landlord and they have exceeded my expectations for a number of years. Quality service indeed.
Excellent service as always.
We are pleased with the service thus far, and would not hesitate to recommend B&R to friends and family. Thank you team!
Benham and Reeves
I have been a client of Benham and Reeves for nearly 20 years, and in that time I have found them to be very professional in everything they do and have served my needs exceptionally well. Abbas and his team have taken very good care of my property, and all the work that goes along with being a landlord over seas. They know their job, and the market inside out. I would have no hesitation in recommending Abbas and the team at Benham and Reeves for any potential property lettings.
Excellent and professional services
Philip provides professional services and advice on property acquisition. Very friendly and helpful.
Very good person, very eager. And work seriously, willing to meet the requirements of the customer.
I like B&R in several aspects. Our flat in Aldgate East is always tenanted - B&R easily finds tenants. They have a good network and know how the market stands so can recommend the right rental price. I am also happy with the admin/financial platform in place. Abbas is the one who contacts me on finance matters. I have been a client for almost 20 years and am very happy with your service.
I am happy with the responsiveness of the agents. They have been answering the emails always in a timely manner. I was a bit upset I had to insist 1 month on getting a new sink (initial one broke as it was not a sink). That was not great. But they are always there when I have a question and have helped me to discuss issues with water and gas meter with Landlord. The team is polite and nice, I am glad they are here.
I have been working with Benham and Reeves for a few years now. They have been managing a few of our properties and I’m very happy with them. They are very professional, efficient and thorough. I would recommend them to anyone looking for a good property manager.
I just wanted to drop you a line to say thank you for providing me with an excellent service. You proactively sought out properties that met my investment criteria which led me to purchasing an ideal property. I appreciated your friendly and professional manner and felt I could really trust your judgement, which is something I did not feel with other estate agents. I would highly recommend using your company and will hopefully be purchasing another property through you soon.
A Satisfied Buyer!
I was happy with your service particularly in keeping the sale alive when the vendor was losing faith. My agent (Sofia) was invaluable in overcoming the various hurdles and concluding the sale successfully. Thank you from a satisfied buyer!
The UK Prime Minister, Boris Johnson, has pledged to create two million more homeowners with the introduction of a new 5% deposit mortgage scheme for first-time buyers, aimed at helping younger people in particular get onto the property ladder. At the annual Conservative conference, held virtually this year because of Coronavirus restrictions, the Prime Minister stated that he wanted to ‘fix our broken housing market’ by building more homes and by making mortgages more affordable. The proposal would involve offering long-term fixed rate mortgage deals to first-time buyers who have a 5% deposit. Mr Johnson claimed that this would create two million more owner-occupiers and be ‘the biggest expansion of homeownership since the 1980s’. He also said that it would turn ‘Generation Rent into Generation Buy’. While of course I welcome the Prime Minister’s plan to encourage home ownership by creating two million more homeowners, my feeling is that this is a lovely bit of rhetoric from Boris aimed at fuelling market sentiment, but it does come with a clear and obvious problem. Where are they going to live? Yes, the affordability of homeownership is a problem at present and providing buyers with a foot up via a smaller deposit will help many to overcome this hurdle. In the more inflated markets such as London, it reduces the deposit required by some £25,000 and so the initial saving is notable. However, we’re simply not building enough homes and the government’s head in the sand approach to this burning issue is going to bring about problems when those securing these new mortgages actually look for a home. Unless we address this, we will see house prices continue to climb ever higher as a result of this new initiative, to the detriment of those it’s ironically supposed to help.The new scheme is likely to come into force in 2023, when the Help to Buy scheme ends. The Prime Minister’s announcement comes on top of Stamp Duty savings which property buyers are currently taking advantage of, following the government’s current Stamp Duty reductions which apply to property purchases in England and Northern Ireland until March 31st 2021. This Stamp Duty tax cut is a temporary measure, aimed at boosting the UK’s post lockdown property market, and ends on March 31st 2021. Stamp Duty is payable on completion of a purchase, so if buyers have exchanged contracts but not yet completed, they should do so before March 31st 2021 to take advantage of the tax savings. If you are a buyer, looking for a new property or a second hand property in a new build, please contact our sales team, we have lots of opportunities we can introduce you to.