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.
Almost daily we are asked how the property sales market in London is holding up in the face of Brexit. So this is probably a good time to explain the situation as we see it at the moment. First, it’s important to point out that, when it comes to property sales, there are two very distinct elements to the market and each of these is quite different. Those who are selling due to...