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.
High professionalism throughout the process
Our experience with Benham & Reeves Hampstead was very pleasant. High professionalism throughout the process, a great valuation and viewing organisation, not to mention that it only took a couple of weeks to get an offer. Jeremy was extremely professional and helpful, so much so that we immediately recommended him to our neighbours.
Experienced and excellent to deal with
I felt it important to express my gratitude to Tom for all his hard work, assistance and understanding in achieving the completion of my property today. Tom is experienced in sales and an excellent person to deal with. He knows how to handle a situation. He is patient and understanding. Due to his coordination with solicitors and myself we were able to push a time limited conveyance through which had a deadline for tomorrow. A genuine asset to Benham & Reeves, Tom is a sheer pleasure to work with, thoroughly reliable and honest. I wish Tom all the success going forward and I hope to deal with him in the future, again.
Sale of my apartment in W1
Throughout the selling process of my apartment which through no fault of B & R was a quite complicated sale, I found the staff of B & R to be efficient, professional and attentive. I have no hesitation in recommending them both as letting agents and selling agents.
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!
Excellent and professional services
Philip provides professional services and advice on property acquisition. Very friendly and helpful.
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!
While Covid 19 uncertainty was a real concern for the London residential property market at the start of last year, demand did in fact remain strong. In 2022 we expect this resilience to continue. Sellers have been in contact with us over the last few weeks as they make plans to put their properties on the market and there is a real feeling of positivity. So as we move through January, we are seeing enquiry levels increasing already after the quieter Christmas period while valuation requests are coming in now too. Overseas investors lead the way with ultra-high-net-worth individuals making a resurgence into central London again. Stock levels remain lower than we would like though, so all of our sales teams would like to take new instructions if you are considering putting your property on the market in the next few months. Enquiry levels for January already back to 2019 levels Momentum is building although clearly this will take a several weeks to translate into the number of transactions completing. Many buyers have been planning ahead for some time, researching the market to find a property that meets their requirements. And their wish list will almost certainly have changed over the last couple of years. For the domestic market, the ‘race for space’ (in order to work from home) and the desire for outdoor space, will be trending for some time. Key drivers pushing demand Of course, the temporary Stamp Duty relief, which dominated the property headlines in 2021, was only part of the story. Arguably, other key factors were more important in London, where property prices are higher, so the ‘holiday period’ had less impact. And these other factors will remain crucial in 2022. Affordable mortgage loads remain a driving force The relative affordability of borrowing, thanks to record-low interest rates, is also very important, and we expect that even a modest increase in interest rates in 2022, is unlikely to have any significant impact on demand. In fact, if slightly higher interest rates calm the market a little, then we should see renewed interest from investors and homebuyers who have been deterred recently by the intense competition amongst buyers. Sterling remains relatively weak For overseas buyers the continuing weakness of sterling is another driving force. Demand from international buyers has been building for several months now and we’ve seen a further increase in enquiries in the first two weeks of January. Investors are researching the market online but they are also now planning to visit London to view properties, perhaps for the first time in a couple of years, as international travel becomes easier and restrictions are lifted. Overseas buyers are now looking to expand their London buy-to-let property portfolios or to invest in a pied-a-terre in the UK Capital which can provide many good uses. We are handling a number of enquiries from investors in South East Asia (both new and existing clients) who aim to hit the ground running this year and take advantage of favourable exchange rates. Contact us for a free market appraisal of your property As 2022 looks set to be a return to normality for the London residential property market and with pent-up demand still driving enquiries, this buoyant market makes it an excellent time to put your apartment or house on the market. We are urgently in need of new instructions to meet growing demand. Get in touch with our Sales team who will be able to provide a free market appraisal of your property with no obligation. READ MORE: London Property Prices Predicted to See Uplift in 2022