A Comprehensive Guide to Buying Property

Find out what you need to know

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Purchase Price (£) I'm a first time buyer Property is a buy-to-let or second home Buyer is a non-UK resident

What is Stamp Duty?

Having an understanding of the stamp duty regulations in 2023 is crucial in navigating the property market.

In the UK, stamp duty is a tax imposed on the purchase of residential properties exceeding a certain threshold. Rates vary depending on whether you are a first-time buyer or not.

As of this year, the thresholds and rates for stamp duty have undergone adjustments to align with the evolving market conditions.

Why not use our simple Stamp Duty Calculator to get an idea?

How much can I afford to borrow for a mortgage?

Your borrowing capacity depends on factors like your income, credit history, and existing financial commitments. It’s best to consult with a mortgage advisor or use an online mortgage calculator to get an estimate.

Here at Kearns Residential, we have an in-house mortgage broker available that can assist you to get an idea of how much you are able to afford.

What are the associated costs when buying a home?

Besides the purchase price, you’ll need to consider costs such as stamp duty land tax, solicitor fees, mortgage arrangement fees, survey fees, removal costs, and ongoing expenses like council tax and home insurance.

How long does it take to complete a property purchase in the UK?

The timeline can vary, but on average, it takes around 8-12 weeks from the offer being accepted to completing the purchase. Delays can occur due to various factors, such as surveys, searches, and legal processes.

What do I need to think about when choosing an estate agent?

When you’re looking for an estate agent to find your next home or investment opportunity, you no doubt want to choose someone who:

can get a good understanding of your needs and preferences when it comes to buying a property
works together with dedicated local partners, such as mortgage brokers, solicitors and surveyors to help tie up a sale
knows your areas of interest inside out, and can keep you informed of local developments.

To get a better understanding of how Kearns Residential can help you find your ideal property, why not:

look at our existing listings on Rightmove, Zoopla and OnTheMarket
look at reviews on Google or our website to see what other buyers say about us
call your local office to register as an active applicant and benefit from tailored marketing communications

I have found the property I want, what next?

After you find a property you like, we initiate a series of steps to facilitate the purchase process.

Firstly, your offer is submitted to the seller, either directly to them or through the buyer’s agent. If the offer is accepted, Kearns Residential coordinates with both parties to arrange necessary inspections and surveys.

We also facilitate negotiations, helping to reach a mutually agreeable price and contract terms. Once the purchase agreement is finalised, we assist with securing financing through our in-house mortgage broker and overseeing legal documentation.

All in all, Kearns Residential acts as a liaison between you and the seller, ensuring a smooth and transparent transaction until the property is officially transferred into your name.

What is leasehold and freehold?

Freehold means you own the property and the land it stands on outright. Leasehold means you have a lease from the freeholder (often a landlord) to use the property for a specified period. When buying a leasehold property, ensure you understand the lease terms and any associated costs or restrictions.

Should I get a property survey?

It is highly recommended to have a property survey conducted to identify any structural issues or potential problems with the property. This can help you make an informed decision and negotiate the purchase price or request repairs before completing the transaction.

Can I back out of a property purchase after making an offer?

In England and Wales, there is no legal obligation to proceed with the purchase until contracts are exchanged. However, backing out after making an offer may result in financial penalties or legal consequences, so it’s best to seek advice from your solicitor if you have concerns.

What happens if the sale falls through?

Find out what happens if the sale falls through, and whether you’d need to pay anything to re-list your home.

How will you make my purchase smooth and stress-free?

At Kearns Residential, we prioritise making your property purchase as smooth and stress-free as possible. Here’s how we achieve that:

Expert Guidance: Our experienced agents will provide you with expert guidance throughout the entire purchase process. We will explain each step, answer your questions, and ensure you have a clear understanding of the process, minimising any uncertainties.
Efficient Communication: Clear and prompt communication is essential in reducing stress during the purchase process. Our agency maintains open lines of communication, promptly responding to your queries and keeping you informed about any updates or progress.
Skilled Negotiation: Our skilled negotiators will advocate on your behalf during price negotiations and contract terms. We strive to achieve a mutually beneficial agreement that satisfies both you and the seller, ensuring a fair and favorable outcome.
Streamlined Coordination: We take care of coordinating various aspects of the purchase, including inspections, surveys, and legal documentation. Kearns Residential works closely with reputable professionals, such as surveyors and solicitors, to streamline the process and ensure everything progresses efficiently.
Financial Assistance: If you require financing, we can connect you with a reliable mortgage broker who can guide you through the mortgage application process. We will assist in gathering the necessary documentation and liaise with them to expedite the process.
Post-Purchase Support: Our commitment doesn’t end once the purchase is complete. We are available to assist you with any post-purchase matters or queries you may have, providing ongoing support to ensure your satisfaction with your new property.