Stamp Duty


Property Search


Placing an Offer


Contract Exchange + Completion

The golden rule is quite simple. The bigger the deposit, the better the interest rate, the lower your monthly repayments, the cheaper the mortgage. It is advised to try and save a minimum of 10% of the property amount i.e £250,000 = £25,000 deposit.

If you have a smaller deposit, help is at hand via Help to Buy. It offers first-time home buyers the opportunity to buy a new home with a deposit of just 5%. There are limits on the value of the property you buy, which vary across the country.

As well as saving for your initial deposit, you’ll also need funds to put towards fees like property searches, surveys, mortgage arrangement fees, solicitor’s fees, stamp duty, home insurance, removal costs and so on


Speaking with your bank

to discuss the best savings accounts

When buying a property over a certain price, Stamp Duty Land Tax (SDLT) is a lump sum tax paid over a certain value in England, Wales and Northern Ireland. It is payable to the HMRC 14 days from the date of completion or you may risk a fine.

However, first-time buyers pay no stamp duty on the first £300,000 (of homes worth up to £500,000). For homes costing between £300,001 and £500,000, a rate of 5% will apply – but only on that slice of the purchase price.

Stamp Duty Tax Rates as of December 2014 for residential properties purchased by individuals:

Brackets Rates
£0-£125,000 – 0%
£125,001-£250k – 2%
£250,001-£925k – 5%
£925,001-£1.5m – 10%
£1.5m+ – 12%

To learn more about STAMP DUTY. 


Latest Stamp Duty Info

Click here!

When placing an offer to the Estate Agent marketing the property.

You will need to provide the following proof to get your offer looked into and hopefully accepted:

  • Photo I.D of buyers
  • Proof of current address
  • Proof of Deposit
  • Mortgage in Principle or A.I.P
  • Solicitor

If your offer has been accepted, you will need to formally apply for your mortgage, It is at this point that the sale is ‘agreed’ and both parties will receive a Memorandum of Sale to confirm. Your bank or mortgage advisor will be instructed to get surveys carried out on the home you are purchasing. There are no legal obligations on either side until contracts are signed.


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Your solicitor will now begin all the legal work involved when purchasing a property, known as conveyancing.

This includes calculating the Stamp Duty, contacting Land Registry to register new purchaser, arrange the transfer of monies to the correct parties, and act as a intermediary between yourself, your lender and with the sellers solicitors. If you haven’t heard anything for a couple of days please make contact with your conveyancer to constant updates.

Your conveyancer will look to agree the terms of the sale, and mainly a completion date (once you have a set date then look to arrange the removal van to help transport your items).

Once the mortgage has been approved. The contracts will then be exchanged which mean you are legally locked binding contract to purchase the new property. At this point, you will need to transfer your deposit to your solicitor. After performing all legal procedures and signing all the documents with the bank and the seller, you can say that you are the owner of your new house.

On completion day, you will be notified by your solicitor to collect keys either from the estate agent or seller themselves.

Finally, don’t forget to update your address to the relevant parties such as your employer, bank, DVLA (if you drive) and mainly your family and friends.



Exchanging contracts is legally binding

So please make sure everything is in order before progressing to this stage.