After the Offer

The seller has accepted your offer. Congratulations.

This begins the part of the process in which you will be required to start paying out some money for:

  • Deposit

    Usually around 10% of property value.

  • Solicitor fees

    Necessary to begin conveyance, which is the long and complicated process of transferring a property from one person to another.

  • Stamp duty

    A tax paid by property buyers. Its rate depends on the value of the property.
    Property purchase price Rate
    Up to £125,0000%
    £125,001 - £250,0001%
    £250,001 - £500,0003%
    £500,001 or more4%

  • Surveys

    A survey can be seen as an MOT for a property. However, unlike an MOT, a survey is not always compulsory but serves an important function in that it provides an overview of the condition of the property and highlights potential weaknesses and deficiencies. You may even find yourself reconsidering a property if a major problem is uncovered. In this respect the survey provides peace of mind and could save you a significant amount of money in the long run.

There are mainly two different types of surveys:

Homebuyers report:

Provides a useful assessment of the overall state of a property, and is detailed enough to allow you to assess if the property is still an attractive investment, giving you an opportunity to negotiate the price. Costing between £250 - £500 (depending on the property), the inspection for the report takes one or two hours to complete.

Full building survey:

Comprehensive and costly, this survey is recommended for those seeking a thorough examination of the overall condition of a structure. It is especially necessary when dealing with an older property. Costing anything up to £1000 (depending on the property), the inspection for the report takes a few hours to complete.

If possible, it is a good idea to accompany the surveyor so that you can ask questions and seek clarification on any highlighted issues.