Ask the Community

The typical timeline in England and Wales is 8–12 weeks from offer accepted to exchange, plus 1–4 weeks to completion. Leasehold properties, longer chains and mortgage complexities can extend this to 16–20 weeks. Your solicitor is best placed to give a timeline for your specific transaction.

Exchange of contracts is when both parties become legally committed. The buyer pays a deposit (usually 10%) and both sides face significant financial penalties to back out. Completion is when the remaining funds transfer, keys change hands and legal ownership passes. The gap between exchange and completion is typically 1–4 weeks.

Technically no, but almost all mortgage lenders require a solicitor or licensed conveyancer to act on their behalf — so if you're buying with a mortgage you'll need one regardless. For cash purchases it's still very strongly advisable. Mistakes in conveyancing can be extremely costly to reverse. You can find verified solicitors through Cavendish Knight Partners.

RICS Level 1 (Condition Report) is a basic traffic-light overview, suitable for new builds. Level 2 (HomeBuyer Report) is a detailed visual inspection, suitable for most standard properties in reasonable condition. Level 3 (Building Survey) is the most thorough and is recommended for older properties, non-standard builds, or high-value purchases. For most properties over 20 years old, Level 2 or 3 is advisable.

Stamp Duty Land Tax (SDLT) applies in England and Northern Ireland. From April 2025 the rates are: 0% on the first £125,000; 2% on £125,001–£250,000; 5% on £250,001–£925,000; 10% on £925,001–£1.5m; 12% above that. First-time buyers get relief on the first £425,000. Second homes carry a 3% surcharge. Scotland uses LBTT and Wales uses LTT — different thresholds apply.

Yes, but with serious financial consequences. If the buyer pulls out after exchange they usually forfeit their deposit (typically 10%). If the seller pulls out they can be sued for the buyer's losses and costs. Before exchange, either party can walk away without financial penalty — which is why surveys, searches and mortgage offers should all be in place before exchanging.

Start with a Decision in Principle (DIP) from one or more lenders to understand your borrowing capacity. A whole-of-market mortgage broker can search thousands of products and often has access to exclusive rates not available directly. Comparison sites give useful context but a qualified broker adds real value, especially in complex situations. You can find verified mortgage advisors through Cavendish Knight Partners.

Gazumping is when a seller accepts a higher offer from another buyer after accepting yours, but before contracts are exchanged. It is legal in England and Wales. To reduce the risk: move quickly to exchange, instruct your solicitor immediately, ask the seller to take the property off the market, and consider a lock-out agreement (though sellers aren't obliged to sign one). Cavendish Knight's direct model removes the middleman incentive that can encourage gazumping.

An Energy Performance Certificate (EPC) rates a property's energy efficiency from A (most efficient) to G. Sellers are legally required to have a valid EPC before marketing their property. EPCs last 10 years. If your property doesn't have a valid one you'll need to commission a new assessment from an accredited assessor — typically £60–120. You can find verified EPC assessors through Cavendish Knight Partners.

Beyond the purchase price, budget for: stamp duty (see above), solicitor/conveyancing fees (£1,000–2,500 typically), survey costs (£300–1,000 depending on level), mortgage arrangement and valuation fees (varies by lender), removal costs, and buildings insurance from exchange. As a rough guide, budget 2–4% of the purchase price for all buying costs combined.