FAQs about buying

Exchange of contracts is the stage when the buyer and seller become legally committed to the sale and the completion date is agreed. Pulling out after exchange can have serious financial and legal consequences, so your conveyancer will confirm that everything is ready before you proceed.

What you can afford depends on your income, deposit, regular commitments and the lender’s affordability checks. A mortgage adviser can help you understand a realistic budget, including monthly repayments, fees, insurance and the other costs of moving.

Allow for more than the purchase price. Typical costs can include your deposit, mortgage and broker fees, a survey, conveyancing, property tax where applicable, searches, insurance and removals. The amounts vary, so ask your mortgage adviser and conveyancer for a tailored estimate before you commit.

Stamp Duty Land Tax is a tax that may be payable when you buy property or land in England or Northern Ireland. The amount depends on the purchase price of the property you are buying, whether you are a first-time buyer and whether you already own another property. Rates and thresholds can change, so check the latest government guidance or ask your conveyancer before budgeting. Find out more about the Stamp Duty Land Tax.

Look at the asking price, recent sold house prices of nearby homes, the property’s condition and local demand. Your local Reeds Rains branch can explain the seller’s position and local market, but the final offer should be one you are comfortable with and can afford.

Start your search online, where you can compare the widest choice of homes by location, price and property type. On the Reeds Rains website, you can save your searches, register for property alerts and contact the local branch as soon as a suitable home becomes available. So why not register with us today?

In England and Northern Ireland, making or accepting an offer is usually not legally binding until contracts are exchanged. You can still incur costs if the sale does not proceed, and different rules apply in Scotland, so ask your conveyancer when the transaction becomes binding.

There are three main types of survey which are explained in a brochure produced by our sister company, e.surv Chartered Surveyors. The lender you choose may also request you have a survey if they think the property has structural problems. 

Government-backed home-buying schemes vary by nation and can change. Options may include shared ownership, First Homes, Lifetime ISAs or local affordable-home schemes, depending on your eligibility and where you are buying.

The Help to Buy Equity Loan scheme in England is closed to new applications. Speak to a mortgage adviser and check the latest government guidance before relying on a scheme.