Buyers FAQ

Buyers FAQs

  1. How much does it cost to buy a new home?

When purchasing a new home, there are a number of key costs to consider, including solicitor fees, stamp duty costs and estate agency fees, as well as mortgage fees. There are also minor fees to consider such as surveys and removals.

It is important to take all of these into account when calculating your affordability.

  1. How do I know what is a good price?

Nicholas Estates will be able to advise you on the best price of the property that you desire, based on a full examination of the property in question.

  1. How long will it take to exchange contracts?

There is no definitive answer to this as all purchase are different, and it is entirely dependent upon the situations of you and the seller. If the seller has vacated the property, and you have secured a mortgage, the process can happen very quickly.

If you?re looking for a mortgage and the seller is in the property, exchanging of contracts will generally take between 4 and 6 weeks, while completion can take another 2 to 4 weeks.

  1. Who do I pay the deposit to?

Buyers will pay the deposit to the seller?s solicitor, generally following the exchange of contracts.

  1. How much Stamp Duty will I have to pay?

The rules for stamp duty changed as of December 2014, meaning that tax is no longer charged at a single rate. Stamp duty is now calculated at different rates as follows:

Nothing on the first ?125,000 of a property price
2% on the next ?125,000
5% on the next ?675,000
10% on the next ?575,000
12% on the rest (above ?1.5million)

  1. What are the options if the seller pulls out?

If the seller pulls out of the sale, you will be unable to complete the purchase of the property in question. Nicholas Estates will be able to advise on alternative properties and prospective purchases.