Country guide
Buying a home in the United Kingdom
In England and Wales nothing binds until exchange, so either side can walk away after months and thousands spent.
An offer that is not binding, a conveyancing process measured in months, and a leasehold system that can turn a flat into a liability. Scotland works differently and binds far earlier.
Checked August 2026. Thresholds, grants and taxes change with budgets - the sources at the end are the ones to trust over this page.
The essentials
- Deposit
- 5% minimum in practice, 10-15% for better rates
- Paid on exchange
- Usually 10% of the price
- Government charge
- Stamp Duty Land Tax in England and NI; Land Transaction Tax in Wales; LBTT in Scotland
- First-time buyer relief exists in each, with thresholds that change at budgets
- Who does the legal work
- Conveyancing solicitor or licensed conveyancer
- Binding at
- Exchange of contracts (England, Wales, NI); conclusion of missives (Scotland)
- Completion
- Typically 8 to 16 weeks after an offer is accepted
The steps, in order
- 1Get a mortgage in principleA soft indication from a lender, valid for a few months. Estate agents will ask to see one before taking your offer seriously.
- 2Offer through the estate agentIn England and Wales the offer is not binding on anyone. In Scotland you offer formally through a solicitor and it is much closer to binding.
- 3Instruct a conveyancer immediatelyThe clock on searches starts when they do. A slow start is the most common cause of a chain collapsing.
- 4Searches and enquiriesLocal authority, drainage and water, environmental, and anything the property suggests - mining, chancel, flood. Your solicitor raises enquiries on the seller's answers.
- 5SurveyThe lender's valuation is not a survey. A RICS Level 2 survey suits most modern homes; Level 3 for anything old, altered or obviously troubled.
- 6Exchange, then completeOn exchange you are committed and your deposit is at risk. Completion is usually one to four weeks later, and that is when you get the keys.
Nothing is binding until exchange
Between offer and exchange, either side can walk away for any reason. A seller accepting a higher offer from someone else is gazumping and is entirely lawful in England and Wales. You can spend months and well over a thousand pounds on searches, surveys and legal fees and still end with nothing.
- Ask the agent to mark the property sold subject to contract and take it off the market
- Consider a lock-out agreement for a short exclusivity period
- Move quickly: delay is what lets a chain break
Leasehold is the thing to understand
Most flats and some houses are leasehold: you own a lease for a term, not the land. Reforms have improved lease extensions and ground rents, but the details matter enormously and vary with when the lease was granted.
- How many years are left - under 80 and the cost of extending jumps
- Ground rent and how it escalates
- Service charge history, and any major works planned under a section 20 notice
- Whether the building has cladding or fire safety works outstanding
Chains
Most transactions sit in a chain of dependent sales. Everyone exchanges on the same day, so one party's problem is everyone's. Ask how long the chain is before you offer.
Scotland is a different system
The seller provides a Home Report including a survey before marketing. Offers go in through a solicitor, often at a closing date with sealed bids over a stated minimum. Once missives are concluded you are bound - much earlier than in England.
What to watch for
The things that cost British buyers money, in the order they tend to be discovered too late.
- A short lease, escalating ground rent, or a service charge with major works looming
- Cladding and fire safety obligations on flats in taller buildings
- Japanese knotweed, which can affect mortgageability
- A long chain with no proceedable buyer at the bottom
- Relying on the lender's valuation instead of a real survey
Where these figures come from
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Information, not legal advice. Rules differ by state, province and territory, and change. Confirm with a qualified professional in the United Kingdom before acting. TrueBuy’s document review and price estimates currently cover Australian property only.