Property FAQs
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Buying Property FAQs
Most lenders require a minimum deposit of 5-10% of the property value, though having 15-20% can give you access to better mortgage rates and more lender options. First-time buyers may be able to access government schemes that reduce this requirement.
Stamp Duty Land Tax (SDLT) is a tax paid when buying property in England and Northern Ireland. Rates vary based on property value and whether you're a first-time buyer. Use our stamp duty calculator for an accurate estimate.
The average property purchase takes 8-12 weeks from offer acceptance to completion, though this can vary depending on chain length, mortgage processing times, and any issues that arise during surveys or searches.
Gazumping occurs when a seller accepts a higher offer from another buyer after already accepting yours. While legal until contracts are exchanged, you can minimise risk by moving quickly through the process and maintaining good communication.
While not legally required, a property survey is highly recommended to identify any structural issues or necessary repairs. This can save you thousands in unexpected costs and provide negotiating power on the purchase price.
Selling Property FAQs
Get multiple estate agent valuations, check recent sales of similar properties in your area, and consider an independent RICS valuation for the most accurate assessment. Online tools can provide initial estimates.
Typical selling costs include estate agent fees (1-3% of sale price), solicitor fees (£500-£1,500), Energy Performance Certificate (£60-£120), and potential capital gains tax if it's not your main residence.
Declutter and deep clean, fix minor repairs, improve curb appeal, ensure good lighting and neutral décor, and consider small upgrades like fresh paint or new fixtures that offer good return on investment.
Spring (March-May) traditionally sees the most buyer activity, but local market conditions, your personal circumstances, and property type can all influence the optimal timing for your sale.
Renting Property FAQs
Typically you'll need proof of income (payslips/bank statements), employment contract, bank statements for 3-6 months, references from previous landlords or employers, and valid ID (passport/driving licence).
Most landlords require a deposit equivalent to 1-6 weeks' rent, which must be protected in a government-approved tenancy deposit scheme. This is refundable at the end of tenancy if there's no damage or unpaid rent.
You have the right to live in a property that's safe and in good repair, to have your deposit protected, to be given proper notice before eviction, and to have repairs carried out by your landlord within reasonable timeframes.
For fixed-term tenancies, rent can only be increased if there's a rent review clause in your contract. For periodic tenancies, landlords can propose increases but must follow proper procedures and you have the right to challenge unfair increases.
Landlord Advice FAQs
You must ensure the property meets safety standards, protect tenant deposits, provide gas and electrical safety certificates, carry out necessary repairs, and follow proper procedures for rent increases and evictions.
Standard home insurance doesn't cover rental properties. You need specialist landlord insurance that covers building damage, loss of rent, liability protection, and potential legal costs. It's essential protection for buy-to-let investments.
Conduct thorough reference checks, verify income (typically 2.5-3 times the monthly rent), check credit history, contact previous landlords, and consider using professional tenant referencing services.
Rental income is subject to income tax at your marginal rate. You can deduct allowable expenses like mortgage interest (via tax relief), property management fees, repairs, and insurance. Consider consulting a tax advisor for complex situations.
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