Buying a home in the UK means having between £29,000 and £30,500 in cash if you’re a first-time buyer on an average-priced property. That’s the deposit plus the fees, and it’s more than most people expect. The average UK house now costs £268,000 according to the ONS, and prices have been flat at 0.0% annual growth over the 12 months to March 2026. That makes it a buyer’s market in some areas, but the process itself hasn’t gotten any simpler.
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This article is general information only and does not constitute professional advice. For your specific situation, consult a qualified professional.
More than a third of agreed sales never make it to completion. Chains break, surveys reveal problems, or buyers simply run out of cash. The difference between getting the keys and losing the property often comes down to what you did — or didn’t — check before you made an offer. If you’re thinking about buying a house in the current market, the timing and preparation matter more than the asking price. Here’s what you actually need to know.
Four Things to Know Before You Start Looking
The single term that trips up most first-time buyers is exchange of contracts. It’s the moment your offer becomes a legally binding purchase. Before that, nothing is final. After it, you’re committed.
What I tend to notice is that most people focus on the property rather than the process. The house might look perfect, but if the legal work stalls or the survey reveals hidden damp, you’ve got a problem. Getting the process right first is what separates a smooth purchase from one that falls apart.
What Buying a Home Really Costs: A Full Breakdown
The asking price is only part of the story. The total cash you need on the day includes the deposit, stamp duty, solicitor fees, survey costs, and moving expenses. Many first-time buyers underestimate this by several thousand pounds.
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| Cost Item | First-Time Buyer (£268k home) | Home Mover (£268k home) |
|---|---|---|
| Deposit (10%) | £26,800 | £26,800 |
| Stamp Duty | £0 | £3,400 |
| Conveyancing + disbursements | £1,100–£2,200 | £1,100–£2,200 |
| Survey (Level 2) | ~£560 | ~£560 |
| Total cash needed | ~£29,000–£30,500 | ~£32,400–£33,900 |
The biggest gap between the two columns is stamp duty. First-time buyers in England and Northern Ireland pay nothing on properties up to £300,000, and 5% on the portion between £300,001 and £500,000. Home movers pay 2% on the portion from £125,001 to £250,000, and 5% above that. On a £268,000 home, that adds roughly £3,400 to the mover’s bill.
Conveyancing fees range from £400 to £1,500 depending on the solicitor and the complexity of the purchase. Disbursements — the costs of searches, land registry fees, and bank transfers — add up to another £700. If you’re buying a leasehold property, expect higher fees because the solicitor has to review the lease, ground rent, and service charge terms. A real estate lawyer can help you understand what your solicitor should be checking, especially if the lease is under 80 years.
Where Home Buyers Get Stuck: Mistakes That Cost Time and Money
Skipping the Survey and Relying on the Lender’s Valuation
The lender’s valuation is for the lender, not for you. It’s a quick check to confirm the property is worth what you’re paying. It won’t tell you if the roof needs replacing, if there’s damp in the walls, or if the wiring is outdated. A HomeBuyer’s Report costs £300–£800 and can uncover problems that save you thousands. If the survey finds major issues, you can renegotiate the price or pull out before exchange. Without it, you’re buying blind.
Not Checking Flood Risk, Subsidence, or Planning History
Over 6 million properties in England are currently at risk of flooding, and that number is expected to rise to 8 million by 2050. Surface-water flooding alone affects 4.6 million properties — a 43% increase from the previous assessment. You can check flood risk for free on the government’s long-term flood risk website. For subsidence, the British Geological Survey maps clay shrink-swell ground. And if you’re in a coalfield area, you need a Coal Authority report. Skipping these checks means buying a property that could be uninsurable or unsellable later.
Making Financial Moves After the Mortgage in Principle
Getting a mortgage in principle is a soft credit check that tells you how much you can borrow. But if you take out a new credit card, buy a car on finance, or make a large unexplained deposit into your bank account between the agreement in principle and the full mortgage application, the lender will notice. That can delay underwriting or cause the offer to be withdrawn. The rule is simple: no new credit, no large transfers, and no missed payments in the six months before you apply for the full mortgage. If you’re unsure about how your financial situation looks to a lender, getting financial advice online can clarify what needs to change.
Forgetting to Check the Lease Length on Leasehold Properties
If you’re buying a leasehold flat or house, the lease length matters more than almost anything else. Anything under 80 years is considered short and can make the property difficult to mortgage or sell. Extending the lease costs money and takes time. Your solicitor should check the lease, ground rent escalation, and service charge history before you exchange. If the lease is short, factor the cost of an extension into your offer. A quick chat with a property law specialist can help you decide whether to proceed or walk away.
The Buying Process Step by Step: What Happens After Your Offer Is Accepted
Getting Mortgage Ready: Documents, Credit, and the Agreement in Principle
Before you even start viewing properties, you need to know what you can afford. Check your credit report with all three agencies — Experian, Equifax, and TransUnion — and fix any errors. Register on the electoral roll at your current address. Gather three months of payslips, three months of bank statements, and two years of tax returns if you’re self-employed. Then get a mortgage in principle. It takes 24 to 72 hours, uses a soft credit search, and tells you the maximum the lender will offer. It’s free and it makes your offer stronger with sellers.
Viewings and Research: What to Check Before You Offer
View a property at least twice — once during the day and once in the rain. Check for damp, mould, cracks above windows and doors, roof condition, and the age of the boiler. Use the government’s free search tools to check flood risk, planning history, and sold prices in the area. Look up the Energy Performance Certificate to see the property’s energy rating and estimated bills. Check the council tax band with the Valuation Office Agency. And test broadband speeds on the Ofcom checker — “fibre available” doesn’t guarantee a fast connection.
Conveyancing and Searches: What Your Solicitor Does and Why
Once your offer is accepted, appoint a solicitor or conveyancer within 24 hours. They’ll handle the searches: Local Authority, Water, Drainage, Environmental, and Chancel (if relevant). These searches check planning history, flood risk, road access, and whether there are any restrictions on the property. The solicitor also reviews the title documents, checks for restrictive covenants, and raises enquiries with the seller’s solicitor. This process takes 8 to 12 weeks on average. If you’re in a chain, it can take longer. The solicitor’s job is to find problems before you exchange, not after.
Exchange and Completion: The Final Steps That Lock Everything In
Exchange happens 1 to 2 weeks before completion. You sign the contract, pay the deposit (usually 10%), and the sale becomes legally binding. From this point, you cannot pull out without losing your deposit. Your lender will require buildings insurance from the exchange date. On completion day, the solicitor transfers the remaining funds, the seller hands over the keys, and you register the property with the Land Registry. Stamp duty is due within two weeks of completion in England. Your solicitor usually handles the payment, but the money needs to be in your account before the deadline.
Questions Buyers Ask Most Often
Can I pull out after making an offer? ▾
Do I need a survey if the lender does a valuation? ▾
What happens if the survey finds problems? ▾
How long does buying a house take from offer to keys? ▾
What’s the difference between leasehold and freehold? ▾
The Moment Everything Becomes Binding
Exchange of contracts is the single most important milestone in the entire buying process. Before it, you can walk away for any reason. After it, you’re legally bound to complete the purchase. That’s why every check — the survey, the searches, the lease review, the mortgage offer — needs to be finished before you exchange. Once you’ve signed, the only way out is to lose your deposit and face legal costs. The buyers who get to completion smoothly are the ones who did their homework before the contract was signed.
Remember: this article is general information only. For advice on your specific situation, speak to a qualified professional.
If this was useful, you might also want to read Understanding Title Transfer Legalities When Buying a House.
Sources and Further Reading
Understanding House Loan Co-Borrower Requirements Made Easy — If you’re buying with someone else, this explains how lenders assess joint applications and what changes when you share the mortgage.
Tips for Understanding the Land Registration Process in the UK — A clear walkthrough of what happens after completion and how your ownership gets recorded.
HouseDossier (2026). The Ultimate UK Home Buying Checklist. 🔗
We Move Together (2026). UK House Buying Checklist: Everything You Need. 🔗
Zoopla (2026). Buyer Checklist. 🔗
Rightmove (2026). How to Buy a House: Timeline and Process. 🔗
