Buyer’s FAQ’s

Looking to buy a property in Harrow-on-the-Hill or within Harrow? Take a look at our FAQs below answering the most frequently asked questions by buyers. If you need any further information, please get in touch with our friendly team today on 0208 864 8844.

I want to buy a property. What’s the first step?

It’s a good idea to work out how much moving house would cost you (and what mortgage you can afford), before you start searching for properties. Once you’ve got a good idea of what your budget will stretch to, you’ll be able to target your search more effectively.

I already have a property. Do I need to sell this first?

Usually, people choose to put their house on the market when they’re searching for a new home. This means, if they get an offer on their property first, they’re in a strong position to have their offer accepted on a house that they like. In competitive areas, some people choose to sell their home and move into rented accommodation, which makes their offer even more appealing to sellers.

How much deposit do I need?

As a general rule, you should expect the required deposit to be between 5% and 10% of the property’s purchase price.

How do I book a property viewing?

It’s easy to book a viewing. Simply call our team on 0208 864 8844, or email us via our website. We’ll arrange the viewing with the seller, and also make recommendations of other properties in the area that might be of interest to you.

Our team will give you a call half an hour before the viewing, to check that you’re still able to attend. Then, we’ll meet you at the property and show you around. If you’ve got any questions, we’ll be on hand throughout to answer them.

How do I make an offer?

To make an offer, just give Woodward Estate Agents a call. We’ll pass your offer onto the seller, who will either accept it, reject it, or suggest a renegotiated price. It’s quite common to negotiate, and is very much part of the process.

Do I need to hire a conveyancer?

Yes. Buying a property is a complicated legal process, and a solicitor will handle all the legalities on your behalf.

Do I need to arrange a survey?

Your mortgage lender will carry out a mortgage valuation of the property. This incurs a fee, and is a necessary part of the process (you won’t be approved for a mortgage without it).

However, this valuation only confirms that the property is worth the sum of the loan. As such, it’s recommended that you purchase an additional survey, to verify the condition of the property. There are three different options: a condition report, a homebuyer survey, or a building survey – the best option for you depends on what sort of property you’re purchasing.

Do I need to pay stamp duty?

Under normal circumstances, you’ll pay stamp duty on any property priced £125,000 or over (£300,000 or over for first-time buyers). The exact amount you’ll pay is a percentage of the overall price, and rises incrementally with the property value. At present, the government is offering a stamp duty holiday – which means there’s no stamp duty to pay on homes priced under £500,000. This tax break is in place until 31st March, 2021.

What is the exchange of contracts?

When all parties are satisfied, with no queries or concerns to address, the contracts can be signed. At this point, you’ll need to pay the deposit, which your solicitor will look after until the sale is completed. It’s important to note that at this stage, the sale is legally binding.

What happens at the completion of sale?

The completion date is also the moving date, and the day when you’ll receive the keys and get to move into your new home. All outstanding monies will be transferred to your seller (via your solicitor).

What happens to my title deeds?

The title deeds remain with your conveyancer for a while, before being forwarded to your lender, where they’ll be safely stored. They’ll hold onto the deeds until you’ve repaid the mortgage in full.