A Guide For Buyers
The Buying Processfrom first sums to front door
From working out what you can afford, through searching, viewing and offering, to the day you get the keys. Written to be useful whether you are buying through us or simply doing your homework.
The Journey
Seven Steps, so you always know where you are
A typical residential purchase in England follows this sequence. Timings are typical for the current North and East London market — longer if you are in a chain, shorter if you are a cash buyer with no onward dependencies.
| Step | What you do | Typical timing |
|---|---|---|
| 1. Budget & funding | Establish what you can spend; speak to a mortgage adviser | Before viewing |
| 2. Searching | Define your criteria and shortlist properties | Ongoing |
| 3. Viewing | Visit shortlisted properties | 1–8 weeks |
| 4. Making an offer | Submit your offer; we negotiate on the seller’s behalf | Single transaction |
| 5. Sale agreed | Memorandum of sale issued; instruct your solicitor | Within days of offer |
| 6. Conveyancing & exchange | Searches, surveys, mortgage offer, contract exchange | 8–12 weeks typically |
| 7. Completion | Funds transfer; keys are released to you | 1–28 days after exchange |
Step One
Budget and funding
Before you start viewing, it is worth establishing what you can realistically spend. Three numbers matter.
Your deposit
The usual lender minimum. A larger deposit normally unlocks better rates.
Your mortgage
Annual income, subject to affordability checks. A whole-of-market broker will tell you what is realistic.
Everything else
Stamp Duty, legal fees, searches, survey, arrangement fees, removals — and a contingency for locks, white goods and decoration.
Stamp Duty Land Tax
SDLT rules in England changed in April 2025, and the thresholds and surcharges — including the higher rate for additional dwellings — are subject to periodic Government revision. Always check the current rates on GOV.UK or with your solicitor before exchange. Your final liability is calculated at completion.
Mortgage Agreement in Principle
An Agreement in Principle — sometimes called a Decision in Principle — is a written indication from a lender of how much they would, in principle, lend you. It is not a binding offer, but it is often essential: most sellers, and certainly most agents, will not take an offer seriously without one.
We work with independent mortgage advisers who can guide you through the options. We do not receive a referral fee from these introductions — we recommend them because they are good.
Step Two
Searching
Choosing a property usually involves a balance between what you would like, what your budget can afford, and what is currently available. The clearer your priorities, the easier it is for any agent to match you to the right property.
Location
Schools, transport links, green space, neighbourhood feel.
Size
Bedrooms, layout, outdoor space, parking.
Tenure
Freehold, leasehold or share of freehold — each has practical implications.
Condition
Move-in ready, light refurbishment, or a full project.
Ongoing costs
Service charges, ground rent, lease length.
It helps to think in terms of must-haves and nice-to-haves.
Where to look
Most active properties in our area are listed on Rightmove, Zoopla and OnTheMarket. Listings refresh from agents’ systems overnight, so a property may appear on the portals up to 24 hours after it goes live with the agent.
We strongly recommend registering directly with us — and with the other reputable local agents. Properties often go to registered applicants before they reach the portals, particularly in competitive markets. Our Off-Market service gives qualified buyers a meaningful head-start.
If you are buying leasehold, ask the lease length up front. Leases under 80 years are significantly more expensive to extend, because of marriage value, and most lenders will not lend on leases under 70 years. Your solicitor confirms this once instructed — we will give you the headline figure at the viewing.
Step Three
Viewing
It is worth seeing several properties before forming a firm view, even if the first one feels right. Comparable viewings give you a far better sense of what your money buys — and what you actually value once you have walked around.
Natural light
At the time of day you would actually be home.
Storage
Hallway, kitchen, bedrooms, outdoor.
Noise
Traffic, neighbours, pubs, schools, flight paths.
Mobile signal
Particularly in basement flats and thick-walled period buildings.
The onward chain
Ask how long the seller has been there, and whether they have a property to buy.
Second viewings
A second viewing is not a commitment to offer — it is good practice, and we encourage it. Bring a partner, family member or trusted friend; another set of eyes will spot things you missed.
Step Four
Making An Offer
A clean, well-positioned offer at a slightly lower price often beats a higher offer with question marks.
An offer is judged on more than the headline number. Sellers and their agents look at the whole picture — and the more we know about your situation, the better we can present you.
Price
Relative to the asking price and the comparable evidence.
Position
Cash or mortgage-backed, first-time buyer, in a chain or chain-free.
Proof
Agreement in Principle from a mainstream lender; evidence of cash funds.
Solicitor
Already instructed and ready to start.
Timeframe
How quickly you can exchange, and how flexible you are on completion.
Anti-money-laundering checks
If your offer is accepted we are required by law to verify your identity and the source of your funds under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended. We will explain exactly what we need. Without it we cannot issue a memorandum of sale.
Step Five
Sale Agreed
Memorandum of Sale
Once your offer is accepted we issue a Memorandum of Sale to both sides and to both solicitors, which formally starts the conveyancing process. The sale is now agreed in principle — but it is not legally binding until exchange of contracts. Either party can still withdraw, although doing so without good reason is rare.
Instructing your solicitor
Your solicitor or licensed conveyancer is the single biggest variable in how quickly your purchase moves. Choose one who is responsive, experienced in residential conveyancing, and ideally familiar with leasehold if that applies. We can recommend firms we have worked with successfully, but you are entirely free to choose your own. If you are buying with a mortgage, your solicitor must also be on your lender’s panel.
Survey
Once your solicitor is instructed, consider commissioning a survey.
- L1
RICS Home Survey Level 1 — condition report
Basic. Suitable for new builds and modern, well-maintained homes.
- L2
RICS Home Survey Level 2 — homebuyer report
The standard survey for most second-hand conventional homes.
- L3
RICS Home Survey Level 3 — building survey
Comprehensive. Recommended for older, larger or unusual properties, or where significant works are likely.
A survey is not the same as a mortgage valuation. The valuation is for your lender’s benefit. The survey is for yours.
Step Six
Conveyancing and exchange
Once both solicitors are instructed, the process runs in parallel on both sides.
- 01
The contract pack arrives
Title deeds, the TA6 Property Information Form, TA10 Fittings and Contents, and — for leasehold — the TA7 and management pack.
- 02
Searches are ordered
Local authority, water and drainage, and environmental.
- 03
Enquiries are raised
Your solicitor questions anything unclear in the pack or the searches.
- 04
Mortgage offer reviewed
Together with the lender’s conditions.
- 05
You are reported to
A contract summary, the search results and your solicitor’s recommendations — then a completion date is agreed.
Exchange of contracts
At exchange, both parties sign and the contracts are formally exchanged between solicitors. You pay your deposit — usually 10% of the purchase price — and the completion date is fixed. From this moment the transaction is legally binding; neither side can withdraw without significant financial penalty.
On exchange, responsibility for insuring the property usually passes to you — even though completion may be days or weeks away. Make sure your buildings insurance is in place from the moment of exchange.
Step Seven
Completion
Your mortgage funds, and any further cash balance, transfer from your solicitor to the seller’s. Once the seller’s solicitor confirms the funds have cleared, they call us and we release the keys to you.
Timing
Most completions happen between late morning and early afternoon, depending on when funds clear. We will not release keys until your solicitor authorises it.
Moving in
Book removals well in advance, take final meter readings on the day, and give notice on utilities at your previous address.
Stamp Duty
Your solicitor files your SDLT return and pays any duty owed within 14 days of completion, from the funds you have provided.
Our regulatory memberships
- The Property Redress Scheme — government-approved redress scheme
- Client Money Protect — client money protection scheme
- Information Commissioner’s Office — registered data controller (ZA242204)
- Appointed representative of Danire Services Limited, authorised and regulated by the Financial Conduct Authority
If something goes wrong
If you are unhappy with any aspect of our service, please tell us. Our Complaints Handling Procedure sets out how we will acknowledge, investigate and respond, and your right to refer the matter to The Property Redress Scheme if you remain dissatisfied.
Have Something To Sell First?
Find Out What It Is Worthbefore you start looking
Most purchases depend on a sale. Knowing your own number first makes you a stronger buyer — and tells you what you are actually shopping for.
These guidance notes are for information only and do not form part of any contract. Specific tax, legal and lending advice should be sought from your solicitor, accountant or independent mortgage adviser as appropriate.
Element Properties Alexandra Park Ltd, trading as Element Properties & Co. Registered in England and Wales, company number 10351289. Registered office: 26 Palace Gates Road, London, N22 7BN. The Buying Process, version 2026.1 — effective from 1 May 2026.