Buying a Property Frequently Asked Questions

Q: “How do I find out about new properties?”

A: For alerts to new properties coming on to the market which meet your requirements, register your details with your local Edward Mellor branch.

Also, take a look at our Hot Properties page, which is updated each week with the latest new properties and price reductions.

Q: “What is Stamp Duty?”

A: Stamp Duty is a tax payable when purchasing a property for more than £125,000. The price of the property determines what percentage of its value is payable in Stamp Duty. The rates vary based on whether you are a first time buyer or not.

Rates if you’re buying your first home

You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.

You’re eligible if:

  • you’re buying your first home
  • you complete your purchase on or after 22 November 2017

If the price is over £500,000, you follow the rules for people who’ve bought a home before.

Rates if you’ve bought a home before

Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Q: “How much can I afford to spend?”

A: To find out exactly how much mortgage lenders are prepared to lend you to buy a property, book an appointment with an Edward Mellor’s Mortgage Advisor. Our team are able to compare rates from a range of mortgage lenders to find the deal that is right for you.

Q: “Once my offer is accepted, how long until I can move in?”

A: There is no definitive answer, as the duration of the sales process depends heavily on the circumstances of both parties (for example, whether there is a chain involved, whether the purchaser is buyer in cash or with a mortgage etc).

Generally, the process will take 8 – 12 weeks from the offer being accepted to completion.

Q: “Has the property been surveyed?”

A: Unless our branch advises you that the vendor has undertaken a survey on the property , it is your responsibility to arrange one once your offer has been accepted.

To find out more about the types of survey available, read our free guide.

Q: “How do I find out if a property is in a chain?”

A: For this and similar details about a property, such as how long it has been on the market, please speak to a member of our team who will be happy to give you more information.