Property Buying Guide and Frequently Asked Questions
Buying a property is one of the most important financial decisions most people will ever make. Whether you are purchasing your first home, relocating to the Thanet coast, or moving within Margate, Ramsgate or Broadstairs, understanding the process can make the experience far less stressful.
At Cooke & Co we have been helping buyers successfully purchase homes across Thanet since 1992. Our experienced team and dedicated sales progression department work closely with solicitors, lenders and surveyors to ensure that transactions move forward as smoothly as possible.
Below you will find answers to many of the most common questions buyers ask during the purchase process.
Every property transaction is unique, but a straightforward purchase normally takes between 8 and 12 weeks from the point an offer is accepted and solicitors are instructed.
The timeline can be influenced by several factors including:
- Mortgage approval times
- Survey results
- Legal enquiries raised by solicitors
- The length of the property chain
- Title issues or leasehold enquiries
While some purchases complete faster, others may take longer if the transaction involves several linked properties. Your solicitor and our sales progression team will keep you updated throughout the process.
UK law requires estate agents and solicitors to carry out Anti Money Laundering checks before a property transaction proceeds.
This means buyers will normally be asked to provide identification and evidence showing where the purchase funds are coming from.
Typical documents may include:
- Passport or driving licence
- Proof of address
- Bank statements
- Mortgage agreement in principle
- Evidence of savings or investment funds
These checks are a normal part of the buying process and help ensure that property transactions comply with UK financial regulations.
When buying a property there are several costs buyers should budget for in addition to the purchase price.
Typical costs include:
- Solicitor or conveyancing fees
- Local authority searches
- Land Registry registration fees
- Survey costs
- Mortgage arrangement fees
- Stamp Duty Land Tax where applicable
It is always advisable to request a full written quote from your solicitor so you understand the expected costs before the legal work begins.
Your mortgage lender will normally arrange a valuation to confirm the property value for lending purposes. However, this valuation is not a detailed condition report.
Many buyers choose to commission a survey to assess the condition of the property.
The most common types are:
- Mortgage valuation
- Homebuyer survey
- Full building or structural survey
A survey can identify issues such as structural movement, damp, roofing problems or outdated services. If concerns are identified buyers may wish to renegotiate the purchase price or request repairs.
Exchange of contracts is the stage when the transaction becomes legally binding.
At this point a deposit is normally paid to the seller’s solicitor. This is usually around 10% of the purchase price although the exact figure may vary depending on circumstances.
Before exchange takes place your solicitor will ensure:
- All legal enquiries have been answered
- Your mortgage offer is in place
- Search results have been reviewed
- You have signed the purchase contract
Once contracts exchange both parties are committed to the transaction and a completion date is agreed.
Completion is the day ownership of the property officially transfers to the buyer.
On completion day your solicitor sends the remaining purchase funds to the seller’s solicitor. Once the funds are received the estate agent releases the keys and you can move into your new home.
It is common for sellers to vacate the property by midday although exact timings may vary.
Before moving in you should also remember to:
- Arrange buildings insurance
- Set up utilities in your name
- Notify the council regarding council tax
- Redirect post if required
After completion your solicitor will submit the transfer documentation to HM Land Registry so the property is formally registered in your name.
If you have a mortgage the lender’s interest will also be registered against the property title.
Registration can take several weeks depending on the complexity of the title and Land Registry workload.
At Cooke & Co we have a dedicated sales progression team who actively monitor every stage of the transaction.
Our team liaise with solicitors, mortgage brokers and surveyors to help ensure that issues are identified early and the process keeps moving forward.
This proactive approach helps reduce delays and keeps buyers and sellers informed throughout the transaction.
The department is overseen by Vicki Field, Head of Sales Progression, who has extensive experience guiding buyers through the legal stages of property purchases.
Vicki regularly explains to buyers that the key to a smooth transaction is communication and responding promptly to requests from solicitors and lenders.
