Getting Your Finances Ready Before You Buy a Home -What to know before you speak to a solicitor

1. Budget for Legal Costs and Disbursements

Conveyancing involves legal fees and third-party costs.

- Solicitor fees typically range between £1,500 – £5,000 + VAT, depending on the property type and complexity.
- You will also need to budget for disbursements, which are costs paid to third parties. These may include:
  - Land Registry fees
  - Local Authority, Water and Drainage and Environmental searches
  - Bank transfer costs
  - Stamp Duty Land Tax (SDLT)
  - Leasehold management packs (if applicable)

Tip: Ask for a full written quote at the start. francis george solicitor-advocate will provide a detailed breakdown so there are no surprises later.

2. Get Your ID and Proof of Address Ready

Before your solicitor can begin work, they must carry out identity checks. You will need to provide:

- Valid photo ID (such as a passport or driving licence)
- Recent proof of address (such as a utility bill, council tax notice, or bank statement dated from within the last 3 months)

If you are using a gifted deposit, your family member will also need to provide their ID and proof of address.

3. Prove Where Your Money Is Coming From

Solicitors are legally required to check the source of your funds. This is a standard anti–money laundering procedure.

You will need to provide:

- 4 to 6 months of bank statements showing how your savings and deposits were accumulated
- Details of any internal account transfers
- Evidence of any large payments such as inheritance, investment sales, or gifts

If a family member is gifting you money, they will need to:

- Provide 4 to 6 months of their own bank statements
- Submit valid ID and proof of address
- Sign a gifted deposit letter confirming the money is a gift and not a loan

Tip: Collect all documentation early and send it together to help avoid delays.

4. Understand Stamp Duty and Other Upfront Costs

You may be liable for Stamp Duty Land Tax (SDLT) depending on your situation. As of July 2025, here is a basic outline:

- First-time buyers:
  - 0% on properties up to £300,000
  - 5% on the portion from £300,001 to £500,000

- Home movers:

Property Price Band	Stamp Duty Rate
Up to £125,000	Zero
The next £125,000 (from £125,001 to £250,000)	2%
The next £675,000 (from £250,001 to £925,000)	5%
The next £575,000 (from £925,001 to £1.5 million)	10%
The remaining amount (above £1.5 million)	12%

- Second homes or buy-to-let properties: add a 5% surcharge
- Overseas buyers: add a 2% surcharge

Your solicitor will calculate the exact amount and handle the submission to HMRC following completion.

5. Be Very Careful With Bank Transfers

Payment diversion fraud is a serious risk. Criminals may intercept emails and trick you into sending your money to the wrong bank account.

To protect yourself:

- Always verify bank details over the phone with your solicitor before transferring money
- Send a small test amount first and confirm it has arrived before sending the full deposit
- Avoid sending or confirming banking details over public Wi-Fi or shared computers

francis george solicitor‑advocate will never send changes to their bank details via email. Always call to confirm if anything looks suspicious.

6. Completion Day: Timing Is Everything

On completion day, your solicitor must transfer the full purchase amount to the seller’s solicitor. If funds do not arrive on time, your move could be delayed or incur penalties.

Make sure you:

- Send all required funds at least 24 hours in advance
- Are available to confirm or approve transfers if needed
- Check with your bank for any transfer limits or timing restrictions

7. After the Keys: Final Steps

After you move in, your solicitor will still be working behind the scenes:

- Filing the SDLT return with HMRC
- Registering your property ownership with the Land Registry (this may take several months)
- Issuing the official title deeds when complete

You do not need to take any action unless contacted. Simply monitor your emails and enjoy your new home.

Ready to Get Started?

francis george solicitor‑advocate is here to support you from the moment your offer is accepted until you receive your title deeds. With offices in Swindon and Witney, their experienced team offers trusted legal advice and straightforward service for home buyers across England and Wales.

Swindon Office: 01793 434 473
Witney Office: 01993 685 007