Question 1

How much cash do I really need to buy a house in the UK?

Accepted Answer

Beyond your mortgage deposit you typically need cash for stamp duty (SDLT, LBTT or LTT), legal and conveyancing fees, a survey, mortgage and search fees, removals and insurance, often £3,000–£15,000+ depending on price and location. On top of that, it is sensible to keep an emergency fund and a maintenance contingency rather than spending every last pound at completion.

Question 2

How is stamp duty calculated when buying a home?

Accepted Answer

Property purchase tax is charged in progressive bands on the price you pay. England and Northern Ireland use Stamp Duty Land Tax (SDLT), Scotland uses Land and Buildings Transaction Tax (LBTT), and Wales uses Land Transaction Tax (LTT). First-time buyers and additional-property buyers pay different rates, with surcharges on second homes. The planner applies the correct bands, reliefs and surcharges for your nation and buyer status.

Question 3

How much should a first-time buyer budget beyond the deposit?

Accepted Answer

First-time buyers should budget for buying costs (legal work, survey, mortgage and search fees, removals) plus any stamp duty above the first-time buyer relief threshold. Setting aside an emergency fund of three to six months of essential outgoings and a small maintenance contingency means unexpected repairs after moving in don't derail your finances.

Question 4

How big should my emergency fund be after buying a home?

Accepted Answer

Standard guidance is to hold three to six months of essential outgoings in an accessible emergency fund. Three months suits stable, salaried income; six months or more is sensible if your income is variable or self-employed, because it covers a longer gap if work or earnings stop.

Question 5

What are typical legal and survey costs when buying a property?

Accepted Answer

Conveyancing or solicitor fees commonly run to roughly £800–£1,800 including searches and disbursements. Surveys range from a basic condition report to a full building survey (around £400–£1,500+), with older or unusual properties warranting a more detailed survey. Costs scale with the purchase price and the property's age and condition.

Question 6

How much should I budget for refurbishment?

Accepted Answer

Refurbishment is usually estimated as a percentage of the purchase price scaled by condition, roughly 1–3% for a property in excellent condition up to 20–35% for one needing major work. Reflecting the true condition of the home in your budget avoids being caught short after completion.

Question 7

What cash reserve should I keep after completion?

Accepted Answer

Aim to still hold a sensible reserve once the keys are yours, typically a three-to-six-month emergency buffer plus a maintenance contingency of around 1% of the property's value per year. This is money you keep available for repairs and emergencies, not money spent at completion.

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What's included

Official UK property tax

Emergency & contingency

Line-by-line refurb

Reserve recommendations

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