: The draft is not legally binding. It only becomes enforceable once "exchange of contracts" occurs, at which point a completion date is fixed and the deposit is paid. Renting Out Property (Being a Landlord)
Buying and renting property involves several key legal and financial stages, ranging from the initial offer to the formal exchange of contracts. Buying Property: The "Draft" Phase buying and renting property
When you buy a home, the process officially kickstarts with the , prepared by the seller's solicitor and sent to yours. : The draft is not legally binding
: This is a preliminary version of the sale agreement. It outlines terms like the sale price, deposit (typically 10%), and which fixtures are included. Buying Property: The "Draft" Phase When you buy
If you are buying a property specifically to rent it out, current market data suggests that while sale prices rose by roughly 6.5% in 2025, rental prices increased by over 9%. Conveyancing Process Stages and Timeline