If you’re in a position to buy a house outright — no mortgage needed — you’re in a strong position. But while cash buying can seem more straightforward, it still requires careful steps and legal processes. This guide takes you through exactly how to buy a house with cash in the UK, along with the pros and cons.
What is a cash buyer?
A cash buyer is someone who can buy a property outright without needing to apply for a mortgage or loan. That means you’ll need to have the full purchase price available in accessible funds.
It’s important to note that to be classified as a genuine cash buyer, you must have the money available now, not after selling another property or waiting for funds to clear.
Looking to sell your current property first? Get a free valuation from your local Newton Fallowell branch.
Advantages of being a cash buyer
Cash buying can streamline the process and make your offer more attractive to sellers. Some key advantages include:
- Faster completion – Without a mortgage, the chain is shorter and fewer delays are likely.
- Stronger negotiating power – Sellers often favour cash buyers, especially when looking to sell fast.
- No mortgage fees or interest – That’s one less cost to worry about.
- No risk of a failed mortgage application – Ideal if you’re self-employed or have a complex income stream.
Limitations of being a cash buyer
Despite the positives, cash buying comes with its own set of drawbacks:
- Your money is tied up in the property – This could limit your financial flexibility.
- You’ll still need to pay legal and survey fees – It’s not completely cost-free.
- Less leverage – With no lender involved, you won’t benefit from their valuation checks or conditions.
Step-by-step guide to buying a house with cash
When buying a property with cash, there’s no need for a mortgage application. This will provide the biggest time-saver — no forms, no credit checks, and no waiting on lender approval. That said, there are still some important steps to follow:
Hiring a solicitor or conveyancer
Even without a mortgage, you’ll need a solicitor or licensed conveyancer to manage the legal side. They’ll handle:
- Drafting the purchase contract
- Carrying out local authority searches (optional but highly recommended)
- Managing the transfer of ownership
Learn more about our conveyancing services
Finding a property
You can browse local homes for sale on our property search page.
Cash buyers only
You might come across listings that state “cash buyers only”. This usually means:
- The property isn’t mortgageable due to condition or tenure issues
- The seller needs a quick sale
- The home is being sold at auction or through a quick-sale scheme
These homes may carry more risk, so always do your due diligence.
Viewing the property
Just because you’re buying with cash doesn’t mean you should skip the essentials. View in person, ask questions, and take photos.
Putting in your cash offer
Make your offer via the estate agent, and clearly state that you’re a cash buyer. Be ready to show proof of funds — this can be a bank statement or a letter from your financial adviser.
Need help with the numbers? Book a market appraisal to understand what your current property is worth.
Conduct a property survey
While optional, a RICS HomeBuyer Report or Building Survey can flag potential issues before you buy, especially useful with older or “cash-only” properties.
Learn more about our surveyor services
Exchanging contracts
Once surveys and legal checks are complete, your solicitor will help you exchange contracts. This is the point at which the deal becomes legally binding.
Completion day
On the agreed date, the remaining funds are transferred to the seller, and you’ll receive the keys. No waiting on mortgage drawdowns — it’s often possible to complete and move on the same day.
Are you looking to buy a house?
Buying a home — whether with cash or a mortgage — is one of life’s biggest steps. At Newton Fallowell, our team of friendly, knowledgeable agents are here to help you every step of the way. With local experts across the Midlands, we know the market inside out.
Start your search today or get in touch with your nearest branch.
