Cost of buying your home

As well as the property price, you need to budget for additional costs such as stamp duty, surveys, solicitors’ fees and removals. Below we provide an overview of potential purchase costs - many of which vary according to purchase price.

You will normally need a deposit of at least 5% of the purchase price, although this may vary according to your circumstances. If your deposit is less than 25% of the value of the property you may have to pay a higher lending charge. This insures the lender against making a loss if you don’t pay the mortgage and they have to sell your house. The insurers have rights to recover any loss from you if the lender makes a claim, for all sums including interest and legal fees.

Some lenders charge an Arrangement Fee. The amount of the arrangement fee varies according to the lender, and sometimes according to the type of mortgage. It can range from £95 to over £300. Very occasionally mortgages incur a Booking Fee. This charge may be applicable for a special rate, such as a discounted or capped rate. The amount of the booking fee will depend upon the type of
mortgage and the lender.

Stamp Duty (paid via the solicitor) is a Government tax based on a percentage of the property price.

Property Price Stamp Duty

£0 - £125,000                0%
£125,001 - £250,000    1%
£250,001 - £500,000    3%
over £500,001               4%

The cost of the valuation/survey depends on the property price, and the type of valuation/survey you choose. As a rough guide, for a property costing less than £100,000, you can expect to pay: Homebuyers - £250, Full Structural - £500. (Please contact a valuer/surveyor for an accurate quotation. )

Solicitors fees – including land registry, searches, the lenders legal fees and the solicitors own fees, this can cost anywhere between £750 and £2,000 (based on purchase price of £100,000).  We can obtain an estimate for you if you wish.

Removal expenses will depend upon where you live, how much furniture you have, how far you are going, and the service you opt for. You can expect to pay anything from £180 to move from a one-bedroom ground floor flat, to over £500 to move from a detached house. A long distance, two-day move may cost an extra £150-£200 or more.