How much will it cost?

When it comes to buying a property, it’s not just the mortgage you need to worry about, there are other costs involved in buying a home. Luckily (in a way) these are all done during the purchase stage and are a one-time only deal so once they’ve been paid, you can forget about them and concentrate on the mortgage repayments.

We’ve listed all the costs involved in buying a home that you may not be startlingly obvious:

 Deposit

100% mortgages are pretty non-existent these days with banks playing it safe during the good old recession. That means you need to pay a one off deposit before you can get a mortgage. The price of your deposit will vary depending on which mortgage provider you choose to go with. Most mortgages at the moment are around 10% of the value of the property.

Transfer of Money Fee

This is usually a flat fee charged by the lender (your mortgage provider) when you transfer the money to the person selling the property.

Conveyancer’s Fees

The cost of conveyancing ranges with the price of a house but make sure you shop around. For the same priced house some solicitors will charge around £1,000, others will offer a fixed price fee at around £500.  Smaller, independent firms tend to be the cheapest but remember: you can always negotiate your price. Once you’ve done so, it’s a good idea to ask for written confirmation of the costs.

Stamp Duty

Stamp Duty is the tax paid to the government upon buying a house and is one of the biggest costs involved in buying a house.

 Land Registry Fee

You need to register your new property in your name. The fees are based on the market value of your property but you can use the Land Registry’s online fee calculator for more information.

http://www.landreg.gov.uk/fees/online-calculator