Checking Your
Costs & Finances

Buying a property involves more than just the purchase price. There are several additional costs that buyers should budget for during the process. If you leave getting quotes until the last minute or just signing up with someone before doing your esearch you could end up losing thousands of pounds

Being aware of these costs early can help avoid surprises and make the buying journey smoother. 

Click below to download our costs check list so you can keep track of your spend.

Mortgages & Finance. Before you do anything else you need to work out if and how much you can borrow. Speak to a couple of local mortgage advisor who can search the market for all the best deals and get some quotes, they will run through the other costs as well as let you know how much deposit you will need. There will be costs such as Mortgage Arrangement Fees which you will need to take in to account, they can vary and easily cost £1,500 +. Most lenders require between 5% and 20% of the total purchase price.

Stamp Duty Land Tax (SDLT) - Stamp Duty is a tax paid to the government when purchasing property in England. The amount depends on the property price and whether you are a first-time buyer, moving home, or buying an additional property. The costs can range for 0 - 20% of the total purchase price. 

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Stamp Duty Rates
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Conveyancing Fees. There's a whole host of legal charges to pay so it is well worth talking to a couple of local conveyancing specialist to work out how much it will cost you to purchase your intended property, they can easily cost £2,000+

Survey Fees. While a mortgage lender will carry out a basic valuation, buyers are strongly advised to commission their own independent survey. This can identify structural problems or costly repairs before completion. Surveys can range from a few hundred pounds for a basic report to over £1,000 for a full building survey, depending on the property.. Depending upon the type of property you are buying it is highly advisable to get at least a "level 2" or "Level 3" survey carried out by a qualified local surveyor. Different surveyors can charge different fees so it is well worth getting some quotes before you find a property.

Insurances - Most mortgage lenders require buildings insurance to be in place from the date of exchange of contracts. Buyers may also choose to take out life insurance or income protection to cover mortgage repayments.

Removal Costs. Depending upon whether you want to do it yourself or employ the services of a company to do it for you, it is well worth getting a few quotes from local companies.

Initial Repairs and Improvements - Many buyers choose to redecorate, upgrade appliances, or carry out repairs shortly after moving in.

Setting aside a budget for these initial improvements can make settling into the new home much easier

Understanding the full cost of buying a property helps buyers plan ahead and avoid unexpected expenses. Working with experienced professionals such as mortgage advisors, surveyors, and conveyancers can also help ensure the process runs smoothly from offer to completion. If you need a little help working out your costs, why not speak to your local How To Sell A House team.