BUYERS’ COSTS

SOLICITOR’S/CONVEYANCING COSTS (ESTIMATED) £1000-£1,800

LOCAL AUTHORITY SEARCH FEES (ESTIMATED) £150-£300

LAND REGISTRY FEES:

Scale 1 fees relate to the registration of both new builds and resale properties for monetary consideration.

Apply using the portal or Business Gateway, for transfers or surrenders which a ect the whole of a registered title

For a purchase of £0 - £80k £20.00

For a purchase of £80,001-£100k £40.00

For a purchase of £100,001 - £200k £100.00

For a purchase of £200,001 - £500k £150.00

For a purchase of £500,001 - £1,000,000 £295.00

For a purchase of £1,000,001 and over £500.00

Apply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which a ect part of a registered title

For a purchase of £0 - £80k £45.00

For a purchase of £80,001-£100k £95.00

For a purchase of £100,001 - £200k £230.00

For a purchase of £200,001 - £500k £330.00

For a purchase of £500,001 - £1,000,000 £655.00

For a purchase of £1,000,001 and over £1,105.00

STAMP DUTY LAND TAX (SDLT) (UNTIL 31/09/2022):

Up to £250,000 Zero

The next £675,000 (the portion from £250,001 to £925,000) 5%

The next £575,000 (the portion from £925,001 to £1.5 million) 10%

The remaining amount (the portion above £1.5 million) 12%

In October 2022 you buy a property for £295,000. The SDLT you owe will be calculated as follows:

0% on the first £250,000 = £0 5% on the final £45,000 = £2,250 Total SDLT = £2,250

OTHER FEES TO CONSIDER (ESTIMATED, DEPENDENT ON CIRCUMSTANCES):

MORTGAGE ARRANGEMENT FEE

Expect to pay a fee of at least £1,000 to secure an attractive rate. But some can be £2000+

The lender will usually o er you the option to pay the arrangement fee upfront, or you can add the fee to the mortgage. The disadvantage of adding the fee to the mortgage is you’ll pay interest on it, as well as the mortgage, for the life of the loan. But if you pay the fee upfront, there’s a chance you could lose it if anything went wrong with the purchase.

MORTGAGE VALUATION

Typically, around £300-£600, but can be significantly more

MORTGAGE BROKER’S FEE

£0-£500 usually paid at mortgage application

Buildings Insurance

Estimate £200-£300 annually – The price depends on the cover you require and your excess. The building insurance is calculated based on the cost of rebuilding your home is known as the ‘buildings sum insured’. It’s important to know that there’s likely to b a di erence between your home’s market value and the cost of rebuilding your home.

GROUND RENT (LEASEHOLD ONLY) & SERVICE CHARGES

£700-£4,000 annually

If you own a long lease on a property in England and Wales you will normally have to pay rent to the freeholder or landlord of the property; this is known as Ground Rent. The lease will normally specify how much rent you have to pay and when it has to be paid. The ground rent can be a fixed sum for the length of the lease, or the lease can provide for the ground rent to increase over the course of the lease.

Service charges vary based on the building and the services provided. A building with concierge service, numerous lifts can be very expensive. You should go through the service charge costs with your solicitor. These are audited and the price paid changes annually generally in April. New freehold homes may also have service/estate charges for maintenance of communal areas.

Removals

Shop around for a removals rm, and nd one that can move your possessions on completion day. You could also look at van hire to do it yourself.

Completion

Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some nal paperwork to do, and you will then have to pay the solicitor’s bill and your Stamp Duty payment (if applicable). solicitor’s bill and your Stamp

REMOVALS (IF REQUIRED)

£500-£2,500