Deposit and Mortgage fees 

As a rule, the lower the deposit you pay towards your property purchase, the higher your mortgage costs will be. Buyers will also need to stump up an ‘arrangement fee’ to set up the mortgage loan, typically between £1000 and £2,000.  This amount can either be paid upfront or added to the mortgage, although it will then be subject to interest payments.

 A few mortgages are available with a deposit of just 5% of the property's value, but there are more deals available at 10% and above.  Currently, the most attractive mortgage rates are those where the buyer can provide a deposit of 20% or more.  

 With interest rates set to rise in the next few months, you should feel confident that you will be able to keep up with mortgage payments in future.  If you'd like a free, no-obligation initial mortgage consultation, simply  fill in this form  with your details.

 

Stamp Duty charges 

Amongst the various fees you'll pay for buying a house, Stamp Duty is probably the most significant. It is a government tax, payable when you purchase a property in England costing over £125,000. Above £125,000, the rates rise, from 2% right up to 12% on properties priced at over £1.5 million.  If you are purchasing a buy to let property or a second home, you will pay an additional 3% in Stamp Duty.

 You can use an online  Stamp Duty Calculator  to work out how much tax you will pay.

 

Solicitors' fees 

Conveyancing is the process between a buyer and a seller that allows the legal transfer of the property to take place. Fees are divided between legal costs (the work your solicitor does) and disbursements (including the cost of local searches and registering ownership with the Land Registry). 

 A good conveyancing solicitor will ensure that everything is done correctly to confirm your legal ownership of the property.  They will also do their best to ensure the transaction proceeds smoothly. 

Why not get in touch with us for a  conveyancing quote?

 

Hiring a surveyor 

A surveyor is an experienced property professional who will inspect the home you want to buy for signs of damage or deterioration. A survey currently costs between £400 - £1,500, depending on the size of the property and the type of survey you require. 

 If the property is in poor condition, you could face repair costs when you finally move in, so we would always recommend having a survey done.  

 Your local DB Roberts branch can put you in touch with a local surveyor if required. 

 

Removal costs 

The cost of moving house depends on the size of your property, the amount of furniture and other items to be moved, and the distance travelled. For example, a professional team moving the contents of a 3 bedroom house over a distance of 50 miles will charge approximately £1,181 (to include packing services and materials).

 There are some great  online resources  available to help you estimate the cost of your move.

 

Welcome to your new home 

It's natural to want your new home to look perfect, so you will probably be tempted to buy some additional items once you move in. You may even decide to renovate or redecorate if your budget allows. The good news is that if you've budgeted carefully, you may be able to relax a little when it comes to any further expenditure.

 Finally, if you need inspiration when it comes to finding the perfect property, we're always ready to help. Just get in touch with us at your  local DB Roberts office, and we'll do the rest.