You might think that when you buy a property, all you have to do is secure enough money to pay for the property itself. However, what else do you have to budget for?
Solicitor Fees To handle the legal aspects of buying and selling property, including property searches and transferring mortgage funds, you will need a reputable solicitor. In general, you can expect to be charged between £1,000 and £2,500 depending upon how much work is involved.
Stamp Duty When you purchase a new home, you must pay Stamp Duty Land Tax. The amount varies according to whether you have bought a home in the past and the price of the home. Using the Government's Stamp Duty calculator - GOV.UK you can estimate how much you'll pay.
Mortgage Fees The deposit you require for the purchase of your property is not technically a mortgage fee, but you will still need to budget for it, which usually ranges between 5% and 20% of the purchase price. In addition to valuation fees and product fees, you might also be required to pay additional fees to your lender. Be sure to check with your lender for any additional charges.
Survey You should obtain a survey of the property when purchasing a home. They are responsible for flagging any major problems with the property, which is well worth the few hundred pounds they cost.
Estate Agent Fees If you’re selling your existing home, as well as purchasing a new one, you’ll find that you will need to pay a fee to your estate agent. This is upon completion of the sale. Arlington Park would be delighted to help you both market your current property and buy your new home. We would always seek to discount our selling fee if this should happen.
Removal Fees Keep in mind the cost of moving your belongings to your new home. Shop around for the best price, whether you're renting a self-drive van or having a moving company do it for you.
Home Insurance As a minimum, you must have buildings insurance in order to obtain a mortgage, which protects the building. An insurance policy of this kind will set you back around £100 a year, but you can also combine it with your contents policy.
You will also need a contingency fund for issues the survey identifies, as well as unexpected expenses.
At Arlington Park we pride ourselves on providing an exceptional service to both buyers and sellers. Please contact us to discuss your home move requirements.
