When you look in to buy a house, probably the one number that you focus on and that’s how much the property costs.
Now the average price in the UK is around £220,000. But it’s unlikely you are a cash buyer so you also need to kind of consider what kind of deposit you can build it up. Now to get a five to ten percent deposit on that kind of property you’re looking to purchase, the deposit could be around £11,000 – £22,000; but that’s not all of it.
There’s also fees and the biggest one that you’re possibly going to get charged is stamp duty, now for that, kind of range of price of the property you are looking around £1,900. The more expensive the property the hired escapes so it’s one of the biggest extras you’re going to see but it’s not the only one.
And really before you even start looking at this kind of thing you need to consider what those additional charges are.
Because it could make the difference between our two afford a house and it being too expensive. So Daily Royal is taking you through some of those additional fees. Remember, you might not get charged all of them but just think about whether they’re in your budget.
Let’s pretend this is the same house priced £220,000 townhouse, we hope to take you through some other different fees.
That you could pay when you buy a home:
- Mortgage fee: Now you might see this under arrangement fee or booking fee there’s lots of different names and it ranges the range varies hugely so it could be as low as £99 or it could be as high as £2,000. So, you’ve really got to consider what, that is when you get your mortgage search mortgage fees.
- Valuation fee: We’re going to look at is the valuation. Your lender is having a look to check that they think your property worth lending you that money the property really is worth that price. And, again a huge range and it’s cannot be vary on the size of the property in the value of the property; but let’s say between £150 to £1500.
- Survey: Next up is your side of things it’s a survey fit, you want to do this to check things will right with a property now, it’s between £250 – £600. Typically the more you spend will usually mean more thorough survey. So, you’re more like to see if there’s anything not quite right with it. There’s really important to think about once you’ve got all these things together and the mortgage is going through its the…
- Legal fees: So your solicitor or conveyancer £850 £1500. And that’s a lot of that kind of paperwork is to be covered there but it’s also an extra cost that goes in with this which is the local searches.
- Local Searches: And that’s what your service will look for any planning permission problems or hours kind of bits and pieces which might make it an issue getting the mortgage. The fees range from £250 – £300.
- Electronic Transfer: Then when you buy the house you’ve also got to transfer the money and you get charged for that £40 to £50 for an electronic transfer fee you can’t do much about that one and then finally once it’s all gone through once you’ve bought the house then you’ve also…
- Moving Cost: Got to pay for moving again £300 to £600 probably quite a typical range. You can pay but you can hire van yourselves to do it for cheaper or it could even be more if you’ve got a lot of stuff to go but add all this together. And there’s a decent chunk of money on top of the deposit, and top for the stamp duty you know easily you could be hitting between or two to four grand in extra costs.
So when you buy make sure you know the total cost before you go through with it.
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