Costs of Buying
When purchasing a home there are a few costs you will need to consider…
- Your Deposit – The minimum deposit required is 5% of your share value, depending on your mortgage or how much you have available – paid on exchange of contracts.
- The Plot Reservation Fee – Usually £500. This is paid to your prospective Landlord if you are reserving a new home and is deducted at completion.
- Mortgage Fees – Your lender and mortgage advisor will be able to advise on the costs and when you need to pay. This may include the mortgage valuation and lender’s arrangement fee.
- Solicitor’s Fees – Approx. £800 – £1,500 Your solicitor will be able to advise on the costs of the conveyancing process.
- Stamp Duty – Your solicitor will be able to advise if stamp duty is payable and how this is paid.
- Moving Costs – You may need to hire a removals company to help you move in.
- Balance of monthly rent and other charges due under the lease – On completion you will need to pay the balance of the monthly rent and any service charge, buildings insurance, communal heating/ hot water charges or management charges for the current month and the following month in advance.