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Looking to Buy a House – Be sure to Budget

Looking to Buy a House – Be sure to Budget

Costs and fees associated with buying a property can be under estimated and in some cases overlooked so here we consider what a purchase budget should include.

An estimate of costs are on average £10,000 (As per Which Magazine), although this figure varies depending on the value of the new property and that’s excluding the deposit by the way.

Avoid any surprises by starting with a clear picture of all the fees you’re likely to incur, here’s a checklist to assist.

  • Stamp Duty – This is a tiered tax – the more expensive the property, the more you pay. Due to the pandemic, temporary changes are in place, meaning Stamp Duty does not apply to the first £500,000 of a property purchase. This rule ends on 31 March 2021
  • Legal fees – The cost of conveyancing – that’s the paperwork that secures the legal transfer of property – varies depending on whether you’re buying a freehold or leasehold property (expect leasehold to cost you more). Tip: When seeking quotes, check the final price includes VAT, search fees and Land Registry fees.
  • Valuation fee – If you’re taking out a mortgage, your lender will insist on a valuation to ensure that you’re not paying over the odds for your new home.
  • Mortgage fees – Some mortgage deals include an arrangement fee or an application fee (or both).
  • Insurance – Most lenders insist on buildings insurance as part of the terms of the mortgage. It covers the cost of repairing your home in the event of an insured loss such as a flood, fire or falling tree.
  • Survey fees – Different types of surveys are available. A basic option should be a few hundred pounds, while the most comprehensive survey can cost thousands of pounds.
  • Removals – Removal costs vary depending on how far you’re going and how much you have to move.. The website comparemymove.com estimates it costs £800 to move belongings from a three-bed house to a property 50 miles away. Add a further £250 for packing and materials.
  • Redirecting mail – If you’re planning on redirecting your mail to your new address (not such a bad idea in this era of identity fraud), Royal Mail charges £80 for 12 months.

The team at MARTIN & CO can ensure your move goes smoothly. If you need advice or have any questions about the moving process, please get in touch. We’re here to help.