Buying a property is a huge single investment and there are several one off costs involved. We can explain these costs, which will include:
- Surveyor’s fees
- Stamp duty
- Deposit
- Lender’s arrangement fees
- Removal and moving in expenses
- Solicitor’s fees
Surveyor’s fees will vary by property price and depends on which mortgage provider is used. Stamp Duty Land Tax is payable on properties over £125,000 and you will pay between 1% and 4% of the property value. If you buy in a disadvantaged area and you are a first time buyer, you may not need to pay any Stamp Duty at all.
Solicitor’s fees are for completing the legal paperwork with the seller’s solicitor and obtaining all searches, including:
- Land registry fees
- Drainage and environmental searches
- Local authority searches
- Administration costs
You should receive an Energy Performance Certificate (EPC) when you buy a house, although Home Information Packs (HIPS) are no longer necessary. An EPC gives you information on the property’s energy use and carbon dioxide emissions.
An experienced Associate from our Conveyancing Team, Helen Jones, advises “Buying a property with family members or friends can be a way of sharing the costs of a deposit and mortgage. It is important to have a legal agreement drawn up in case circumstances change and one of the co-owners wishes to sell their share. Our Team can advise on this.”
Helen continues “Give us a call on 01202 499255 if you are thinking of buying a property and are not sure where to start, we will be happy to explain the basics and answer your questions. We also have a conveyancing calculator on our website to outline the costs for the particular property you are considering.”
At Frettens, we don't just tell you about the law, we identify and explain the most realistic solutions for your business and personal life. Our offices in Christchurch and the New Forest are full of enthusiastic people with personality and strong experience. We’d love to hear from you: call 01202 499255, email info@frettens.co.uk or pop in to our offices on Bargates and Old Milton Road.