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 one and four per cent of the property value. If you buy in a disadvantaged area and you are a first time buyer, you may not need to pay and Stamp Duty at all.
Solicitor’s fees cover all searches and legal paperwork, including:
- Land registry fees
- Drainage and environmental searches
- Legal fees
- Local authority searches
- Administration costs
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 and also as to how property would be divided in case one of you unfortunately dies.
You should receive an Energy Performance Certificate (EPG) when you buy a house, although the Home Information Packs (HIPS) are no longer necessary. An EPG will give you information on the property’s energy use and carbon dioxide emissions.
Give us a call 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. Call us on 01202 499255 or at hello@frettens.co.uk We also have a conveyancing calculator on our website which will outline the costs for the property you are considering.
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