The cost of buying your home

There are many costs to owning and buying a property. As well as the obvious costs involved in buying a property, such as the mortgage, there will be other fees that are important to consider in the house buying process such as stamp duty, solicitors, valuation fees, and removal services.

Upfront costs

Deposit

A deposit is the amount of money you will pay upfront for your home. Whilst there are mortgages available with as little as 5% deposit, typically these range from 10-25% of the overall price of the property. While it feels like saving can take an eternity, and rising house prices may make it seem as though your dream home keeps edging away from you, stick at it, as it could be the deciding factor in securing a mortgage.

Solicitor fees

Solicitors or a licenced conveyancer will handle the legal side of the house moving process. This will include all the housing contracts and the exchange and completion dates. They will charge a fee for their services, and you will also have to cover the cost of Land Registry charges and local search fees.

Land Registry fees are charged by the government for changing the records about who owns your property. The fee is charged to update you as the legal owner and to show your mortgage. This can vary depending on the cost of your home.

A local authority search is undertaken as part of the conveyancing process. If you are taking out a mortgage, then it will often be a condition that you obtain a local search. It refers to specific information about the surrounding area and the particular property. 

Estate Agent Fees

The estate agent fee is only required to be paid by the seller, not the buyer. If you are a first-time buyer, you typically won’t be selling so this is not a cost you will need to worry about. However, if you are buying your 2nd, 5th or 50th home, estate agent fees are definitely something you need to consider. This will usually be around 1-3% of the house price and is typically negotiated at the beginning, when you first instruct the agent.

Valuation and survey fees

When you have found a home you like, it is a condition of many mortgages that a mortgage valuation is carried out before you can buy it. This will assess the value of the property, in order to establish how much they are willing to lend you. This is completed for the lender and may not necessarily be shared with you, the buyer.

There are other surveys available to you as a buyer, which will tell you about the condition of the property before purchasing it and identify any problems that the property may have. The cost of a survey is, again, very subjective to each individual property. They will typically range from around £250 -£1000, but some properties may require a building survey, specific defect reports etc.

Adviser Fees

Some advisers may charge for mortgage advice and this is a necessary cost to consider. Andrews do not charge for our advice, we simply charge a fee for processing your mortgage application, should you choose to proceed. Our typical fee is £450, however the actual fee will depend on your circumstances.

House moving costs

It’s important to consider the cost of using a moving company or hiring a van to help get all your belongings into your new home. If there is going to be a period of time between you buying and moving in, then the cost of storing your belongings might be another cost to consider.

Ongoing costs

Council Tax

Council tax is an annual fee charged by the local council for the services it provides. This includes rubbish and recycling collection, libraries, park and road maintenance etc.

There is no set cost for council tax as it is worked out on an individual basis. The amount you pay will be dependent on the valuation of your home and where it is located. To find out more click here.

Insurance

Your mortgage lender will require you to take out buildings insurance to safeguard your new home. Buildings insurance covers things like fire, flooding and moving ground (subsidence). This will need to be in place from the day you exchange contracts.

While the lender will not require it, contents insurance is always a smart idea, as is life insurance and income protection. Contents insurance will protect your possessions from such risks as flooding, fire, theft. Life is full of uncertainties, but with the right insurance and protection in place, you can face the future with confidence. Whether it’s protecting what matters most or securing a financial future for you and your family, our advisers would be happy to talk you through your options.

Call 01174 531 285 to arrange an appointment or submit an online booking request here.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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