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The actual process of purchasing a house is expensive. You will need to pay out money before you have even moved into the property - they are usually one-off expenses. Other expenses, such as insurance, will be ongoing. However you will need a substantial amount of money available as our chart of approximate costs show...
FOR A £ 100,000 PROPERTYDeposit £5,000
Stamp duty £1,000
Solicitors fees £ 400
Searches £ 100
Land registry £ 100
Survey fee £ 225
Arrangement fee £ 300
TOTAL £8,525
(All figures quoted are approximate)
Your lender will usually expect 5% or more of the purchase price of your new property - this is not required until the contracts are ready for exchange.Stamp Duty
A tax is charged on the purchase of a property:
Purchases over Tax charge
£60,000 1%
£250,000 3%
£500,000 4%
Arrangement Fees/Setting up costs
Depending on your choice of lender you may have to pay an arrangement fee when your mortgage has been accepted. This can be anything from £50 - £300.
