11Feb2019

Understanding the Costs of Buying a Property

If you are considering buying a property and moving home you’ll be well aware of the major costs involved with the move. Remember, the Central Mortgages team can help you find the right mortgage for you, covering a wide range of financial circumstances and credit history. Let’s take a look at all the costs that you’ll be liable for throughout the process.

Mortgage Costs – For the majority of mortgages you’ll be expected to pay an arrangement fee, which could range anywhere from £500 to £2,000. There are fee-free deals available, and we will always point you in the right direction that will help you to make the move without prohibitive costs wherever possible.

Valuation Fees – The mortgage lender will expect you to cover the cost of the valuation fee – the service is carried out once an offer is expected and to see what the property is worth exactly.

Property Surveys – Depending on the type of property and the general feel of whether it will require refurbishment work or is ready to move into, a property survey could be an extra cost you must consider. It will look at the condition of the property and its structure.

Legal Fees – You will be expected to hire a conveyancing solicitor to handle all legal aspects of the transaction, with a flat fee or a percentage of the property value being paid in fees.

Registry and Stamp – To register a property with a new owner a fee must be paid to the Land Registry department – with a fee between £90 and £140 expected. Stamp Duty is a land tax and property transaction tax on all properties over £125,000.

Moving Home – The final cost relates to moving home, and really depends on the size of the two properties and the amount of furniture and things that you have to move, with removal vans, required in some cases, adding to the costs.

At Central Mortgages we can help you find the right mortgage for you. Contact us on 01277 630 183 or office@centralmortgages.net.

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