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House Purchase

House purchase

The experience of purchasing a property to call your home can be both exciting and frustrating.

One of the main objectives in deciding to purchase a property or moving, is getting all your facts, costs and information upfront. If you need a mortgage find out what you can afford which will then dictate what price property bracket you can look to buy.

Employing the services of mortgage adviser will not only provide you with peace of mind that someone is guiding you through the whole process, but also that they are acting in your best interests and not those of some lender.

Typical fees and costs associated with purchasing a property: –

Valuation fee: From free upwards dependent on purchase price, but for an average purchase £325
Stamp duty:
Upto £250,000 – nil
£250,001 to £925,000 – 5%
£925,001 to £1,500,000 – 10%
£1,500,001 plus – 12%
Solicitor fees & Disbursements: From £650 upwards dependent on purchase price (each; a sale and a purchase) Land registry £200, local authority search £180, other searches £60
Estate agents: From a fixed fee of £499 upto 2% of sale price (only applicable if selling)
Removal costs; £400 to £900 dependent on amount of contents
Things to note: There is no stamp duty to pay on your sale. Stamp duty is tapered, therefore on a purchase of £280,000 it is nil on the first £250,000 then 5% on the next £30,000 which = £1500. You only therefore pay for each amount in each banding.

Currently there is no stamp duty to pay for first-time buyers purchasing a property upto £625,000 on the first £425,000 of the purchase, thereafter as per thresholds above.