Costs to Consider

It is important when you're saving to consider the other costs that come with buying a home.

You will need to put aside money to pay from legal fees, mortgages fees, home moving costs, as well as decorating and new furniture

legal costs

Solicitor’s/conveyancing costs (estimated)

£1800-£2500

Local authority search fees (estimated)

£160-£250

* please note these estimates are dependent on your area and which solicitors/conveyancers you employ

Land Registry Fees

For a new build property:

Land Registration Fees for a purchase of £80-£100k

Land Registration Fees for a purchase of £100-£200k

Land Registration Fees for a purchase of £200-£500k

Land Registration Fees for a purchase of £500k - £1 mil

£45.00

£95.00

£230.00

£330.00

Stamp Duty Land Tax (SDLT):

SDLT starts to apply when you buy property that costs:

• £300,000 for first-time buyers buying a residential property worth £500,000 or less

• £150,000 for non-residential land and properties

How much you pay

How much you pay depends on:

• Whether the land or property will be used as a residential property or as a non-residential or mixed-use property

• Whether you are eligible for relief or an exemption

For example, if you’re buying a residential property there are different rates of SDLT if:

• You’re a first-time buyer

• You already own a property and you’re buying an additional property

• You’re not a UK resident

You can use HM Revenue and Customs’ (HMRC) Stamp Duty Land Tax calculator to work out how much tax you’ll pay.

Other non-legal fees to consider and factor into your budget for buying your new home...

Mortgage Arrangement fee

Mortgage Valuation

Survey

Mortgage broker’s fee

Buildings Insurance

Service charges and ground rent on leasehold flats

Removals (if required)

Furnishing your home (if required)