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Buyer's Guide
Fixed Costs
This form gives you a breakdown of all the additional costs you will encounter.
Make sure you budget for these amounts when deciding how much to spend on a house.
Once you have examined these costs, try out our worked examples.
- House Deposit - 5% to 10% of House Value.
- Estate Agent's Deposit (if applicable)
£100 - £500 (+VAT). The deposit is not legally binding. Get a signed and dated receipt.
- Lender's Fees
- Lender's Arrangement Fees (if applicable) - Estimate £250 (+VAT).
- Lender's Legal Fees - From £200 (+VAT).
- Lender's Valuation Fee - From £110 (+VAT).
- Mortgage Indemnity Guarantee(MIG) min. £100 upwards. (First Time Buyers expect to pay £400 to £750).
- Surveyor - Estimate:
- £400 - £750 (+VAT) for houses up to £100,000.
- £750 - £1,000 for anything above £100,000.
- Solicitor's Fees - Estimate £500 (+VAT).
- Local Authority Search - £75
- Land Registry
- £120 for property worth between £50 - £60,000.
- £230 for property worth between £90 - £100,000 (etc).
- Stamp Duty
- Exempt for properties under £60,000
- 1% for properties over £60,000
- 3% for properties over £250,000
- 4% for properties over £500,000
- Building Works - Remedy problems e.g. dry/damp rot, woodworm, leaks. Three separate quotations needed for each problem. Cost unique to each house.
- Removal Costs - Estimate £300 to £500.
- Utilities:
- Gas - Reconnection Costs. (Get quotation).
- Electricity - e.g. Connection of new cooker circuit. (Get quotation).
- Telephone - New line (£25+VAT (Cable), £100+VAT (BT)) or transfer of existing phone number (£10 +VAT).
- Mail - Redirect to New Address - £6/month.
- Water - Any necessary plumbing. (Get quotation).
Optional Costs
Outgoings Once Moved
- Monthly Mortgage Repayment
- Council Tax
- Monthly Building Insurance
- Monthly Contents Insurance
- Water/Gas/Electricity/Telephone Bills
- DIY costs
- Normal Personal Expenditure
Moving Costs - Worked Examples
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