As well as the price of the property, what else do I need to budget for?
Buying property is a costly business so it’s important to factor in the costs other than just the purchase price of the property.
If the property you're buying costs more than £125,000 you will have to pay a tax called Stamp Duty; the amount you will pay depends on the price of the property- you can work out how much this will be using this calculator.
If the property is to be mortgaged then you (in conjunction with your mortgage provider) will need to calculate the deposit you will need to put towards the property. You may also have to pay a fee for the lender to survey the property to ensure they are happy to lend the required amount.
When buying a property you should also have a survey carried out to assess the structure of the property- the cost of the survey will depend on the level of detail of the report that follows.
A solicitor who specialises in property law, also called a conveyancer, will also need to be instructed to handle all legal aspects of the sale which can be costly depending on the complexity of the transaction and the amount of work involved.
Finally, you should factor in removal costs.
2nd June 2015
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