This month’s blog at Matthews Benjamin Estate Agents looks at some costs to consider when buying a house
Beyond the purchase price of your new home, there are a number of fees involved that may be overlooked. If you’re not careful, you can quickly go over your budget.
At Matthews Benjamin Estate Agents, this month’s blog looks at costs to consider when buying a house. For information, don’t hesitate to contact our team.
Your mortgage lender will conduct a valuation survey. They do this for their security. In case you are unable to repay the mortgage, they can repossess the property and sell it for a good amount.
The cost of the valuation fee varies according to the lender and property size and value. However, it is worth budgeting between £300 – £1500. These fees are sometimes waived as part of a mortgage deal.
A professional survey checks your building’s construction and condition before you buy it. Surveys can be expensive, but they can give you reassurance that your future home is in good condition and will help you avoid finding any nasty surprises later on.
If you receive a bad survey report on the property you want to buy, you can use it to renegotiate the asking price.
A solicitor or conveyancer will carry out the legal work when buying and selling your home. Legal fees depend on the type and location of the property.
Your solicitor will probably incur extra costs to cover the likes of transfer fees and land registry fees. This should be covered in a quote from a solicitor, so don’t hesitate to shop around if you think you can get a better deal elsewhere.
Home insurance protects your home and belongings. It can cover repair or rebuild costs if your home suffers damage from the likes of a fire, storm or flood. It can also cover the cost of replacing items in your home if they are stolen or replacing them when damaged.
Depending on the property you are buying, you may have to pay Stamp Duty. Stamp Duty is a tax that applies to properties or land over a certain price in England and Northern Ireland.
Unless you’re a first time buyer, you will pay Stamp Duty on the purchase of your property costing more than £125,000.
If you require further advice for buying a home, don’t hesitate to contact our team at Matthews Benjamin. We are on hand to discuss any queries you may have.