What are the additional costs associated with Moving?
When purchasing a property in the UK, it’s important to be aware of the additional costs beyond the purchase price. These additional costs can often add up unexpectedly, so it’s important to budget for them when planning your purchase.
Stamp Duty Land Tax (SDLT)
Stamp Duty Land Tax (SDLT) is generally the largest additional cost associated with buying a home in the UK. This tax applies to all properties over a certain value and is calculated based on the purchase price of the property. The rates vary according to the value of the property, but typically range from 2% to 12% of the purchase price. First-time buyers can benefit from reduced or zero rates depending on the value of the property.
Mortgage Fee’s
If you’re taking out a mortgage to finance your purchase, there will be additional fees to consider. These may include an arrangement fee charged by the lender, which can be a set amount or a percentage of the loan amount. There may also be legal and valuation fees associated with the mortgage process.
Conveyancing fees
Conveyancing fees are another cost to consider. This covers the legal work involved in transferring ownership of the property. Fees can vary depending on the complexity of the transaction and the value of the property. It’s important to choose a reliable solicitor or conveyancer, and to get a quote upfront. We can help secure you a quote from local firms such as Barcan & Kirby, Wards or we can help with national firms.
Survey’s
Survey costs are often overlooked, but can be important to ensure there are no hidden problems with the property. A basic survey may cost a few hundred pounds, while a more detailed survey can run into the thousands. Evermore Mortgage Brokers are happy to provide quotes for these, free of charge!
Removal Costs
If you’re moving to a new property, removal costs will also need to be factored in. The cost will depend on the size of the property and the distance to be travelled.
Ongoing Costs
There may also be ongoing costs associated with the property, such as council tax, service charges, and building insurance. These can vary depending on the location and type of property, so it’s important to research these costs beforehand.
Finally, it’s worth considering any renovation or decoration costs that may be necessary. Depending on the condition of the property, you may need to factor in costs for repairs or updates.
How can Evermore Help?
Overall, when budgeting for a property purchase in the UK, it’s important to consider all the additional costs associated with the transaction. Doing so will help ensure that you’re financially prepared for your new home, and avoid any unwanted surprises along the way. At Evermore we can help you every step of the way, from helping you source the most suitable mortgage for you, to being able to help source solicitors, surveyors, and even rolling lenders product fee’s into the loan should you wish! Please feel free to ask!
