Property Buying Costs

In addition to your deposit, you'll also need to budget for the following items.

Local Authority Search Fees

Search fees vary from Local Authority to Local Authority and can range from around £75 to £170. They pay for general checks - such as whether or not the property is in the part of the planned road development, along with building regulations, contaminated land information and tree preservation orders.

Land Registry Fees

The land Registry fee is a flat fee that is based on the price of the property;

£40 if the purchase price is up to £50,000
£60 from £50,001 to £80,000
£100 from £80,001 to £100,000
£150 from £100,001 to £200,000
£220 from £200,001 to £500,000
£420 from £500,001 to £1 million
£700 on property costing more than £1 million

Stamp Duty

Any property with a purchase over £125,000 will attract Stamp Land Duty Tax. The rates are:

1% on property is worth £125,001 to £250,000
3% from £250,001 to £500,000
4% on £500,001 or more

However, if the property's in a designated 'disadvantaged' area, you may not have to pay any Stamp Duty if the purchase price is £150,000 or less. With some new builds the developer may pay your Stamp Duty Land Tax for you.

Upfront Mortgage Costs

Upfront mortgage costs can vary according to the size of the mortgage and the type of deal you choose. These can include lender's arrangement fees (£200 and up), lender's legal fees (£100 and up) and lender's valuation fees (£100).