Other Expenses to Consider When You Purchase Your Home

Purchasing a home is about more than just securing a mortgage and paying the price listed on the property ad. There are several additional expenses that you need to be aware of when you’re ready to make your move. As a UK-based mortgage broker, I’m here to help you navigate these so you can plan your budget accordingly.

 Stamp Duty Land Tax (SDLT)

 Often the most substantial expense outside the purchase price is the Stamp Duty Land Tax (SDLT), applicable on properties over a certain value. The rate you'll pay scales with the price of the property, so it's essential to calculate this early on. There are reliefs and exemptions in some cases, like for first-time buyers, which can significantly reduce the amount owed.

Solicitor’s Fees

You'll need a solicitor or a licensed conveyancer to handle the legal aspects of purchasing a property. This includes conducting property searches, managing Land Registry tasks, and transferring the funds to purchase your new home. Fees can vary widely depending on the complexity of your transaction.

Survey Costs

Before you finalise your purchase, getting a house survey is crucial to check for any structural problems or needed repairs. There are different levels of surveys available, from basic condition reports to full structural surveys, each with varying costs.

Mortgage Broker Fees

If you’re working with a mortgage broker, like myself, there may be fees for the services provided. The fee charged will be based on the complexity of the case and will always be confirmed from the start.

Removal Costs

Don’t forget the practical aspect of moving your belongings to your new home. The cost for removal services can vary based on the distance you're moving and how much you need to transport. It’s worth getting a few quotes to find the best service for your needs.

Home Insurance

 Your lender will require you to have buildings insurance in place when you exchange contracts. It’s also wise to consider contents insurance to protect your belongings. The cost will depend on the value of your property and the level of cover you need.

Understanding these additional expenses is vital so you can budget effectively and avoid any last-minute financial surprises. As your mortgage broker, I’m here not just to find you the best mortgage deal, but also to ensure you’re fully prepared for all aspects of your home purchase. Planning for these costs will help make the transition to your new home as smooth as possible. If you have any questions about these expenses or need assistance in planning your home purchase, please don’t hesitate to get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage