Six fees to be aware of when buying a house

For most of us, a house will be the most expensive thing we ever buy, not just because of the price of the property itself but also because of all the other costs involved. Here is a look at some of the things you will have to fund on top of the purchase price.

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Search fees

These will form part of your conveyancer’s job and will vary depending on where your property is located. You may need a coal mining search, for example, and many mortgage lenders will demand a complete set of searches before granting you a loan.

Legal costs

These can vary considerably, and so it is worth doing your research when looking for conveyancing solicitors London based or a firm closest to you. Consider getting different quotes and make sure you compare like-for-like.

As well as looking at the web for information on companies such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/Conveyancing-Solicitors-London it is also worth talking to friends and family members about firms they have used, and make sure you fully understand exactly what each company will provide for the quoted price.

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Conveyancer’s fees

These will depend on a range of factors including:

How much your property is worth
Whether it is leasehold or freehold

This is because how much work is required will depend on the volume of information that is involved and how complex the job will be.

Stamp Duty Land Tax

This is the amount you will pay in tax depending on how much your property costs. Your conveyancer will complete a Land Transaction Return for you if your property is worth £40,000 or more. Learn more about Stamp Duty at https://www.gov.uk/stamp-duty-land-tax.

Land Registry fees

An Official Search with Priority will be carried out by your conveyancer before you complete on your property, and this will protect your purchase as well as making sure that no one can register anything else against your property before completion. This may sound like an expensive search but the cost is only a few pounds in total.

Telegraphic transfer fee

Your conveyancing firm will have bank charges for this and the amount will vary depending on which bank the company uses. Your conveyancer will probably pass this fee on to you and some will also make a profit on the transaction.