Additional costs - listed below are some of the major costs involved in purchasing a property
House survey: Typically between £400 to £1,500
It's essential to have a survey carried out when you have an offer accepted on a property to find out about the condition of the building and make sure that it's worth the price you have offered. Your mortgage lender will carry out a valuation report but it is highly recommended that you arrange for your own independent survey. You can find a surveyor to carry out survey through the Royal Institution of Chartered Surveyors.
There are three basic kinds of survey - a Condition Report, a Homebuyer Report and a Building Survey (also known as a structural survey). A Condition Report is a basic survey providing an overview of the property's condition and highlighting any significant concerns. This type is most suited to modern, standard properties that are in good condition. This would usually cost between £400 and £950.
A Homebuyer Report covers the general condition of the property you're going to buy and would list any problems which may impact the property's value. It would identify any 'surface level' issues and costs between £450 and £1,000. For conventional properties that are less than 40 years old and in reasonable condition this type of report may be adequate, but it's worth considering a full building survey.
A Building Survey is the most thorough survey and provides a more in-depth analysis of the condition of the property, including the structure. This more 'hands on' survey is for older properties or those in poor condition and those of a non-standard construction (e.g. timber). These can cost between £600 and £1,500.
Legal fee: Typically between £500 and £1,500
You'll need to hire a solicitor or licensed conveyancer to deal with the legal aspects of buying a property. They either charge you a flat fee, or a percentage of the value of the property. You can expect to pay between £500 and £1,500, depending on how complex the transaction is.
Land Registry fee: Typically between £90 and £140
The Land Registry is a government department that keeps records of all registered properties in England and Wales. It charges a fee for registering property with a new owner, which will vary depending on the property price. A typical charge would be between £90 and £140.
You pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above a certain threshold when you buy residential property, e.g. a house or flat.
Rates vary based on the property price and whether you are a UK resident, and you'll usually have to pay 3% on top of SDLT rates if buying a new residential property means you'll own more than one.
For up to date information visit www.gov.uk/stamp-duty-land-tax