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Costs associated with buying a home

There are many extra costs involved in buying and owning a property. Here is a good indication of the things you may need to consider.

When you buy

To buy a home we anticipate you will need individual (or joint) salaries of at least £21,000 a year, as well as any deposit required by your mortgage lender (normally about 15-20% of the asking price). You will also need to be able to pay about £3,000 to cover moving costs, such as the following.

  1. Solicitors fees £450-£650 +VAT
  2. Stamp duty land tax (SDLT)  Dependant on purchase price – see guide for more information
  3. Land registry fee £130-£280
  4. Bankruptcy search per person named on the mortgage offer £2
  5. Land registry search £8
  6. Leasehold supplement £75 +VAT
  7. Acting for lender £75 +VAT
  8. Telegraphic transfer fee £40 +VAT
  9. Archiving fee £25 +VAT
  10. Landlords registration fee £50 +VAT
  11. Completion of SDLT1  £60 +VAT
  12. Contribution towards indemnity insurance
  13. Engrossment fee (charged by seller’s solicitor) £75 + VAT
  14. Approval of mortgage offer (charged by seller’s solicitor) £40 +VAT
  15. Head landlord’s notice fee (if applicable) £50 +VAT
  16. Contributions towards searches £20–£100 +VAT
  17. Certificate of compliance fee On application


Legal fees

These are fees payable to the solicitor who carries out legal work on your behalf.

Land registry

This fee ensures you own the property. If you do not pay this you do not officially own your home. In the case of our properties, this typically costs up to £300.

Local search

The solicitor does this on your behalf. The search is to confirm whether or not any planning applications or development plans have been registered with the local authority that may affect the property you are buying. This could typically be between £100-£150.

Bankruptcy search

This process involves checking your credit rating to see if you have ever been declared bankrupt. If you were, this would affect your application.

Engrossment of lease

This is the fee charged by the landlord’s solicitors for preparing the lease.