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Fees
The
spoilsports of the property game
So
you’ve found the perfect property, you have your mortgage in place,
the buyer has accepted your offer, and your think it’s the end but
that is just the beginning…
Once
you have found a property you want to buy remember the fees, for
example:
- Stamp
Duty is paid on all property over £120,000, this is a tax paid to
the government.
-
Estate agent's fees are usually 1 to 3% of the property's value.
- A
survey of your potential property can cost anything up to £800 if
your potential property is over £100,000.
- Your
mortgage provider will want to carry out a valuation on the property
you want to buy, to see if the property’s valuation is accurate,
this costs around £150 but can be more expensive.
- Your
mortgage provider can also charge you a completion fee, arrangement
fees and legal fees.
- Your
solicitor or conveyancer will also charge you legal fees for their
services, this costs around about £400 but can cost more.
- The
local search carried out by the Land Registry will also cost you
anything from £80 to £150.
- If
you buy your property at auction you will have to pay the
auctioneer's fees.
This
is only a small example of fees. Remember that you will also have to pay
VAT on other costs from your solicitor’s or conveyancer’s, so make
sure that you have enough money set aside. So be a good property scout
and be prepared! |
bravenet.com
