Extra Home Buying Costs & Fees | NatWest

 

 

 



 

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Add your signposting title here… Extra costs when buying a home

So you’ve managed to get together a deposit for your first home. That’s great but don’t forget there are some extra costs that you’ll need to budget for.

There are no fixed rules about these extra costs – how much you pay all depends on the house or flat you’re buying, where you live, your mortgage deal etc.

This isn’t full list of all the costs that could be involved but it’s starting point to help you work out what you can realistically afford.

What it costs
Property valuation

This fee is charged by your mortgage lender to have the property valued. With some mortgage deals the lender may pay it for. It could cost anywhere from £150 to £1,500 depending on the value of your property.

Legal fees

Both buyers and sellers need a solicitor or registered conveyancer to carry out the legal work involved in buying/selling a property. You’ll need to pay for their time which could cost from £500-£750 plus VAT.  They’ll also ask you to for pay land registry and local authority search fees. 

Buildings insurance

For any mortgage you have to have buildings insurance. You may be offered it from your mortgage provider but it can pay to shop around to find the best policy for you. If your property is leasehold and you pay a management or maintenance fee check to see if you’re already covered.

Removal costs

How much you pay for moving depends on how far you’re moving, how much stuff you have, if you pack it yourself or pay a removal company to do it for you. You could hire a van and do it all yourself, or pay a professional removal firm.  It’s a good idea to book early and shop around to get a good quote.

Survey costs

This is charged by a surveyor to check for structural defects on the property. Depending on what type of survey you have done, the cost will vary. You can pay anywhere from £250 to £1000 for a survey. See our jargon buster for details on the different types of surveys you could have done.

Stamp Duty

If you're in England, Wales or Northern Ireland, as of November 2017, first-time buyers are now exempt from stamp duty on the first £300,000 of homes worth up to £500,000 (and only 5% on any proportion between £300k and £500k). If the property you're looking at is over the £300,000 threshold take a look at our Stamp Duty page for more information on the rates for you. If you’re in Scotland Stamp Duty is known as Land and Building Transaction Tax (LBTT), and this applies to purchases over £145,000.

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Useful links

There’s a lot to think about and research when buying your first home. Here are some websites to help you research before you buy. 

Find out about the government scheme
Help to Buy

Useful tips for first time buyers
Money Advice Service

See property prices in your area
Zoopla

Work out what you’ll pay
Stamp Duty Calculator

Find a surveyor near you
Surveyors

These links are to non-NatWest websites. NatWest is not liable for the accuracy of the information provided on these websites. 

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