We are not going to mention the removal van, the furniture, carpets, curtains and all that sort of minor expense(!) but to give you an idea of the main costs specifically connected with the property itself.

Stamp duty. You will pay a percentage of the purchase price depending on such price as follows (Please note that the nil tax band up to £175,000 (usually £150,000 for buy to let properties) is a temporary concession which will be withdrawn at the behest of The Chancellor)

So - as examples - on a purchase price of  up to £175,000 there will be no stamp duty. On a purchase price of £200,000 the stamp duty payable will be £2,000, and on £500,000 the stamp duty bill will be £15,000. Beware of just crossing the threshold! Whilst a £500,000 property would attract stamp duty of £15,000, one costing just £50 over that figure could result in an extra £5,000 in stamp duty!

Remember that the stamp duty is payable on the purchase price - not the mortgage. It has to be paid within 30 days of purchase and you will find that the solicitor normally deducts this amount from the mortgage moneys he receives via his completion statement to you.   Stamp duty is not payable on remortgages.

Solicitors Costs Despite the competition between conveyancers the charge will vary considerably. It is always wise to contact a few solicitors to ascertain what their charges will be. A note of caution here - sole practitioners are not acceptable to the lenders - indeed it is always wise to check with any firm of solicitors you appoach for a quotation as to whether they are 'on the panel' of the lender providing the mortgage. And be sure to ask whether the figure they are quoting to you includes land registry fees and the various disbursements that have to be made in connection with the purchase. Depending on the purchase price you would really need to be prepared for a total charge of £600 or more, considerably more if the property is in an upper price bracket as many disbursements and charges relate directly to the purchase price.  We can usually find a competitive and suitable solicitor for you if reuired!

Survey fee. All lenders will want to carry out a survey on the property being purchased to ensure that the purchase price is reasonable and the property itself is suitable security. This cost again varies depending on the purchase price, but typically, this charge can vary between around £300 for a property up to £200,000 value to £500 or more for a property in a higher price range. Each lender has its own survey fee scale and the survey carried out is somewhat basic and is to provide 'comfort' to the lender that the price being paid for the property is reasonable and they are prepared to lend on the security of it. We would advise that in many instances something more than such a basic survey is required - this is especially so with older properties or where there is, for example, evidence of such as subsidence in the vicinity. This more detailed survey will obviously cost more (we can ascertain the cost for you) but if you are contemplating spending a considerable sum on a property it could be worth obtaining more than a basic survey. If we are dealing with a remortgage as opposed to a purchase, it is sometimes possible to obtain a product which includes a basic valuation free of charge

Buildings Insurance. This cover is compulsory of course, and whilst lenders cannot normally insist on you taking out the particular insurance they offer, they will usually make a one of charge to you (could be £25 - £50) if you do not take out the cover they offer. We advise you to seek competitive quotations from various insurers for the cover you require - but remember, cheapest is not always best! Contents cover is not normally insisted upon by the lender but common sense dictates that such cover should be taken out as a general rule.

Other insurances. If you are paying interest only to the lender you will need to remember that at some stage you will have to repay the capital and you will need to make provision for this (we will discuss this with you as necessary) See also interest or repayment in the faq's.  Regardless of the type of mortgage you have, you will require a minimum of term assurance to protect the amount of the mortgage. This cover will ensure that the mortgage is paid off in the event of death, and the cost of this is surprisingly small and we have access to the appropriate insurance markets and will ensure that the most competitive facility is arranged. There are other insurances which are very desirable (critical illness, income replacement and others) yet perhaps not always affordable but we have an obligation under legislation to ensure that we discuss these matters with you and point out the repercussions of not having various insurances in place. You can be assured that we are not insurance sales persons however, and absolutely no pressure will be brought upon you to take out any insurance which is not an actual requirement of the lender. We do expect, however, to be involved in the arranging of any insurances which are taken out as a part of the mortgage arrangements and such being completed through our agencies helps us to maintain our policy of not charging fees for our services!