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When you purchase a property there are some outgoings and fees to think about, as well as your mortgage costs. These include solicitor’s fees for the purchase, insurance for the property and if you are purchasing a leasehold property service and maintenance charge and ground rent.


Stamp Duty

Stamp duty is a government tax paid on homes costing over £125,000.

As of April 2016, there is a 3% levy on top of current rates if you’re buying an additional residential property above £40,000 (applicable to second home or buy-to-let property). 

Click here for current stamp duty rates.


Valuation/ survey fee

The purpose of the mortgage valuation/ survey is for the lender to assess the value of the property and to establish how much they are prepared to lend you.

The cost can be between £150-£1,000 depending upon type of survey and value of the property, please see guide to buying for more information.

Some lenders may offer a free survey, depending on the mortgage product you select.


You will need a solicitor or licensed conveyor to carry out all the legal work when buying or selling a property.

Legal fees are usually around £950. Additionally you will need to budget for the Land Registry fee, bank transfer fees, disbursements and search fees (approximately £300).



Your mortgage lender will require you to take out buildings insurance to protect your new home against damage from fire, floods, subsidence and anything else.

It’s also a good idea to have contents insurance for all your possessions, and life insurance to pay off your mortgage should you die before you’ve repaid the entire amount.


Leaseholders’ costs

If you buy a leasehold property, you will have to pay ground rent and service charges to the person who owns the freehold/ manages it on their behalf.

Service charges and admin fees differ between properties, please ask a member of the sales team for information on specific properties.





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