Getting onto the property ladder is really one of the most exciting events of adulthood. It can be difficult getting there in this day and age! One thing that many first-time buyers do not realise is that the cost of the house is just one part of the overall cost of buying your own home. Here are the other costs to be aware of when you are setting out to buy a house or flat for the first time…
Mortgage Fees – Some mortgages come with a fee such as a mortgage arrangement fee and charges for setting up a loan. These can vary a lot in cost, so it is worth researching mortgages thoroughly. The ones that do not come with fees can often come with higher rates so don’t automatically think that it is best to go for a fee free mortgage.
Stamp Duty Land Tax – This is the tax that is payable on a residential property upon purchase in England and Northern Ireland. At the moment first time buyers do not pay this on a property that is under £500,000 but it is always worth keeping up to date with changes to stamp duty rules as many people are not aware that they may be eligible for an SDLT refund – companies such as https://www.sentientsdlt.co.uk/ can help you with this.
Legal Fees and Conveyancing – Buying a house comes with a lot of legal documentation and things that must be done by law, so it is important to factor in the costs of this when you are looking to purchase a property. Legal fees can vary, a lot of people like to get a recommendation for a good solicitor from friends or family who have recently bought a house.