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Buying costs and expenses
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23.08 '07
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What costs and expenses to expect when buying a property?
1) Estate agent's fee - usually 1-3 percent of the property value.
2) Conveyancer's fees - estimate £500.
3) Surveyor's fees - estimate £800.
For properties up to £100,000 - estimated fees are £400. For properties above £100,000 - estimated fees are £750.
4) Lenders fees - estimate £800.
Lender's arrangement fees, estimated from £200. Lender's legal fees, estimated from £100. Lender's valuation fees estimated from £100.
5) Local authority search - estimate £75.
6) Land registry - estimate £170.
7) Stamp duty - percentage of sale.
Properties under £125,000 are exempt from stamp duty. 1% for properties over £125,000. 3% for properties over £250,000. 4% for properties over £500,000.
8) Removal firms.
9) Home improvements.
10) Telephone, new line and transfer of old number.
11) Mail redirection.
12) Emergency fund (It's a good idea to set aside money in case things go wrong).
All prices listed in this article exclude VAT at 17.5%.
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