Understand the Costs!

If you’re working out your new home budget, its useful to know what you’re going to be paying for!

Deposit

Make sure you have your deposit to hand and it can be accessed when you exchange contracts. It will be this amount that you discussed with your solicitor and financial adviser.

Help To Buy ISA: If you have an ISA account please check with your solicitor what they would like you before you’re ready to exchange contacts

Stamp Duty

If your home is under £300,000 and you are a first time buyer, you wont have to pay any stamp duty in England.

Below is a link to the HMRC stamp duty calculator. Follow the steps to see how much you need to budget for

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/holding

Valuation Fee

Your mortgage lender will need to value your home for themselves before they lend you money. Some will offer free valuations and others will charge, check with your financial adviser

Solicitor's Fees

You will need a solicitor to carry out the legal work when buying your new home. This is called conveyancing. They will handle contracts, give you legal advise, carry out searches, deal with the Land Registry and transfer your funds to pay for your new home. Costs vary so make sure you check, we also have recommended solicitors that we can give you

Help to Buy: Please check that you solicitor has dealt with Help to Buy as not all do. This could cause delay and even possibly loosing your new home

Insurance

Do not forget to budget for home insurance. Having adequate cover is one of the conditions on your mortgage that the lender will set out before lending you any money. Your financial adviser can help you with this.

Removal Costs

How much or little you spend on removals is up to you. Professional removal service defiantly makes moving day run smoother but they can be costly and remember you can’t start moving into your new home until we have been we have given authorisation of key release.

Hiring a van and doing it yourself is the cheaper option if you don’t mind a bit of hard work. Don’t forget to recruit your family and friends to help