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Initial extra costs are likely

If you decide to buy your home you will have other costs as well as the purchase price.  We have listed some of them here to help you.

Local Search fee

Your conveyancer and mortgage lender are likely to require a Local Search to be made.  This discovers items such as any planning proposals that affect your property and the ownership of highways.  Your solicitor or conveyancer will normally arrange to do this.  The current Local Search fee via the council is £78.

Stamp Duty land tax

Stamp Duty is worked out as a percentage of the price you pay for the property.  Your solicitor or conveyancer will normally arrange to do this.

If the price you pay for the property is between £125,000 and £250,000 you will have to pay Stamp Duty land tax of 1%.

For example     If the price you pay is £150,000  ;   1% of £150,000 = £1,500

If the price you pay for the property is between £250,000 and £500,000 you will have to pay Stamp Duty land tax of 3%.

For example:      If the price you pay is £250,000   ;     3% of £250,000 = £7,500

Land registration

When the purchase of the property has been completed it will be necessary to register the title at the Land Registry in Plymouth.  The application to do this has a fee based on the price which you paid for the property.  Your solicitor or conveyancer will normally arrange to do this.

For example:     If you have paid between £100,000 and £200,000 the fee would be £150.

Legal assistance

You are advised to employ a solicitor or licensed conveyancer to look after the legal side of buying your home.  The costs charged by solicitors vary, so it is worthwhile for you to speak to and obtain quotes from a number of practices.  Addresses and telephone numbers for local solicitors can be found in the Yellow Pages or on the internet at www.lawsociety.org.uk

Getting a survey

If you buy your home, you will take on responsibility for any outstanding repairs or structural problems.  This is often referred to as ‘caveat emptor’ or “let the buyer beware! ”  To help you make the right decision you must satisfy yourself about the structural condition of the property.

 Prior to making you an offer to purchase, we will carry out a limited valuation inspection.  This is not a survey of the structure of the property. 

If you are buying with a mortgage, the lender will require a mortgage survey to be carried out.  You will have to pay for this.  This involves a limited inspection and is designed to enable the lender to decide if the property offers suitable security for lending purposes. 

We therefore recommend that you commission your own Homebuyers Report or structural survey.  You will have to pay for this but if you discuss it with your mortgage lender you may be able to combine the structural report with the mortgage report, therefore saving costs.   These reports may run into hundreds of pounds but compared to the value of the property it is a small cost in percentage terms.  Addresses and telephone numbers for local Chartered Surveyors that  provide appropriate survey reports can be found in the Yellow Pages or on the internet at www.ricsfirms.com

Valuation fees & costs associated with taking out a mortgage

If you take out a mortgage loan you may have to pay your lender for arranging it.  This is called an arrangement fee.  You may also have to pay a valuation fee.  We recommend you find out these costs in advance of committing to purchase your home.

Page last updated on 24 May 2012