The Cost Of Conveyancing
Picking a property may take some time but it definitely is the fun part of house buying. Once the offer is accepted it is time to line up a conveyancing solicitor and start handing over money for numerous fees. Before you begin Versus Law would like to give you an overview of what buying a house really costs so that you are not left surprised and able to financially plan ahead before you find your dream home.
Anticipating these expenses will give you a better idea of how much you need to save, and what mortgage you can afford.
Here are the main costs excluding your mortgage and deposit payments that come part and parcel of buying a home.
Here’s a quick summary of key expenses:
|Expense||Typical Amount Due:|
|CHAPS / transfer fee||£25-£50|
|Buildings insurance check||£25|
|Land registry and searches||£250-£300|
|Higher lending charge||1.5% of the mortgage|
|Broker fee||Can be either free, a fixed rate, an hourly rate, or a percentage of the mortgage|
|Stamp duty||Depends on the property price – you’ll pay between 0%-12% of this to the Government. First-time buyers may be exempt or get a discount.|
Why are there so many costs?!
You may feel overwhelmed if you were not aware of the above fees / costs related to purchasing a home. At Versus Law we make buying a home simple and transparent and help you to understand the process. Use our handy conveyancing calculator to work out how much your dream home will cost you.
Our free conveyancing calculator allows you to get an accurate estimate of our legal fees and the additional costs you may encounter when buying or selling a property. Once you have generated your quote you can instruct us online, print it out, email it or give us a call to discuss it further.