Skip to main content Skip to footer

How much are the additional costs after buying and selling a house?

We are in the process of buying a property. I understand that we will have to pay 3% of the value of the property for stamp duty as it is over £250,000. However what other costs can I expect, and more importantly what kind of price will it come to? Also the same goes for the selling price of my existing home.

Asked on Sep 4 2009, General in Luton | Report content

Answers (1)

Was this question useful? Yes 0 No 0
  • Apart from your 10% deposit you are paying when you exchange Contracts. You have to pay a fee to the Land Registry for registering your purchase of the property which is normally around £40.00. If you are having a mortgage they have to have fresh searches because the ones in the HIPS are normally out of date so that means a Local Authority Search, Water Search and Coal Mining if you are buying a house in a place where mining was carried out and also if in Cornwall a Tin Mining search all depending on who you are borrowing from. A Bankruptcy search (£2 per name) and a search stating that you are purchasing or you are putting a Mortgage on is also registered at the Land Registry (around £4). This gives you priority over anyone else when registering your purchase at the Land Registry . Your solicitor should have put all the costs in the letter you received from them when you instructed them to act for you together with a note of how much they are charging you. Also dont forget that you are liable for buildings insurance as soon as you exchange Contracts. In relation to your sale you have already paid for the HIPS pack to be done and the only thing to pay off is your Mortgage on the house and your solicitors costs and removal fees. Hope this helps

    Answered on Sep 18 2009, Report content

Didn't find what you were looking for? Ask a question

More General in Luton questions on AskMe

See more AskMe Q&A about General