Property  £100,000 £250,000 £500,000 £700,000 £850,000 £1m
The typical fee for valuing a property £205 £295 £425 £540 £615 £675

According to data from UK Finance (July 2019), ten of the fifteen top mortgage lenders in terms of outstanding balances are among those that charge valuation fees as of the month of August 2019.

The cost of the house survey

The valuation survey that your lender orders will just look at how much the property is worth; it will not check for any structural difficulties, and it will not reveal any faults that are present with the property.

In order to safeguard yourself against the possibility of purchasing a home that has flaws, you should always have an independent property survey performed. The following are the most typical types of surveys:

The Rics HomeBuyer Report is an inspection that evaluates the overall condition of the home that you intend to purchase.
A building survey, which is often referred to as a structural survey, is an inspection of a property that offers a more in-depth review of the state of the building and its structure.

If, on the other hand, you are certain that the structure is in good shape and do not intend to make any work to it, you may choose to go with the more fundamental Rics Home Condition Report. This report is, however, only appropriate for modern homes that are in good condition.

The prices listed here provide a ballpark estimate of what you would have to pay depending on the cost of the home that you intend to purchase.

Snagging inspections should be carried out by a trained professional before you purchase a newly constructed home. This should include everything from relatively minor difficulties, such as a door that won’t close correctly, to significantly more serious structural issues.

Level of report The cost of real estate
£100,000-£249,000 £250,000-£349,000 £350,000-£499,000 £500,000-£1m
The first level of the Rics Home Survey £500 £600 £700 £950
Level 2 of the RICS Home Survey and the RPSA Home Condition Survey. £500-600 £600-700 £700-800 £1,000
Level 3/RPSA Building Survey of the Rics Household Inventory £700-750 £800-900 £900-£1,100 £1,500

Costs of conveyancing

To handle the legal responsibilities associated with purchasing real estate, you will need to retain the services of a property solicitor or a qualified conveyancer. Conveyancing is the term used to describe this process.

The following table provides an estimate of the costs that may be incurred:

Fee type Value of the property
£100,000 £250,000 £350,000 £450,000
Legal fees £372 £395 £422 £422
ID verification £8 £7 £7 £7
Money transfer £33 £34 £34 £34
Land Registry £40 £135 £135 £135
Searches £205 £206 £205 £206
SUBTOTAL £658 £777 £803 £804
VAT at 20% £122 £127 £132 £132
TOTAL £780 £904 £936 £936
Plus leasehold fees (if applicable) £92 £92 £92 £92

Calculated based on the average of five bids for the purchase of a home in England that were obtained from conveyancingcalculator.co.uk on July 31, 2019.

You will discover additional information regarding the various fees and what each one signifies further down.

Legal expenses

You will either be charged a flat fee by your solicitor or a percentage of the property’s worth. Neither option is better than the other. You should plan on spending between $500 and $1,500, although the exact amount may vary based on the kind of property, where it is located, and how complicated the deal is.

Charges levied for money transfers

This include the movement of monetary funds between mortgage lenders, conveyancers, buyers, and sellers.

Costs of Registering Property

The Land Registry is a government body that is responsible for maintaining a record of all properties that have been registered in England and Wales.

When registering a property with a new owner, there is a cost that must be paid. You should budget somewhere between £90 and £140 for this cost; however, the amount will vary depending on the price of the home.

Searches

Your legal representative will conduct searches, which are obligatory in order to discover anything that could have a negative impact on the property that you are purchasing (eg flooding).

Leasehold payments

When purchasing a leasehold property, you will be required to make a payment that, in most cases, will remain the same regardless of the selling price of the property.

The prices for stamp duty

What what is the stamp duty?

Stamp duty is a progressive tax that is levied on transactions involving land and property, but not everyone is required to pay it.

This section provides an explanation of the system’s general operation.

You can use our stamp duty calculator to get an accurate estimate of the amount of taxation that will be imposed on you.

Tax on stamps for first-time buyers (England and Northern Ireland)

First-time buyers who purchase houses with a price tag of up to £300,000 do not have to pay any stamp duty, while first-time buyers who purchase a property with a price tag of between £300,000 and £500,000 receive a reduction.

This means that you have the potential to save up to $5,000. The process goes as follows:

No stamp duty is required on homes costing up to 300,000 pounds.
No stamp duty is required to be paid on the first £300,000 of the purchase price of a home priced between £301,000 and £500,000, but there is a 5% surcharge on any sum that exceeds £300,000.
If you are purchasing a property that costs more than £500,000, you will be required to pay stamp duty at the regular rate (for further information, see the section titled “home movers stamp duty” below).

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Tax on home purchasers and sellers (England and Northern Ireland)

You will be required to pay the usual stamp duty rates on any home that costs more than £125,000 if this isn’t the first property you’ve ever purchased but it is going to be your main residence (for example, you’re selling your old house and moving to a new one).

The value of the home or property you are purchasing will determine the amount of stamp duty that must be paid. Stamp duty is structured similarly to income tax in that it has varying rates applicable to various components of the purchase price of a property.

The following graphic presents a breakdown of the various tax rates that are applicable to the various components of the property price.

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Stamp duty in Scotland is abbreviated as LBTT.

When purchasing real estate in Scotland, you will typically be required to pay a tax known as the Land and Buildings Transaction Tax (LBTT). Similar to stamp duty, this tax is structured as a tiered system in which different portions of the property price are subject to different tax rates.

While first-time buyers are exempt from paying any Land and Buildings Transaction Tax (LBTT) on the first £175,000 of the property price, home movers are subject to a 2% rate of LBTT beginning at £145,001.

Stamp duty in Wales is abbreviated as LTT.

You will be required to pay Land Transaction Tax in Wales if the purchase price of the home you wish to purchase is greater than £180,00. (LTT). Similar to stamp duty, the LTT is structured as a tiered system, which means that different rates apply to certain components of the property price.

Under the Welsh Land Transaction Tax (LTT) system, first-time buyers are not eligible for an exemption.

Removals costs

The cost of moving will differ for each individual based on the amount of furniture and other items they have, the distance they are moving, and whether or not they choose to pay for additional services such as expert packing.

The following table provides an estimate of the cost of hiring a van, which is something you should only think about doing if you have a relatively small amount of stuff, or using a removals company for different sizes of house, as well as getting them to pack for you. You should only think about doing either of these things if you have a relatively small amount of stuff.

Service Number of bedrooms
One Two Three Four
Taking advantage of a van rental service £45 £100 Not recommended Not recommended
Company in charge of relocation £230 £400 £500 £720
A moving business and a packing service £500 £800 £1,020 £1,440

Estimates for the cost of van rental based on bids submitted by Hertz. AnyVan.com was used to gather removals firm quotations in the month of August 2019 for a relocation to an equivalently sized property located within nine miles.

Ongoing expenditures

After you’ve settled into your new house, there are ongoing expenses that you’ll be responsible for paying for as well.

This topic is covered in our guide to the many bills that you will be responsible for paying as a homeowner.

If you are selling a property, there will be additional expenses.

If you plan to sell your present home in order to purchase a new one, you will need to account for additional expenses in your budget, such as fees charged by real estate agents.