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A beginner’s guide to convincing fees

Moving house is exciting, but you need a clear head to deal with all the costs and fees that can arise. Below we explain the expenses you are liable for.

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Conveyancing fees

Buying or selling a property requires a conveyancing lawyer. Generally, you pay more when you are buying a property than if you are selling; buying involves greater levels of complication.

You will incur most fees while the process is ongoing; the majority of your fees are payable before completion and only your mortgage should be payable afterward.

Conveyancing charges vary among legal firms. If you need more detail in establishing the fees for buying or selling, online calculators are available.
If you need help with conveyancing, look up https://www.samconveyancing.co.uk/news/conveyancing/conveyancing-costs-explained-3366.

Meanwhile, for more on conveyancing costs, see https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/much-conveyancing-fees-cost/.

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Major conveyancing costs

Along the way, you will come across fees such as stamp duty, survey fees and solicitor’s fees.

Stamp duty

Stamp duty tax is payable on all properties costing above £125,000 purchased in England and Northern Ireland. First-time buyers avoid stamp duty on properties up to £300,000.

Valuation fees

Mortgage lenders need to decide the amount they will lend to you. This is determined by valuing your property. Their fees for this process may range from £150 to £1,500.

Surveyor’s fees

It’s important to employ a surveyor since they may discover faults or flaws with your property, and save you money in the long term. For a surveyor to check for problems, it will cost from £250 to £600.

Solicitor’s fees

A solicitor to undertake legal work is essential when you buy or sell a property. Legal fees plus VAT are typically around £850 to £1,500. Extra charges such as carrying out searches for any problems or plans may apply.

Removal fees

You will probably need to pay a firm to transport your belongings to your new abode. Costs start at around £300 up to £600.

Mortgage fees

Mortgage fees get broken down into key costs. So, for example, a booking fee is £99 to £250; arrangement fees might cost around £2,000, and valuation fees may cost at least £150.

Ongoing costs

You need to be aware of the ongoing costs that can apply during the buying and selling process. These typically include insurance, council tax, maintenance and repairs, and daily running costs.

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