Buying a house is not cheap therefore you need to be aware of all the costs up front so you can budget in advance. During the initial meeting we will outline these costs to suit your individual needs.
- MORTGAGE ARRANGEMENT FEES – this will relate to the product that you choose, so can vary considerably. We will provide you with an illustration at the time.
- SURVEY – there are 3 different surveys: Basic valuation has to be carried out by lenders surveyor to determine the suitability and the value of the property. Homebuyer provides a brief report outlining any important problems that could make a difference to the value of the property and a valuation opinion. Full structural survey is the fullest and most comprehensive of the three main options open to the property buyer. It involves an extensive investigation of the property and a thorough examination of all the major aspects and minor details that are visible. The cost of the above surveys will depend on the price of the property.
- STAMP DUTY – is the tax you pay when purchasing property. It is a percentage paid on the agreed purchase price, graded in bands.
Nothing on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000
10% on the next £575,000
12% on the rest (above £1.5 million)
- LEGAL FEES – these can vary depending on the price or the type of the property. Solicitors will have their own fees and there will be disbursement costs. These will include local searches, bankruptcy searches and other search fees. You should obtain a quote in advance of the purchase.
In general, conveyancing is not regulated by the Financial Conduct Authority. Conveyancing is referred to a 3rd party. Ignite Financial Services Ltd and First Complete Ltd are not responsible for any advice received from the 3rd party.
We work closely with number of solicitors that are able to provide you with excellent service at reasonable rates.