How much will stamp duty be?
It is important to know the costs associated with purchasing a property and making sure you have these funds available at point of application so that lenders and solicitors can sign everything off swiftly.
Disclaimer
The result of this stamp duty calculator is not to be relied upon and does not constitute tax advice. Stamp duty rules change over time and therefore our calculations may not be up to date or 100% accurate.
This calculator is based on the assumption this is a residential property transaction. We highly recommend taking advice and we would be happy to introduce you to a specialist tax adviser.
What other costs should be considered?
Buying a property has several one off costs that you need to consider as it isn’t just all about the deposit you have. Our expert advisers can guide you through this and tailor your lending options to best suit your needs.
Stamp Duty - As illustrated above this can be significant, especially if the property is a second home, investment property or you are resident overseas.
Legal Fees - Whether you are buying a property or remortgaging there will need to be a solicitor involved, these costs can vary dramatically depending on the type of property, purchase price, quirks to title, and many more factors. In our experience legal fees are usually £2,000-£3,500 for a purchase but we recommend getting several quotes and recommendations before selecting a solicitor.
Mortgage Lender Fees - Lenders often offer various levels of fee attached to their products and sometimes these costs can be added to the loan amount too, we consider these costs when recommending you a mortgage, typically this fee is £999 but can vary. Often there will also be valuation fees payable to a lender / surveyor which will depend on the value of the property, but often is £500-1,500.
Broker Fees - Our fees simply are scaled on complexity and the level of fee specific to your situation will be disclosed to you on your initial call.
Survey costs - We always recommend getting a survey on a property you are buying, expert opinions are incredibly important and we have seen plenty of situations where a survey has saved a client tens of thousands in hidden costs to repair a property. A Survey will usually be between £500 and £1,500 depending on the level of survey and type of property.
Moving costs - These can be as low as hiring a van for £100, then we’ve seen quotes as high as £25,000 for a professional moving company where there is a lot of items to bring.
Insurance - These costs are usually paid monthly instead of upfront, unless it is an indemnity insurance policy through your solicitor. It is a legal requirement to have Buildings insurance when you own a property, personal insurances covered elsewhere on our website are incredibly important too and we can help you review.
Get In Touch
Our expert advisers will be able to guide you through these costs more specific to your own situation, so you should get in touch today and we’ll be able to guide you through.