A report published in 2012 in the UK found that a quarter of first-time buyers had little or no idea about the บ้านมือสอง ราคาถูก purchasing fees that they would incur when buying a property. The report also revealed that one in ten first time buyers thought the costs would be no more than £1000.
For any first time buyers out there, here is are four of the main costs that are associated with buying a property that will help you to budget when buying a property.
Legal Costs
Conveyancing and legal costs will form most of the house buying costs that you are going to incur, along with any associated stamp duty tax on the property. The legal costs will include a range of costs for the conveyancing process such as land registry costs and search costs as well as costs for the solicitors' time. You can shop around and ask for at least three quotes from solicitors to help you budget for this major portion of cost. Ask them to itemise all of the costs on the quote and if there is anything you do not understand, clarify the costs with them.
Stamp Duty Tax
The stamp duty tax will form a large lump sum of costs that you will also need to budget for. Stamp duty tax is a compulsory Government tax that in the UK is paid on any property over the value of £125,000. It is based on the full price of the property you are buying and there are various bands of stamp duty tax payment. For property priced from £125,001 to £250,000 the tax you pay is 1% of the purchase price. For property priced from £250,001 to £500,000 the tax you pay is 3% of the purchase price. For property priced from £500,001 to £1 million the tax paid is 4% of the purchase price. And for properties priced from over £1 million to £2 million the tax paid is 5% of the purchase price.
Mortgage Arrangement Fee
Mortgage lenders charge fees to fix and arrange mortgages for borrowers. Mortgage fees differ in cost depending on the lender and the type of loan that you take out. Remember to always check with mortgage providers what their fees are so there are no nasty surprises. Most lenders will let you add their fee onto the mortgage loan.
Valuation Fees
As part of your mortgage application, you will also need to pay for a valuation survey which confirms the property price valuation and the condition of the property for the mortgage lender to be satisfied in order to lend the mortgage.
Valuation fees will vary depending on the type of survey you instruct and the surveyors who carry out the work. Surveys can range from a straight forward simple survey to a more comprehensive home buying report. Make sure that you shop around to get a quote that you are happy with and ask for recommendations from friends and family.
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