The Additional Fees You Need To Prepare For When Buying A Home

When buying a home, you may think that the only fees you need to pay are the deposit. However, this is sadly not the case. If you are considering buying a home in Peterborough there are other fees that you need to prepare for. There will be stamp duty land tax and legal fees for example. You will also need to pay mortgage broker fees and pay for searches too. In addition, there are third-party additional fees that you need to prepare for when buying a home. That’s what we look at in this blog post.

• Mortgage Fees

There will often be an arrangement fee included under your offer. This fee is paid to the lender for setting up the mortgage product for you. You may also be charged a valuation fee. This is payable to the bank. It ensures that the property is valued to satisfy the lender that they can lend you the money for the home.

• Survey Fees

The lender will conduct a valuation of your property. However, this is likely to be a desktop valuation. It is strongly recommended that you have a structural survey completed on your new home. This will give you a clearer understanding of the condition of the property. There are different levels of surveys that you can have competed. It depends on the age and location of the property, and how in-depth you want to check your new potential home.

• Land Registry Fees

Once the transaction has completed, an application will be made to the HM Land Registry. This registers you as the owner of the property. The fee for this is dependent on the purchase price of your new home.

• Leasehold Fees

If you are purchasing a leasehold property, the management company is likely to expect a service charge. This must be paid in advance. Each management company sets out its own fees and this information is only available during the conveyancing process. If you are purchasing an older property, you may also need to pay ground rent.

Looking to buy a new home in Peterborough and want to make sure you prepare for the additional fees? Call our conveyancing team in Peterborough now. We will be only too happy to help.