Legal fees
Solicitors/Conveyancers
These vary from place to place. It's worth asking if your solicitor will offer a no buy, no charge deal. When you buy, expect to pay the solicitor about 1% of the total agreed price - but check the range of services they'll provide for the fee. It's often worth choosing a solicitor on the recommendation of a friend or colleague - otherwise contact the Law Society.
Land Registry fee
This is a charge on the purchase of the property and is related to the buying price - your solicitor will have a list of charges.
Other searches
These are to check on things like mineral rights, flooding, subsidence, landfill sites and pollution in the area
Mortgage lender charges
Valuation fee
This is usually included in the mortgage arrangement charges.
Mortgage arrangement fee
This varies from one lender to another, especially if you are taking out a fixed rate mortgage
This is a one-off charge lenders make in case they have to repossess your property and sell it at a loss. It's approximately 8% of the difference between your loan and what the lender thinks the future price of the property might be - and you only pay it if your loan is for a high percentage (between 95-100%) of the purchase cost of the property.
Mortgage redemption charge
You only pay this if you change lenders and break the terms of the mortgage - and it usually only applies to fixed rate mortgages.
Bridging loan
If you complete the sale on your new property before you sell the one you already own, you may have to take out a bridging loan. There are two types - the closed loan and the open loan. With a closed loan you know in advance when you can repay it. With an open loan, there's no set repayment date and it carries a higher risk - so it's more expensive. An alternative may be taking out a flexible short-term loan from your bank.
Survey
Keep in mind when you buy a home, you want independent advice, giving you the detail you need. A valuation from a mortgage lender may be free, but it is not a survey. It only really tells the lender whether the house offers security up to the amount you are wanting to borrow. A survey from an RICS member will tell you a great deal more, and could save you thousands in the long run - especially in older properties, or when you want to make alterations. It may also enable you to negotiate the price. Surveyors' fees vary, so compare prices before choosing, and negotiate the fee to match the size and type of property. Ask the surveyor exactly what's covered in the survey, so you know what you're paying for and can ask them to look for extra things.
Stamp duty
This is a tax on buying property on the price you pay - here's a guide:
For more information visit www.direct.gov.uk or call the Inland Revenue on +44 (0)845 603 0135
Buildings insurance
From the moment you exchange contracts, you need building insurance on your new property. Insurance rates vary between companies, so it's worth getting quotes from several different insurers - and make sure you know exactly what's covered in the policy.
Services
You don't usually have to pay to have gas, electricity or water reconnected, but there may be a charge to reconnect the phone.
Moving expenses
The cost of moving varies according to how much stuff you have, how difficult it is to pack, how far you're moving and the time of year. Shop around for the best deal - and remember it's worth checking to see if the quote includes insurance.
Storage
If you're not moving straight into a new home, you may have to consider storage. The costs for this vary according to the quantity of stuff involved - as a rough guide, a two-bedroom house will probably fill up to four containers, and a three-bedroom house can fill six.
