First Time Buyers
Providing all the first time buyer advice you need.
Set out below are the main costs you may incur when purchasing a property. This is by no means every cost but it covers the main ones to budget for.
Stamp Duty
Government tax payable when you complete your purchase. The amount payable is based on the purchase price.
For the latest rates in England, Wales and Northern Ireland please see the HMRC website by clicking here.
Buyers in Scotland can find the Land and Buildings Transaction Tax (LBTT) calculator by clicking here.
Solicitors Fees
This amount will vary from case to case but for a single purchase typical legal fees including disbursements may be around £700 – £1000.
Property Survey
Buyers in England, Wales and Northern Ireland, the lender will instruct a surveyor to carry out a valuation to confirm the property will be acceptable as suitable security, the lender will charge the fee to you and this can typically start at £250 and will increase depending on the value of the property.
Buyers in Scotland differ, if you are buying an established property there will be a Home Report that is paid for by the seller of the property. If buying a New Build property there is no Home Report and a mortgage valuation report will be required. There may be a valuation fee payable to the lender for this.
There may be Free Valuation options available depending on which lender is chosen.
Insurance
Property Insurance is a legal requirement when purchasing (or remortgaging) a property. You can source your own or alternatively allow Barclay Alexander to produce a quote tailored to your specific needs. For further information please read our section on Home Insurance.
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