Here’s some more information on the main expenses when moving home – other than the price of the property itself!
Property searches and checks
Property searches are a legal requirement when buying a home. These checks confirm that the land and property have no hidden issues (planning restrictions, environmental hazards, unpaid local taxes). A standard local authority search is often necessary, but additional searches for flood risks or contaminated land can add to the bill, with each check potentially costing a few hundred pounds. A reputable solicitor, such as those at willans.co.uk, can arrange searches, pay the search providers on your behalf, and review the results to make sure there aren’t any legal issues that might affect your purchase.
Stamp duty and registration fees
Stamp duty is another legal cost that first-time buyers sometimes forget. This tax is based on the property price and can significantly increase the overall expense. There are exemptions and reduced rates for first-time buyers, but eligibility rules can be complicated. Registering the property with the land registry is a must; these costs depend on the property’s value. Buyers should remember to budget for these fees during their initial budgeting, even if it isn’t possible to know the precise figures immediately.
Mortgage fees
There’s extra legal work needed if you’re getting a mortgage. Solicitors make sure the mortgage deed is properly drafted and that they have the correct legal claim on the property until you repay the loan. Mortgage-related fees often include document handling, bank transfers, and verification of property titles. These are all the buyer’s responsibility, rather than the lender’s.
How small oversights can add unexpected costs
Even small oversights during a move can quickly add unexpected costs. Errors in paperwork can delay a sale – whether it’s a missing signature, outdated ownership information, or a mistake in the property description. Leasehold details, service charges, and ground rent figures often cause additional delays if recorded incorrectly. A solicitor can catch these mistakes before they become expensive and time-consuming.
While not directly legal fees, other small errors can add to the cost of moving. Buyers without an agreement in principle may face longer mortgage approvals, while sellers with unpaid council tax or unresolved charges can unintentionally hold up conveyancing. Even small gaps in financial documentation can push back moving dates.
Buyers should aim to be proactive, with thorough inspections, careful paperwork completion, and early financial preparation. Addressing these details upfront saves time, avoids last-minute costs, and allows for a smoother move.
