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What Are The Hidden Costs Of Buying a Home?

If only securing a mortgage were a simple and quick process. The entire endeavour would be rewarding and hassle-free. Unfortunately, applying for a home loan is more complex than ever before — and more expensive.

If you’re buying a home for the first time, it’s important to get a handle on all the costs involved. Too many people go headfirst into the house buying process without researching the process. They quickly discover a range of hidden costs that stretch their finances to breaking point.

Knowing you have the necessary deposit is great, but you also need to know that you can cover the entire cost of buying a home in the UK.

Here are a few of the main house buying costs you need to budget for.

Valuation fees

A lot of lenders charge a flat fee for valuing a property. Providers need to know that they can recoup their outlay quickly if things go wrong. This means they have to verify that the price you’re paying is reasonable. While the fee varies, expect to pay around £500.

Arrangement fees

Mortgage application

Arrangement fees are part and parcel of buying a home in the UK. They cover the administrative tasks required to assess an application and process it quickly. In most cases, you’ll be expected to pay this fee after you’ve been granted a decision in principle but before completion. Unfortunately, this particular fee is usually non-refundable. If the purchase falls through (even if it’s not your fault), you’ll forfeit the money you’ve paid.

Arrangement fees range from around £750 to £2,000.

Legal fees

While there’s no legal requirement to hire a solicitor or a conveyancer, it’s in your best interests to do so. And your mortgage provider may insist on it. Buying and selling a house in the UK is a legal process. It requires legal expertise to see it through to completion. Try to set aside at least £1,000 for these costs. While the final bill may be a lot less, it’s always good to have a contingency fund in place.


There is a tax applied to every house sale in the UK with a final sale price above £125,000. Stamp duty is paid by you, the purchaser. The processing of this payment is usually arranged by a solicitor or conveyancer. But it comes out of your pocket. If you’re selling a house at the same time, your legal representative will take the stamp duty from the proceeds of the sale.

The rate at which stamp duty applies to house purchases depends on the final sale price. The more expensive the home, the higher the percentage you pay. Use an online calculator to work out how much stamp duty you will pay when your house purchase goes through. The rates and thresholds change regularly, so it’s important to use the very latest figures.

Survey fees

Buying a home is always a significant investment. You need to know that your money is being spent on a home that is in a good state of repair. This is why surveys and searches are crucial. They identify any current or potential problems with the property that might adversely affect its market value.

While you might be tempted to save money by avoiding surveys, your mortgage provider will probably insist on them. Lengthy, complex surveys can cost as much as £1,000. However, somewhere nearer £500 is more common. Make sure you have around £2,000 set aside for all the various surveys and searches that might be required.

Removal fees

Costs of buying a house — removals

If you have a lot of possessions and large, bulky items of furniture, you might need the expert services of a professional removals firm. These services don’t come cheap, costing as much as £5,000 if the job is a complex one.

Of course, you can save a lot of money by moving your possessions yourself. Hire a large van, and enlist the help of friends and family. But even then, you should budget for the cost of van hire, refreshments for your helpers, insurance and any damage that might occur during the move.

Other costs

Moving into your new home isn’t an end to the costs. You’ll probably want to decorate. And there may be a range of niggling repairs that needed attending to quickly. You may even want to renovate the property. And there’s new furniture to think about. If this is your first home, you might need everything from a new bed to a couch. And then there are all your kitchen appliances to think about.

Make a list of all the required repairs, renovations, furniture and appliances. Create a realistic budget, and stick to it. You might be willing to move in and improve your home gradually over time, but it’s always good to know what you’re facing before you commit to such a huge investment.

If you’re budgeting for a forthcoming house purchase, you may also be selling a property at the same time. You can sell your house fast and avoid a lot of the associated costs by turning to Flying Homes. We buy houses for up to 100 per cent of their market value. And in the right circumstances, you could have the proceeds of the sale in your account within just four weeks.

For more information on how can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Summer Lane,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

Cash Buyers

House Prices – March 2015

The price of housing has increased by an average of 5.3% over the year March 2014 to March 2015, according to the Land Registry. This indicates the continued trend of restricted supply of properties on the market and thereby increased demand. The average property is now valued at £178,007, still down from the peak of £181,049 which it reached in 2007 before the financial crash. A 0.8% decrease has occurred since February 2015.

House Prices

London’s average cost of property remains the highest in the UK with a price of over £462,000 as against the average overall price of just over £178,000. London’s price rises have lured out more house sellers so there is a good supply of properties to buy, making the market more active.

House Prices in England and Wales

As has been typical over the last few years London has seen the greatest rise in average property value in this period with an increase of 11.3%. The South-East continues to rise strongly, with the North-East the only region showing a price fall, that of 2.9% over the year and 4% over the previous month.

Eastern England seems to be the strongest part of the country in term of prices, reducing times to completion to a low 64 days and with increased supply.

If you’re planning to sell your house fast in the near future then now is a good time with prices steadily rising in most areas of the country. If you are in the North-East where prices have dropped then your property may be seen as very good value and be of interest to a buy-to-let landlord or a first time buyer.

The variation in the house price increase was from 3.6% for flats up to 6.1% for semi-detached houses, showing more strength for larger and detached properties and lower increases for the larger number of flats and maisonettes.

If you want to sell your house fast and have a semi-detached or detached property then both price increases and the scarcity of properties available are working in your favour at the moment.

Time To Market

How long it takes you to sell your house is extremely important. Delays can land you in all sorts of financial difficulties. The standard time for completion has improved lately to 88 days. However, with Sellpropertyfastcash you might be able to complete in a much shorter time such as ten days in favourable circumstances.

House Sales and Repossessions

From January 2014 to January 2015 the number of completed house sales in England and Wales has dropped by 18%. 53,168 sales per month were made during the year. This includes a slightly steeper decrease of 19% for properties worth over £1 million.

Repossessions also dropped, this time by 45% to 590 per month, with the greatest fall this time in London.

Overall while prices are increasing in most areas of the country such as Liverpool and Manchester, there is a lack of supply of new properties for sale coming on to the market. So if you have a property you want to sell quickly then this is a good time to call Sellpropertyfastcash and turn your property into cold, hard cash in your bank account.


  1. Land Registry –

For more information on how can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Summer Lane,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

Fast House Sale

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