Out of the many purchases you make in your life, your home is likely to be the most expensive and important, but it’s not just the purchase price of the property that you need to consider and take into account. When you purchase your new home in Huddersfield, you’ll have fees and other costs associated with a new property to take into consideration. Make sure you budget and plan well so that you don’t end up with a nasty surprise i.e. bill at the end!
If you are looking to buy a home in Huddersfield, do make sure you take into account all the accompanying fees with your purchase. To help you, we’ve created this handy guide to the most common fees.
Stamp duty
Currently, when buying a home that costs over £125,001 stamp duty is payable, although if you’re a first-time buyer, you won’t pay stamp duty on the first £300k. The rate of stamp duty increases as a percentage depending on how expensive your home is, so if it’s under £250k it’s 2%, and if it’s under £925k it’s 5%. There are also higher rates payable for people buying a second home or a property that they intend to buy to let. Stamp duty needs to be paid to the HMRC within 14 days of completing the process of buying a home, and your solicitor will usually deal with this, so make sure you’ve budgeted for it.
Surveyors fees
When you buy a house, a survey is essential to ensure that the property you are buying does not come with huge amount of problems. In some cases, your mortgage lender will require you to instruct a survey, which could be a basic survey costing £250, through to a structural survey which can cost from £500 to £1,300 varying on the condition of the property.
Solicitors fees
Whilst some do attempt to do their own conveyancing, it’s one of those things that isn’t recommended as it’s very tedious, involves a lot of legal terms, and if something goes wrong, you have very little comeback so it’s best left to the professionals. Consequently, you should budget for conveyancing fees, which can vary from hundreds to a few thousand pounds dependent on whether you are buying and selling or one or the other.
Mortgage costs
There are a number of costs you need to budget for when it comes to your mortgage.
- Deposit: This is typically the costliest part of moving. You’ll need to put down a deposit of between 5% and 20% of the property price. If you’re already a homeowner, then the deposit is generally paid out of the equity in your current home.
- Valuation fee: Some lenders will charge you a valuation fee so they can work out how much they’re willing to lend and some banks will waive this fee but it is best to be prepared for a valuation fee.
- Transfer fee: Many mortgage providers add a fee of around £40-50 to transfer the money to your solicitor for the property purchase.
- Arrangement fees: These are the fees charged to set up a mortgage, and they can range from a few hundred to a few thousand pounds. In some cases, you can find mortgages with no arrangement fee, and some lenders will give you the option to add the fee to the overall cost of the mortgage. Keep in mind that if you add the fees to your mortgage, you’re likely to pay more due to interest on the combined figure.
It’s definitely worth shopping around when looking for the best mortgage, and considering using a broker, as fees can vary, and you’ll want to secure the best deal.
Removal costs
It’s worth getting some quotes and choosing not just the cheapest removal company, but the one that has the best reputation and offers best value for money. Some removal firms offer extras such as boxes and packing, which can be helpful when you’re busy dealing with all the other paperwork and stress!
Some people choose to hire a van and do the move themselves, but anyone who has done this will no doubt tell you it’s not always ideal and it can be worth getting professionals in to deal with that stress. On the day of completion, you’ll be busy dealing with solicitor calls and trying to get the keys to your new home, so you won’t want to have the responsibility of loading up the van and unloading at the other end! Leave it to the professionals.
Repairs and decorating
Even if your new home appears perfect, when you move in, there are bound to be a few things that might need to be fixed and of course you’ll probably want to redecorate, so it’s a good idea to budget for this.
Moving home can come with a lot of fees, not to mention paperwork, but once you’re comfortably settled in your new home in Huddersfield, you’ll realise that it was worth all of the stress.
For a wide range of properties for sale in Huddersfield, contact our friendly and professional team of experts at Huddersfield Sales & Lettings on 01484937777 and speak with us today about your next home.
