Costs of buying a house in the Uk
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The costs associated with buying a house in the UK can be roughly split into two sections: upfronts costs or ongoing costs. Upfronts costs to buy a house in the UK: Stamp duty: This applies to all property purchases over £125,000 at a rate of between 2-12% (or 3-13% for second homes or buy-to-let purchases). You can estimate the stamp duty you will pay using this calculator. Deposit: If you take out a UK mortgage to buy a house in the UK, you’ll need to pay a deposit towards costs which usually range between 5-40% of the property cost. Mortgage costs: If you take out a mortgage to buy your home, there are various fees associated with this including arrangement fee, booking fee, and valuation fee. These can add a couple of costs: Legal Fees: You will need to employ a solicitor or conveyancer to act on your behalf, whether you take out a mortgage or not, these fees can be upwards of 1,000 Pounds. Land Registry Fees: These are paid to the UK government for the purpose of tran...