You’ve saved for your deposit, found the perfect property, and secured a mortgage in principle—so you’re ready to buy a house, right? Not quite. Many first-time and seasoned buyers alike are surprised by the number of extra costs that come with purchasing a home.
To help you avoid any last-minute financial shocks, Beverley Pretl Solicitor in the Residential Team at Bromleys, breaks down the hidden fees that can quietly inflate your home-buying budget.
Stamp Duty: The Silent Budget Breaker
Stamp Duty Land Tax (SDLT) is one of the most significant costs that buyers often underestimate—or forget entirely. It’s a tiered tax based on the property’s value, and it can add thousands to your total spend.
- Properties under £125,000? No SDLT.
- Over that? Rates start climbing—up to 12% for high-value homes.
- First-time buyer? You might qualify for relief on homes up to £300,000.
- Second homes and non UK residents are subject to additional surcharges.
Not sure what you’ll owe? Our team can help you calculate it before you commit OR click the attached link Stamp Duty Land Tax: Residential property rates – GOV.UK (www.gov.uk)
The Deposit: Just the Tip of the Iceberg
Yes, the deposit is a major upfront cost—but it’s far from the only one. Most lenders require at least 5% of the purchase price, though 10% is often needed to access better mortgage deals.
For a £300,000 home, that’s £15,000 to £30,000. And that’s before you even get the keys.
Survey Costs: Peace of Mind Comes at a Price
A property survey isn’t legally required but skipping it can be risky. Surveys help uncover structural issues or hidden damage that could cost you later.
- Basic surveys start around £290.
- More detailed reports for older or larger homes can exceed £1,000.
Think of it as an insurance policy for your future self.
Mortgage Fees: The Fine Print You Didn’t Expect
Mortgages come with more than just interest rates. You might encounter:
- Arrangement fees (£500–£1,000)
- Valuation fees (around £300)
- Broker fees, depending on how you apply
Some lenders offer fee-free deals but always check the full cost of borrowing—not just the monthly payment.
Moving Day: More Than Just Boxes and Vans
The cost of moving can vary wildly depending on how far you’re going and how much you’re taking with you.
- Hiring professional movers?
- Renting a van?
- Need temporary storage?
All of these can push your moving costs into the thousands. It’s worth getting quotes early so you’re not caught off guard.
Repairs & Maintenance: The Ongoing Reality
Once you’re in, the real work begins. From leaky taps to roof repairs, every home needs upkeep.
Set aside a contingency fund for unexpected fixes and routine maintenance. It’s not glamorous, but it’s essential.
At Bromleys We’re Here to Help You Plan Smarter
At Bromleys, we know that buying a home is about more than just finding the right property. Our Residential Property team is here to guide you through the full journey—so you can move forward with confidence, not surprises.
If you would like to know more about how our Property team can assist you, then please call us on 0161 884 0905 or email bromleys@bromleys.co.uk.