FREQUENT ASKED QUESTIONS
How much does it cost to re-mortgage?
Many lenders offer rates where they will pay valuation and/or legal fees for
you. This means you only have to pay a booking or arrangement fee
which is sometimes added to the advance.
How much are the fees to buy a property and when are they paid?
Valuation Fee is normally sent in with the application. The amount depends
on the value of the property and the type of valuation.
Search Fee is paid to the solicitor two weeks after application. The solicitor is
required to complete a search to ensure no plans are in place which will affect
the value of the property.
Deposit is paid to solicitor for exchange of contracts.
Solicitors fee and stamp duty is paid to solicitor upon completion.
How much stamp duty will I have to pay?
Stamp duty is a tax levied by the government, applicable to all property transactions
where the value of the property exceeds £175,000. The rates that apply currently are
1% of the purchase price from £175,000 to £250,000, 3% of the purchase price from
£250,000 to £500,000 and 4% when the price exceeds £500,000.
You can use our quick calulator to get a
rough idea of how much stamp duty you
will have to pay. This tax is payable on
completion of the sale.