Buying a house is one of the biggest purchases of your life and we find that many people do not fully understand the process or all the hidden costs that can go along with it. With this big purchase you cannot afford skip things to try and save money. As part of National Conveyancing Week (yes there is a such a thing) we are going to share our tips on buying and selling a house. This is part one.
What hidden costs are involved in buying your house?
Many people know that you must pay stamp duty, your solicitor’s fee, and your estate agent fee. However, other costs such as surveyor reports which can be as much as £1,000, land registry fees totalling £200 plus, and CHAPS fees of £35! Not to mention the extra insurances you need, such as life insurance or building insurance and contents insurance. They all can start to add up, and if you have not taken these into account they can be a shock. The cost of moving your belongings out of the house into a new one, too is an extra expense which can be costly. You can find out more about taxes to pay when selling your home here…
Why pay for a Surveyor when buying a house?
When it comes to things such as surveyor fees, this is not something you should just skip. You are paying a lot of money for the house and the last thing you want is it having a structural problem where it will cost you to repair it, or even worse when you cannot live there. This adds extra financial stress, as well as emotional stress, which could be avoided if the report was done.
Which issues can delay your House Purchase.
What may have seemed like an easy house sale or purchase at the outset can quickly turn into a long, drawn-out process as issues crop up. If you are buying from someone through probate or due to a divorce, this can cause delays as the sellers must have a correct authority to sell the house. People who have married and changed their name since they have bought the house will need to prove with their marriage and deed poll certificates that they are the same person who has the authority to sell. If you are part of a chain, one party pulling out means that the whole chain can collapse. Any of these issues can cause the sale to fall through right up until the exchange which is when you are legally bound to sell or purchase the property.
Understanding your home buying or selling costs up front.
When we are first instructed, we ensure all these costs are spoken about and our clients know what to expect. We ensure that they are updated regularly and are aware of any issues the sale or purchase are facing. To find out more about our residential Conveyancing Service click the button below.