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What are the Costs of Buying a Property: Part 2

Picture of the water fountain outside Oldbury town hall

While the world of first-time buyers is filled with swirling confusion and the creeping fear of adult responsibility, it absolutely needn’t be. In the second part of this step by step guide to the costs of buying property, we have removed one more obstacle between you and your future home. In two parts, we will help you to understand exactly what it is you’re paying for and how much it could cost.

Step 3:

Post Completion.

You thought it was over. Sorry. There are just a few more things you have to pay for.

Stamp Duty.

Time for the government to take tax. It is imposed on every sale so at least millions of people are in the same boat. This is dependent on the value of the property you have bought, but also other considerations like if it is a second property, a residential or a non-residential property. Click here to visit our online stamp duty calculator.

Stamp Duty Tax Calculator. Use our tool to get an estimate of how much you’ll need to pay for your new home based on the newly updated rates.

Legal Fee.

Your solicitors have done all the legal stuff involved with buying a property and their fee covers things like drawing up contracts, money handling and liaising with the seller. On top of this, you will need to pay for local searches, which outline any local authority issues and plans that may affect the value of, and your usage of the property.

Estate Agent Fees.

If you are selling your current home and buying a new one, you will need to pay the estate agents for the service of selling your home. Normally a percentage of the total selling price of the property, this fee usually covers marketing, viewing, negotiation and contracts.

So how much does it cost to sell your home?

While there is no fixed price because it is dependant on each individual property, we can still give you a rough estimate.

The estate agency fees usually sit at around 1.3% of selling price so for example, if your house was selling at the price of £200,000, your invoice from the estate agent would cost around £2,600. On top of this the conveyancer’s fee can cost from £500 to £1,500 but can be even more if you are buying another property to move into. Furthermore, the EPC can cost somewhere between £50 and £120.

So, altogether, that comes to around £1620 + 1.3% of the selling price of your home, at worst.

Here at Love Your Postcode, even our most expensive packages are on a par with most conventional agents.

We offer free mover protection, professional photography and premium advertising with all of our fees for somewhere between 1% and 2%. We are a highly motivated team and this is why our clients pay just as much as a high street agency. As a digital estate agents we are multifaceted with many mediums of technology but still pride ourselves on excellent customer services.

Often, online estate agencies are cheapest because they do not include conventional services in their fee; they could later ask you to pay for things like boards. Here at Love Your Postcode, we cover everything that conventional estate agents do and all of the digital side on top, including Zoopla and Rightmove premium listings and far as Facebook posts.

Unlike anything you have ever seen before, Love Your Postcode are here to help you achieve more. Call us on 0121 544 9595 or book a free valuation on your home today.

Missed the first part of this article? No worries, click here to see the rest of this blog.

What are the Costs of Buying a Property: Part 2
Last Updated: 2017-11-17T18:00:24+00:00
By Heather Adams
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