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What are the purchase costs?
You will need to pay a reservation fee of £500 for a new build home and £250 for a re-sale home.
The deposit you pay to the mortgage lender typically start at 5% of the share you purchase.
Solicitor fees vary and it is worth getting more than one quote. Fees usually start at £1,500 for a leasehold home.
Mortgage and / or valuation fees are dependent on your mortgage lender. There are some products with no fee. Your mortgage broker may also charge a fee for arranging your mortgage.
Stamp duty is a tax that the government apply when purchasing a property. You will need to seek clarity from your solicitor.
We’ll give you the details of the costs of the solicitors and financial advisers on our panel of experts when you apply. If you choose to select your own solicitor or financial adviser, costs will vary.
This is only an indication of costs. You are responsible for getting quotes for solicitors and mortgage brokers and ensuring you are clear about the fees you will be need to pay.
- Buy a home FAQs