Purchase expenses:

Deposit                                                                                                                                                    aa  Although Although some lenders offer in excess of 90% of the purchase price preferential terms may be offered the larger your deposit.

Stamp Duty Land Tax                                                                                                                                               Applies to the amounts of the purchase price which falls within the following duty bands within the purchase price starting at £125,001.  There are various concessions and exceptions from time to time. Rates are as follows:

       Up to £125,000                             no stamp duty

       £125,001-£250,000                                 2%

       £250,001-£925,000                                 5%

       £925,001-£1,500,000                              10%

       Above £1,500,000                                   12%

Mortgage Indemnity Guarantee                                                                                                                   AnAn An    An insurance premium which is a one off payment on completion and protects the lender, but not yourself, in the event that you are repossessed.  This can normally be added to the loan.  If you are borrowing less than 90% of the purchase price, there will usually be no mortgage indemnity to pay, this percentage can vary and some lenders do not charge this fee.

Mortgage Application Fee                                                                                                                                             Some lenders charge an application fee which will vary depending on mortgage schemes and lenders.

Brokerage Fee                                                                                                                                                                              Confirmation of fees should be given in writing by your consultant before commencing with your application.

Survey/Valuation Fee                                                                                                                Char Charged          Charged by the  lender to cover the cost of having the property valued. You may wish to arrange a more in depth survey known as a homebuyers report or even a full structural survey at your own cost.  These are not necessary in order to obtain a mortgage unless requested by the lenders surveyor.

Land Registry Fee                                                                                                                                            Paid to     Paid to register the property in the purchasers name; the cost depends on the purchase price of the property.

Local Authority Search Fee                                                                                                                                                Paid via your legal representative to the local authority to obtain a report and plan which will confirm if there are any planning applications, road or rail plans or any other major environmental factors affecting the value of the property.  The cost depends on the local authority or source of the searches.

Solicitor’s Fees                                                                                                                                                      Are                Are paid to a licensed conveyancer or Solicitor for assisting with the legal process of transferring property from one party to another. You will also be charged for bank transfers and other disbursements and expenses incurred by your legal representative.

Selling Expenses:

Redemption Fee                                                                                                                                                      Is Is aa  Is a charge made by some lenders for early redemption of a mortgage.  You may wish to speak to your lender direct or ask your legal representative to deal with this on your behalf…..it may be possible to negotiate.

Bank Transfer Fees – see purchase costs 

Office Copy Entries – refer to your legal rep

Solicitor’s Fees – see purchase costs

MAJOR MOVE Home Conveyancing is able to deal with all legal aspects of residential sales and purchases.