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UK Property Guide
Your Budget
Apart from the purchase price of the new property the following expenses will have to be factored into your overall cost budget.
- Purchase price of new property less net sale proceeds of your existing property plus/minus mortgage
- Agents selling fees on your existing property
- Survey/Valuation costs of property to be purchased
- Stamp duty on purchase (currently 1% for property over £60000 to £250000, then 3% up to £500000 and 4% if the property price is over £500000.)
- Solicitors fees for sale and purchase including Land Registry fees
- Mortgage arrangement fees
- Bridging loan interest if your sale and purchase are not concluded simultaneously
- Removal of household effects
- Provision for replacement carpets/curtains/ furniture which does not fit or is not suitable for the new house
- Provision for improvements /repairs to existing property (to aid saleabilty) and new property where deemed necessary
- Life insurance premiums (ie Mortgage Protection Insurance)
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