Conveyancing and searches
Ask for a written quote that separates the legal fee, VAT and payments made to other organisations. Those outside payments can include searches and Land Registry charges. Leasehold flats, new builds, gifted deposits and complicated titles may carry extra fees.
Find out what happens if the purchase falls through. Some firms offer a limited no-completion arrangement, while unavoidable search and third-party costs may still be payable. Compare like with like; a very low headline can omit work that most buyers will need.
Ask when money is due. Search fees may be requested at the start, with the legal balance and tax collected before completion. Keeping a simple payment calendar helps.
The mortgage has costs of its own
Look for product fees, valuation charges, broker fees and transfer costs. A lender may let you add a fee to the mortgage. That saves cash now, although interest will then be charged on it.
Compare the cost over the period for which you expect to keep the deal. A low rate paired with a large fee can be poor value on a small loan or if you move again quickly.
Ask whether a fee is refundable if the property falls through or the mortgage is refused. The answer varies, so keep the lender's written illustration.
A survey may lead to another inspection
The survey price depends on the size, age, condition and complexity of the property, as well as the depth of report. An older or heavily altered house may justify more detailed work.
Allow something for a follow-up if the surveyor finds a real concern. Drain tests, an engineer's visit or an electrical inspection cost money, but each could answer a question that affects the purchase price. Order them because the evidence calls for them, not as a routine shopping list.
If the seller agrees to pay for a repair, ask how the work will be specified and proved. A quick repair arranged to save the sale may not be the one you would have chosen.
Property tax depends on where and what you buy
England and Northern Ireland, Scotland and Wales use different property transaction taxes. Rates, thresholds and reliefs can change. Use the official calculator for the correct nation and ask your conveyancer to confirm the figure.
First-time-buyer relief has conditions. Higher rates may apply if either buyer already owns another property, including one abroad, or if an earlier home has not been sold. Tell your conveyancer the full position.
Do not use the tax money for other moving costs while waiting to complete. It may be sent through your conveyancer soon after the purchase.
Insurance, removals and the awkward extras
Buildings insurance may be needed from exchange, on the date your solicitor gives you. Paying monthly can cost more than an annual payment. If you are changing an existing policy, include any cancellation or amendment fee.
Removal quotes vary with distance, access, packing and the amount being moved. Add storage, cleaning, post redirection, pet care or an overnight stay if your move is likely to need them.
There can also be an overlap in council tax, utilities or rent. Check the actual dates rather than assuming every old bill ends when the keys to the new place arrive.
Leave money for the house itself
New locks, curtains and small fittings soon add up. More importantly, a survey may identify roof, electrical or plumbing work that should not wait. Keep a reserve and put safety and weatherproofing ahead of decoration.
Do not rely on tax figures or fee examples copied from an old article. Check the current official calculator, your mortgage illustration and written quotations for the transaction in front of you.
Furniture is easy to buy in a hurry and surprisingly expensive to replace later. Live with the house for a short while if you can. You may discover that a spare table is more useful than the large sofa ordered before the room was measured.
Keep the reserve in an accessible account until the first few months have passed.