Embarking on the journey of moving to a new home in the town of Harrogate is an exciting endeavour. Amidst the excitement, it’s crucial to have a clear understanding of the financial aspects that come into play during this process.

One of the most common questions prospective first time buyers in Harrogate and home movers in Harrogate have is, “How much will this all cost?” To provide you with comprehensive insights, here’s a detailed breakdown of the fees and expenses associated with buying a home in Harrogate.

Estate Agency Fees

If you’re selling your current property, estate agency fees become a consideration. With the rise of online estate agents, the cost of selling your home can be as minimal as £500 for a basic listing on prominent platforms like Rightmove.

For those seeking a more personalised and localised service with a dedicated sales negotiator, the fee could range between 1-2% of the property’s value.

Valuation Fees

Mortgage lenders often require a property valuation to ensure that they are lending against a suitable asset. Valuation fees can vary significantly, ranging from nil (for basic valuations with some lenders) to several hundred pounds for a comprehensive home buyers’ report.

For more intricate properties, a full building survey might be recommended, incurring additional costs. The decision between these options often hinges on the property’s age, type, and any specific concerns.

Mortgage Arrangement Fees

While certain mortgage products offer tempting interest rates, they may be accompanied by an arrangement fee payable to the lender.

Some products have varying fees, with it entirely depending on the lender and the specific product. These fees can be paid upfront or added to the mortgage balance, though the latter incurs additional interest charges.

Our team of mortgage advisors in Harrogate ensures a fair comparison by considering all fees when evaluating mortgage deals.

Solicitor’s Fees

Securing the services of a solicitor is a pivotal step in the home-buying process. The fees quoted by various firms can vary significantly. A ballpark estimate for straightforward property purchases from local firms is around £600 for a low-value property.

When requesting quotes, it’s essential to ensure that the figure includes VAT and any “disbursements,” which encompass fees such as land registry fees and local authority search fees. Additionally, verifying whether your chosen solicitor is on your mortgage lender’s panel is crucial.

Stamp Duty

In addition to solicitor’s fees and disbursements, Stamp Duty is an unavoidable tax collected upon the completion of a property purchase. The amount payable is determined by the property’s value. For instance, a residential purchase of £180,000 would incur a Stamp Duty of approximately £1,100.

Removal Fees

Relocating your possessions to your new home comes with varying costs, contingent on the level of service you seek. Opting for a do-it-yourself approach by renting a van can keep expenses below £200.

On the other end of the spectrum, choosing a full-service removal company can lead to costs surpassing £1,000.

Date Last Edited: December 27, 2023