Residential Property Sales & Purchasing Costs It is inevitable that when you buy or sell a property you will attract costs and you will find listed below the majority of those applicable. The actual amounts will vary and are dependent upon the price of the property being sold or purchased. Selling a Residential Property Estate Agents Costs – These are calculated as a percentage of the sale price. When you first put your property onto the market, we will have agreed with you a percentage commission which would include all the marketing and advertising activity associated with selling and promoting your home. Energy Performance Certificate – This is now a legal requirement and we will arrange to have this carried out. Costs will be relevant to the size of your property. Legal Costs – These are associated with all the work your Solicitor will carry out during the conveyancing process and will be agreed before you instruct them. Purchasing a Residential Property Deposit – Once again a variable, however, this is the amount your mortgage provider will require you to pay as a down payment in order to obtain your mortgage. Mortgage Valuation/Survey – This is an area you need to think about as you have three options. • The Valuation Report only covers the mortgage provider. It will not tell you about any structural defects or other problem areas which could undermine your investment. • The HBSA is a more detailed report and whilst costing a little more does provide a much more in depth analysis of your proposed purchase. • The structural survey is advised for older properties and in areas where there are known problems, such as subsidence. MGY Chartered Surveyors will be happy to advise you. Mortgage Booking/Application Fee – This is a fee levied by your mortgage broker for setting up the mortgage and acting on your behalf. The cost can vary, but will be identified at the start of the process. Stamp Duty Land Transaction Tax – In Wales we pay Land Transaction Tax which is a variable percentage payable to the Government. The threshold at June 2019 is £125,000 for residential properties and £150,000 for non-residential land and properties. Different rules apply to first time buyers. A Stamp Duty Land Tax Calculator is available at www.gov.uk/stamp-duty-land-tax. There may be other costs associated with the purchase of a property, however, the ones listed above are the major areas you should be aware of.
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