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Arrangement fee
Often included with the valuation fee charge, the lender may charge an additional fee for administering your application. It may be refunded if the application does not proceed beyond the initial acceptance stage. Booking fee
A lender may charge a one-off fee for some products, for example with fixed rate mortgages. Valuation and Survey fees
Before granting a mortgage a lender will carry out an inspection of your property to check it is in good condition and represents reasonable security on which to lend the money. Your lender will use a qualified surveyor to provide a current valuation. The fee charged is usually based on the value of the property. You should also give careful consideration to obtaining your own detailed report, called a Homebuyers report from the lender’s surveyor. For older properties, or those with potentially serious defects a full structural survey is essential. Stamp Duty Land Tax
This is a tax payable to the Government upon the purchase of property. You pay Stamp Duty Land Tax on property like houses, flats, other buildings and land. If the purchase price is £125,000 or less you don't pay any Stamp Duty Land Tax at all. If it's more than £125,000, you pay between one and four per cent of the whole purchase price. For example, a house costing £150,000 will attract £1500 stamp duty. Property costing over £250,000 is paid at 3% and property costing over £500,000 is paid at 4%. |
