Costs To Consider

Costs Involved In Buying Your Home

Although there is no charge for processing your Right to Buy application, you need to be aware that there are other costs involved when you buy your home.

Mortgage And Surveyor's Fees

If you are getting a mortgage to buy your home from a bank or building society, they will normally require you to have a survey and you will have to pay for this. The cost will vary depending on who is carrying out the survey.

Even if a survey is not required it is in your own interests to have a survey carried out anyway. A survey will tell you about the condition of the property and any repairs that may be necessary after you buy your home.

You may also have to pay an arrangement fee for the mortgage product you choose to apply for.

Legal Fees

You are advised to instruct a solicitor or conveyancer to act for you in the legal formalities of the purchase. You will have to pay the solicitor for the work he does and any fees relating to the purchase. Costs vary between solicitors so you may want to compare prices.

You should only employ a solicitor when you are sure that you want to buy your home and have the necessary finances in place. If you withdraw from the purchase the solicitor may charge you for any work he has done. As part of this legal process you will have to pay Land Registry Fees and any legal costs in arranging your mortgage.

Costs After You Have Bought Your Home 

Mortgage Repayments

If you are buying your house with a mortgage you will have monthly mortgage repayments. You may also wish to consider taking out Mortgage Payment Protection Insurance to cover you if you can’t pay your mortgage because you lose your job or cannot work because you are ill.

Building & Contents Insurance

You will have to insure your home against things like fire, flood and storm damage.  If you are buying a flat, see below.  You should also think about insuring the contents of your home as well as the building itself.

Repairs & Maintenance

You will have to pay for all the repairs in the property – from a leaking tap to a new roof – and you will need to allow for regular maintenance such as painting the outside of your house and re-pointing.

If you are buying a flat, service charges

If you are buying a flat you will have to pay service charges for the services and repairs provided by the Council. Please refer to the government leaflet 'Thinking of buying your council flat?' (external link) for further advice.

Utility Services

You will still have your regular bills for utility services to your property such as Council Tax, Water Rates, electricity, gas, telephone, etc.