The following is an estimate of what you will need to pay and when - since all properties are different and in different locations. We like to be as flexible as possible for our clients with our payment plans so that the purchasing process is manageable for all concerned. Your individual payment plan will be drawn up by the solicitor as part of your agreed contract with the seller.
Example for an off plan property:
|
1st step |
10% deposit, and the Starting Costs detailed below |
|
2nd step |
within the following 30 days, the first 25% of the balance |
|
3rd step |
within the next 30 days, the second 25% of the balance |
|
4th step |
within the next 30 days, the third 25% of the balance |
|
5th step |
on completion, Completion Costs as detailed below and the final 25% of the balance |
Starting Costs:
|
Deposit |
10% of the sale price |
|
Solicitor’s fee |
£200 |
|
Legal translator |
£ 50 |
|
Notary Public |
£ 80 |
|
Power of attorney |
£80-£120 |
|
Estate agent’s fee |
3% of the sale price, 0% if our own development |
|
Military Clearance Fee |
£400 depending on location |
|
Water & electricity connection fee |
£200-£400 depending on type of property and location |
Completion Costs - Once the Title Deed is transferred in to your name:
|
Buyer’s / Seller's tax |
3.3% of the rateable value |
|
Government tax |
minimal depending on property and location |
|
Community tax |
minimal depending on property and location |
|
Property tax |
0.5% - 0.6% of the property price, depending on
location, paid yearly |
|
Earthquake insurance
(compulsory) |
depends on property value & location
about £50 - £100 |
|
If the property is bought on a
complex |
there is an annual maintenance charge of
£200 - £750 |
Please note that the Starting Costs are your commitment to buy and are
non-refundable.
If you are buying a completed property, 10% of the sale price is the usual deposit and will include the starting costs, with the balance becoming payable in 30 days. The completion costs will become payable once you have the title deeds.
When you are making choices between properties or land, we can tell you exactly how much each purchase will cost you in total to help you with your decision.
If you are coming on a viewing trip, you will need to think about your total budget: say £45,000 for a property and about 10% for costs = £50,000. You will need to have that 10% available to you to make the first payment on signature of contract.
ALL AMOUNTS ARE APPROXIMATE AND ARE SUBJECT TO CHANGE
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