Forgotten Aspects As A 1-Bed London Flat Buyer

When you are buying your next 1-bed London flat, you obviously have to pay things like:

  • A deposit.

  • Stamp duty.

  • Home insurance.

However, there are other aspects to remember…

These include aspects such as:

Legal Fees

This is the legal process of transferring the ownership of the property from the seller to the buyer (hopefully you) and is typically carried out by a conveyancer or solicitor.

Survey

There are two main type of survey:

  1. A homebuyer’s report.

  2. A full structural survey.

I would never try to cut costs on not doing a survey and would typically lean more towards having a full structural survey carried out.

Local Search & Land Registry

This is where you pay your solicitor to carry out local searches and for the land registry fees.

This is to check aspects such as building works in the local area that may affect your property or planning permissions on our property.


“I would never try to cut costs on not doing a survey and would typically lean more towards having a full structural survey carried out.”


Arrangement Fee

Your lender will charge you an ‘arrangement fee’ to reserve your mortgage, which is non-refundable.

You may potentially have to pay a completion fee after you have received the money.

Mortgage Broker Fee

If you have used a mortgage broker to help find you a suitable mortgage (I would always recommend talking to a mortgage broker as they have access to the largest number of options) there is a strong chance that you will have to pay them a fee for this service.

The mortgage broker could possibly receive a commission from the lender, meaning that you don’t have to pay them a fee for this service.

Mortgage Valuation Fee

This is where the lender that you are using charges you a fee for getting the property valued.

This is carried out to ensure that the lender is happy that they are lending you the correct amount of money in comparison to the valuation on the property.

Please do take into account these aspects when looking into purchasing your next 1-bed flat…

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