Cost of a buying a £220k Flat in London

spelyam

Hi Everyone.
Would you have an idea on the costs of a buying a flat in London for £220k
So far

10% Deposit : £22k
Stamp Duty : £1900
Land Registry: ?
Searches: ?
Survey : ?
Solicitor fees:?
Anything else ?

I am not a first time buyer and this will be a chain free purchase.

Many thanks
Yaman

cjv

https://www.moneysavingexpert.com/mortgages/mortgage-fees-stamp-duty/

Some more things to consider in the link above.

You can also try and get some quotes to get a more accurate estimation of the conveyancing fees.

davidmcn

Also bear in mind that the 10% deposit isn't a "cost" - it's part of the price.

da_rule

Land Registry: £135 if submitted electronically or £270 if submitted by post.

Searches: £150 upwards - the types of searches will depend on the area (i.e. mining searches etc).

Mortgage product fee: Some mortgage products charge an upfront fee as well as the survey cost.

Solicitors fee: You could be looking at anywhere in excess of £700 - don’t go to cheap on this and watch out for the extras (Land Registry costs, costs to receive and send money etc).

As it’s leasehold you will probably have to pay the seller an apportionment of the service charge they’ve paid between the date of sale and the next service charge date (usually the next quarter).

You may also have to pay an assignment fee to the landlord/management company (check the lease). You may also have to pay to notify them of your mortgage as well.

Also, any moving costs (van hire etc).

Also, as it is leasehold, don’t forget to check how much the ground rent js, how much (if any) it increases by and when and how long is left on the lease.