Once you have the mortgage completed with your lender you then move onto the next stage of the house purchase process. This is where you will engage conveyancers and solicitors to ensure the smooth transition of monies from the bank to your solicitors who then in turn send the money to the sellers solicitors. On the face of it this process sounds simple. It generally is, but unfortunately house purchases can become complicated very quickly. Therefore you should be aware of the costs that are involved in the conveyance stage of a house purchase.
Shop around for a conveyancer. There are many online but you should ensure that they are approved conveyancers of the lender you are with. Secondly you will need to find the money for a valuation service. The property has to be valued. This is up to yourself in what level you have.
New properties generally only need a level one. Older and more specialist properties will require a homebuyers report and even a level 3. The higher the level, the more they cost. Most lenders are happy with level one.
Finally there is the question of stamp duty land tax. This is a rolling scale that works on the basis of the more expensive the property you buy the more you will pay in stamp duty land tax. For the most part, properties below £250,000 do not pay any tax. However once you rise above this figure you will find that the percentage increases until you reach the ceiling of £1.5 million. A Stamp Duty Land Tax Refund might be available if you talk to sentientsdlt
