Legal fees in this area tend to vary quite significantly. The average charge is usually between 0.5% and 1% plus VAT of the purchase price of the property, often influenced by the size of the transaction and which firm of solicitors you choose to instruct. There will also be disbursement costs involved - ask your solicitor to explain how these are assessed. It is always recommended to get a written quote before instructing and always ask for a breakdown of the costs to be shown on the completion statement. We can of course supply you with the name of several specialist conveyancing solicitors. The Law Society is the governing body for solicitors www.lawsociety.co.uk
 

What is Stamp Duty and will I have to pay it?

This is a Government tax levied on residential property payable by the purchaser on completion of contracts. The bands are presently as indicated below but these of course can be subject to change and you would be wise to verify this significant outlay right from the start. www.inlandrevenue.gov.uk/rates/stamprates.htm
 

How much deposit will I need to pay to secure the property?

Usually between 5 and 10% of the purchase price. This is the amount paid by the purchaser to the vendor via the solicitors upon exchange of contracts. Occasionally, the vendor may ask if they can use this deposit to fund an exchange of contracts on their purchase but this will need to be agreed between the respective solicitors.
 

What are the administrative costs involved in taking out a mortgage?

The mortgage market is highly competitive and consequently Lenders' arrangement fees, legal fees and valuation fees will vary. For a better understanding of this area you may want to refer to: www.fsa.gov.uk alternatively we would of course be delighted to recommend you to an independent Financial Advisor who specialises in this field.