14th May 2025
Buying a house is a major financial commitment—but the price you see on the listing isn’t the full story. Many buyers are caught off guard by additional costs that can sneak up during the process.
To help you plan ahead, Bethany Edwards, Senior Property Lawyer at Myers & Co, highlights some of the most commonly overlooked expenses when purchasing a home in the UK.
Stamp Duty is one of the most significant extra costs you’ll face. It’s a tax applied to property purchases and is calculated based on the value of the home.
If your property is under £125,000, you won’t pay any SDLT. But for more expensive homes, the tax can range from 5% to 12%. First-time buyers may benefit from reduced rates or exemptions on homes up to £300,000. If you’re unsure how much you’ll owe, our residential property team can help you work it out.
While the deposit is expected, its size can still be a shock. Most buyers need to put down at least 5% of the property’s value, though 10% is more common for better mortgage terms.
For a £300,000 home, that’s £15,000 to £30,000 upfront—before you even factor in other costs.
A property survey is a smart move before you commit to buying. It helps uncover any hidden issues that could cost you later.
Survey fees vary depending on the type of report and the property’s value. A basic RICS Level 1 survey might start at £290, while more detailed inspections can exceed £1,000.
Getting a mortgage often comes with its own set of fees. These can include arrangement fees, valuation fees, and sometimes broker charges.
Arrangement fees typically range from £500 to £1,000, and valuation fees can add another £300. Some lenders offer deals with no upfront fees, but it’s important to compare the full cost of borrowing.
Moving house isn’t cheap. Whether you hire a removals company or rent a van, the costs can add up quickly.
Depending on the distance and how much you’re moving, you could be looking at several hundred to several thousand pounds. If there’s a delay between moving out and moving in, you might also need to pay for temporary storage.
Once you’ve moved in, the spending doesn’t stop. From fixing small issues to handling unexpected repairs, homeownership comes with ongoing responsibilities.
It’s a good idea to set aside a maintenance fund to cover things like plumbing issues, roof repairs, or even just keeping the garden in shape.
Home insurance is a must-have. Buildings insurance protects the structure of your home, while contents insurance covers your belongings.
The cost depends on factors like location, property type, and coverage level. Shopping around can help you find the right policy at the right price.
Buying a house is about more than just the deposit. By understanding the full range of costs involved, you can plan more effectively and avoid financial surprises. At Myers & Co, our Residential Property team is here to guide you through every step of the process—from budgeting to completion.
For further information, please contact Bethany Edwards on 01782 491005 or email bethany.edwards@myerssolicitors.co.uk. Myers & Co has offices in Stoke-on-Trent, Staffordshire.
