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As you already know, there are costs involved with buying a home.  
You will have encountered most of them when you bought your first home, but that could have been a while back, or because this isn’t your first home, you may encounter some different costs that you didn’t the first time round.  
For example, you might have enough equity in your home to use as a deposit, so you won’t need to raise your own cash.  

Or your first home may have fallen under the old £125,000 Stamp Duty Land Tax (SDLT) threshold so you wouldn’t have had to pay it, but your new property might be eligible. 
Of course, there are still a number of other fees, charges and costs associated with moving that you will need to consider. 
You’ll usually need to have at least a 5-10% deposit of the purchase price for your new property – which you should hopefully be able to raise through the sale of your current home.  

However, if you don’t have much equity in your current home, you may need to top your deposit up with savings. 

Valuation Fees 

Once you have had an offer accepted on a property, your lender will need to carry out a valuation to ensure that it’s worth the amount that they’re lending to you.  
Some lenders incorporate this into the mortgage repayment, so you won’t have to pay anything up front, but if they don’t, then you will need to pay between £200 and £500 for this. The actual cost will usually be determined by the type and of cost of the property that you’re buying. 
Buyer Surveys 
Whilst a lender’s valuation tells you about the value of the property, it won’t tell you anything about the condition of the property or any underlying issues it may have. 

To do this, you will have to commission your own survey from an independent surveyor which your solicitor will often recommend for you or you can choose your own at the Royal Institution of Chartered Surveyors. 

The cheapest and most basic survey is known as the Home Condition Survey which is usually recommended for new-build homes and costs around £250. 

A more in-depth survey, known as a Homebuyer’s Report, which also includes a valuation that your mortgage lender could use, is also available for around £400. 

The most detailed survey, known as a Structural Survey, is ideal for older or listed buildings is available for anything upwards of £600. 
Local Authority Searches  
To ensure that there are no planning issues with your property – i.e. a major road or property development being built nearby – that could affect your purchase, a search will have to be carried out for around £300.  
Mortgage Fees 

As expected, lenders charge for lending you money. 

On top of the interest that you’re charged on your mortgage, there will also be fees that you need to pay. 

There are arrangement fees that are usually charged as a percentage of the loan and can be around the £1,500 mark as a result, but you should get the option to add this to the mortgage, so you don’t have to pay it back in one lump sum. 

You also need to consider administration and product fees, and depending on the type of mortgage or property, you may have to pay an additional £50 or so to have the mortgage money transferred to the seller’s solicitors. 

Nowadays, many lenders waive a lot of these fees, but you still need to double check what’s in your mortgage offer. 
Solicitor’s Fees 
To handle all of the legal aspects of your purchase, you will need to hire a solicitor or licensed conveyancer.  

They will handle everything from the payment of Stamp Duty to the transfer of the funds.  

Your mortgage broker will be able to recommend one, but you can choose your own if you wish, and it will usually cost between £500-£750 – depending on the size of the mortgage. 

Home Insurance  
As before, most, if not all lenders, require you to have home insurance at the very minimum, with some offering it as part of the mortgage.  
They only require you to have insurance that covers the structure of the property, not the contents, so you will need additional cover if that’s what you require.  

The cost, as it so often does, depends on the size and location of the property but will usually be around £200-£600.  

For advice on the costs involved in moving home speak to one of our expert advisers who will be able to help you with the next steps.