Five property fees to watch out for

16 February 2012

Stamp duty

First-time buyers have enjoyed a stamp duty holiday, paying nothing on properties under £250,000 but this will end on 24 March. After that, properties between £125,000 and £250,000 will be subject to 1% stamp duty.

Properties between £250,000 and £500,000 are charged at 3%, above £500,000 4% and £1 million plus 5%. So, stamp duty for a £200,000 property would be £2,000.

Legal costs

Usually between £300 and £500 for a £200,000 property.

Valuation/survey fee

Up to £1,000, depending on the price of the property. Usually around £600 for a £200,000 property.

Lender's arrangement fee (normally added to the mortgage)

Typically around £499 but it's not uncommon to have a fee of £1,000 or more.

Other costs

First-time buyers need to bear in mind they will be liable for costs they haven't incurred in the past, such as repairs to the property and kitting out the property with white goods, carpets and curtains," says Ray Boulger, senior technical manager at mortgage adviser John Charcol.

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