What are the additional costs associated with buying a property in southwest London besides the purchase price?

Buying a property in southwest London, or anywhere in the UK for that matter, involves a variety of additional costs on top of the purchase price. Here’s a breakdown of some of the most common ones:

Stamp Duty Land Tax (SDLT): This is a tax levied by the government on purchases of property in England and Wales. The amount you pay depends on the purchase price of the property and your purchasing situation (first-time buyer, additional property owner etc.). You can use an online calculator from HMRC (the UK tax authority) to estimate your SDLT liability https://www.gov.uk/stamp-duty-land-tax

Legal Fees (Conveyancing): You’ll need a solicitor to handle the legal aspects of buying a property. This includes conducting searches on the property, dealing with the Land Registry, and transferring ownership. Expect to pay a few thousand pounds for conveyancing fees.

Mortgage Fees: If you’re taking out a mortgage to finance your purchase, there will be associated fees. These can include an application fee, valuation fee, and potentially a mortgage exit fee if you’re leaving a previous mortgage deal early.

Survey Fees: It’s highly recommended to get a survey done on the property before you buy. This will identify any structural problems or potential issues you might not be aware of. There are different types of surveys available, with varying costs depending on the level of detail required.

Removals: Unless you’re planning on moving house yourself with a van and some strong friends, you’ll likely need to hire a removals company. Costs will vary depending on the size of your move and the distance you’re travelling.

Search Fees: These are fees paid to various bodies to carry out searches on the property, such as local authority searches and environmental searches. These searches uncover potential issues like planning restrictions or environmental hazards.

Additional Costs to Consider:

Buildings Insurance: Once you own the property, you’ll need buildings insurance to cover the cost of repairing damage to the structure of the property.

Contents Insurance: This type of insurance covers the cost of replacing your belongings in case of damage or theft.

Energy Performance Certificate (EPC): An EPC is a document that shows the energy efficiency of a property. This might be required by your mortgage lender and can also be helpful when budgeting for future energy bills.