Next Time Buyer Mortgae

The Cost of Moving house is one of the greatest expense faced by most people in their lifetime. The principal costs are Stamp Duty Land Tax, Estate agent fees, legal fees (conveyancing), mortgage arrangement fees (where applicable), surveys and removals.

Land and Buildings Transaction Tax

Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) in Scotland from 1 April 2015. Revenue Scotland will administer LBTT with support from Registers of Scotland (RoS).

The structure of LBTT is designed so that the charge is more proportionate to the actual price of the property. The percentage rate for each band in LBTT is applied only to the part of the price over the relevant threshold and up to the next threshold.

Residential property transactions - LBTT rates and bands

For residential property transactions, the rate of tax is determined by reference to percentages of the chargeable consideration for the transaction falling within the bands below:

Purchase priceLBTT rate
Up to £145,0000%
Above £145,000 to £250,0002%
Above £250,000 to £325,0005%
Above £325,000 to £750,00010%
Over £750,00012%

Estate agent fees

In 2011, Which? magazine found the national average estate agents fees to be 1.8%, although fees vary widely.

Survey

There are four main types of survey: a valuation survey, a condition report, a homebuyer report and a full structural survey. Costs are likely to range from around £100 to £1000. Expensive or very large properties may cost even more.

Mortgage arrangement fees

n April 2013, The Daily Telegraph reported that research by Moneyfacts showed the average mortgage arrangement fee to be £1522

Removal costs

Removal costs vary considerably subject to quantity of furniture/possessions and distance to travel. They are likely to range from £500 for a short distance move for a two-bed house, to several thousand pounds for a long distance move for a large house.

If you would like more information on the cost involved in the purchasr or moving house please download a copy of our "Helping Hand" Pdf

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