Sales : buyers guide

general cost of buying

It is vital from the outset that as a prospective buyer you should be fully aware of all the costs involved in purchasing a property. Apart from the obvious mortgage, the start-up costs involved in the home-buying process are considerable. So what are the costs involved?

Most mortgage lenders will require a deposit of 15% to 25% and above of the properties value to be paid upon the exchange of contracts. Lenders will also require a valuation and survey upon the property. These vary in costs but the most popular, the Homebuyer's Survey costs between £150-£250.

As a buyer you will have to budget for additional solicitors' fees. The conveyancing process usually cost upwards of £400. On top of these fees, solicitors will charge for the following.

A Local Authority Search costs between £50 to £100 and is conducted by a solicitor. It is intended as a means of discovering if there are plans for development that could potentially affect the future value and sale of the property.

A Land Registration Fee costs from £150 to £200 and simply verifies legal ownership of the property, enabling the owner to be registered at a certain address.

Arrangement Fees are charged by mortgage lenders as a means of reserving the buyer's loan and covering costs. Additionally some lenders charge an additional Mortgage Indemnity Fee. See our guide to mortgages.

Stamp duty can become another big cost to a buyer and is the government's tax on a property's purchase price..

how stamp duty break downs

Stamp duty is a tax paid by the purchaser of a property against a purchase price.

Stamp Duty Land Tax (as percentage of price)

Up to £125,000 zero

(up to £250,000 at zero for first time buyers)

£125,001 to £250,000 1%

£250,001 to £500,000 3%

£500,001 to £1,000,000 4%

Over £1,000,000 5% (from April 2011)



getting a mortgage

As an extension to the service that Arlington Estates offers, we want you to be sure that you have the very best Mortgage package available for your purchase.

You may have already chosen a Mortgage Lender but are you sure you have the most competitive scheme? Why not spend a few moments completing the following contact form.

Furthermore, if you haven't made any mortgage arrangements at this stage, please feel free to contact us for independent mortgage advice.

There is, of course, no cost or obligation to you.

viewing a property

Viewings can be conducted by appointment between 9am - 7pm Monday to Friday and 10am - 4pm on Saturdays.

Islington area guide

Favoured location of London's hip and trendy set, Islington took its time to transform from 1960's run down borough to icon of New Labour hipness and sought after location for City and West End workers. Nowadays, Islington is immediately associated with the super-hip Upper Street with its trendy bars and restaurants and the wealth of fine Georgian and Victorian houses available. Many areas have succumbed to the nouveaux riche set, but not all of Islington is smart and glamorous.

Clerkenwell to the south of the borough epitomises London's modern trend for warehouse living whilst further north the council blocks of Finsbury and the boarders with King's Cross serves to remind that not all the borough is affluent. However the goverment is making a huge effort in transforming Kings Cross into the gate way to Europe with its Eurostar links. Barnsbury, Canonbury and Highbury lie to the north of Islington and boast many elegant squares and terraces. Archway offers roads of densely packed Victorian terraces whilst Tufnell Park to the west has become a hot spot for those forced out by Islington's high prices.