According to banks, it's not only house prices that are on the rise. In the past year alone, the cost of moving for residents of the South East has increased 6%, and much of this is linked to the higher costs of properties attracting higher fees when it's time to move. However, there are ways to reduce the costs when you buy a home in Maidstone, without breaking the law, and it's often a case of doing some research before you pay.
1. Stamp duty
Stamp duty is becoming a bigger expense because it's linked to the cost of homes, so higher prices mean higher rates. It's one of those fees that can't be avoided, so should be budgeted for accordingly. However, by using property solicitors , you can be sure that you are paying the correct rate. Also, some people have been caught out with the extra second home duty, as they've moved but are still trying to sell their old home. In these cases, they can be entitled to a refund if they claim quickly, and a property legal professional will be able to explain these rules.
Many new developments are being built and are planned for Maidstone, so look out for house builders offering deals such as paying your stamp duty. This is often in the form of a refund after completing the sale, and should be discussed with your conveyancer.
2. Conveyancing
Buying a home can be a tricky process, which is why one of the best things you can do is use property conveyancing experts to guide you through the process. There are a lot of 'cheap' conveyancers online, but they'll often charge hidden fees if there are complications, which means you could pay more than if you'd used a local firm. Get a quote from a reputable firm that's fixed, so there are no unpleasant surprises.
3. Mortgage fees
When working out how much you can borrow, it's important that mortgage fees be taken into account. With property prices in Maidstone on the rise, people will want to borrow more, so will be looking at ways to reduce their mortgage fees.
Some of the fees associated with mortgages include:
A booking/application fee
Arrangement fee to the lender
Valuation fees – this is sometimes free
Higher lending charges – for those with a smaller deposit
When you decide to take out a mortgage, it's best to get advice to help you get the best deal. By using a property lawyer who specialises in mortgages, you can get a bigger choice of mortgages, and they'll often have access to deals that can't be found on the high street.
If you are moving and need advice on saving money, then call Andrew Lee & Co Property Lawyers on 01622 750 101. Based at 93-95 High Street, Maidstone, Kent, ME14 1SA, they're local property experts, so whether you're buying a modern home in Allington or a rustic country home in Penenden Heath, they can help.
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