Survey shows confusion over property purchasing costs

Posted 06/04/2010

House-buyers may be unaware of how much the extra services outside of their mortgage and deposit will cost when buying a property.

This is the suggestion of new research conducted by Unbiased.co.uk, which showed that nine per cent of people believe things such as environmental searches and surveys will only cost £1,000.

Another four per cent admitted to not knowing there would be any extras to pay for, despite knowing they would need to seek the services of a residential conveyancing solicitor before buying a home.

Unbiased.co.uk spokeswoman Karen Barrett urged anyone thinking of buying a house to seek expert advice from the outset so they can allow for every eventuality.

“Other costs will add up to a substantial amount which needs to budgeted for in order to avoid getting a nasty shock,” she advised.

Moneysupermaket.com recently told the Telegraph that it has seen a 15 per cent increase in interest from first-time buyers regarding mortgage deals since Alistair Darling raised the stamp duty threshold for this demographic.