• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

Tel: 01343 544 077   Fax: 01343 548 523   E-Mail: mail@grigor-young.co.uk  

G&Y Logo

Solicitors and Estate Agents

MENUMENU
  • Home
  • About
  • Services
    • Individual and Family Services

      • Accidents and Injuries
      • Employment Law
      • Family Law
      • Mental Health
      • Powers of Attorney
      • Wills Executries & Trusts
      • Notary Public
      • Adults With Incapacity
      • Guardianship
    • Business Services

      • Agricultural Law
      • Debt Recovery
      • Employment Law
      • Environmental Law
      • Leasing
      • Licensing
      • Notary Public
    • Property Services

      • Our Property Service
      • Property Search
      • Property Advice in Moray
      • Estate Agency
      • Conveyancing
  • Property
  • Blog
  • Contact Us
  • Our Team
  • Free Enquiry

Mobile Menu

  • Home
  • About
  • Services
  • Property
  • Property Search
  • Blog
  • Contact Us
  • Our Team
  • Free Enquiry

How Much Does It Cost To Buy A House In Moray?

You are here: Home / Property / How Much Does It Cost To Buy A House In Moray?
Pile of bank notes on a kitchen table

17th April 2015 //  by Peter Brash

Buying a house is a big investment.

You will want to make sure that you know what the costs will be, so that you can budget and have the funds available at the appropriate time.

So, how much does it cost to buy a house in Moray?

Fee quotes

If you are thinking about buying a property, ask for a fee quote to give you an idea of the costs.

Every property is slightly different and solicitors have different ways of working out their fees.

Some of the costs payable to other organisations will depend on the value of the property you are buying.

If you are asking for an estimate before you have found the house you wish to buy, try and give as much of the following information as possible:

  • your price range,
  • whether you are getting a mortgage, and
  • whether you are likely to purchase from a builder or buy an existing house that is being marketed.

Mortgage set-up costs

Bear in mind also that there will be other costs payable to your lender. The amount will depend on the particular lender and also the type of mortgage that you are offered.

Typically, a lender will have an application fee and a valuation fee.

You should check with your lender or mortgage broker what these fees are likely to be as they can vary. Even the same lender may charge different fees, depending on the mortgage offered.

These fees are likely to be payable at the time of your mortgage application and we suggest that you budget between £500 and £1000 for this.

Lenders will also usually charge a mortgage account fee, but this is usually added to the mortgage, which means that you would repay this over a number of years as part of your mortgage payments.

The last fee that a lender might charge at the time the mortgage is being taken out is a transfer fee, when the mortgage funds are being transferred to the solicitor’s bank account. This fee is usually around £30 and most lenders will deduct this from the loan funds. Your solicitors will take this into account when they are working out the exact amount you require to pay to complete your purchase.

The mortgage you take might also offer a “cash back” to assist towards the costs and, if this is part of your mortgage product, the cash back will be paid to your solicitor at the same time as they receive the mortgage funds.

Payments to your solicitor

The first payment that you might need to make to your solicitor would be a deposit, if you are buying from a builder.

Otherwise, your solicitor will ask for your contribution to the purchase price, their fees and the outlays (i.e. amounts needed to pay other organisations) at the same time. This is usually one or two days before the date of entry (settlement).

Solicitors must have cleared funds before those funds can be used. Your solicitor will normally ask that money is paid direct into their bank account.

Most common outlays

The three “fixed” outlays that a purchaser will have are –

  • Land and Building Transaction Tax (“LBTT”) (formerly Stamp Duty Land Tax)
  • Land Register fee for registering your title, and
  • Land Register fee for registering the mortgage deed.

The first two of these depend on the value of the property you are buying; the fee for the mortgage deed does not.

Revenue Scotland’s website has an on-line calculator that you can use and the rates for LBTT are –

Purchase Price up to £145,000 – 0%
That part of the purchase price between £145,000 and £250,000 – 2%
That part of the purchase price between £250,000 and £325,000 – 5%
That part of the purchase price between £325,000 and £750,000 – 10%
That part of the purchase price over £750,000 – 12%

This means if you are buying a house at £150,000 you pay tax on that part of the price over £145,000 i.e. £5,000 at 2% = £100.00.

The Land Register also have a scale, the first part of which is –

Under £50,000 – the fee is £60
Between £50,000 and £100,000 – the fee is £120
Between £100,000 and £150,000 – the fee is £240
Between £150,000 and £200,000 – the fee is £360
Between £200,000 and £300,000 – the fee is £480
Between £300,000 and £500,000 – the fee is £600

The registration cost for the mortgage deed is always £60.

The other outlay which you probably will have is bank charges for the transfer from your solicitor to the seller’s solicitor. This is because most transactions are now done by telegraphic transfer. The Bank charges are normally between £15 and £30.

Your solicitor’s fee

The fee that your solicitor will charge for your purchase depends on a number of factors.

These include –

  • the value of the property,
  • which Land Register system the house is currently registered under (you can find more information about title deeds systems in the article here),
  • whether you are obtaining a mortgage, and
  • other complexities.

Complexities could include things like whether the house has a private water or drainage supply. A title deed plan which is not suitable for Land Register purposes would be another possible complicating factor.

Usually, if you have asked for a quote for a specific property your solicitor will be able to make a reasonable guess at possible complications. They will use the information you have provided as well as local knowledge they may have gained from dealing with other nearby properties.

Even for a low value property without complications, you should budget at least £700 (plus VAT) for the fees. For an average property in the Moray area, the fee element (inclusive of VAT) would normally be around £1,200.

Beware of hidden costs

If you have been given a quotation, remember to ask whether any additional charges are possible and in what circumstances.

For example, ask whether there is any additional charge if the property is currently on the Sasine Register, or if alterations need to be checked.

In the same way that budget airlines often can have an attractive headline cost but, after adding on booking and baggage etc., you find that the cost has suddenly tripled, some solicitors will give you a basic fee quotation.

The important thing to know beforehand is what factors may change the fee, so that you are not caught out.

How we can help

If you have any questions about the matters covered in this article, please get in touch with us. The same goes for any queries about any aspect of our House Purchase / Sales and Estate Agency services.

You can call us on 01343 544077 or send us a Free Online Enquiry.

An initial chat with us is without obligation to take things further. Get in touch and see how we can help you.

Category: PropertyTag: Conveyancing, Costs, Estate Agent, Fee, House Purchase, House Sales, Mortgage, Stamp Duty

Previous Post: «Lifebelt at Promenade, East Beach, Lossiemouth, Moray How A Solicitor Can Save You From Settling Your Personal Injury Claim Too Soon
Next Post: If I Wasn’t Wearing My Seatbelt Can I Still Make A Personal Injury Claim? Close-up of the buckle of a seat belt or safety belt vehicle safety device concept of safe driving and transportation by car.»

Primary Sidebar

Also on our website:

Property Services

Related Posts

  • Land and Building Transaction Tax help is good news for house purchasers
  • Letter from the Housing and Property Chamber - TribunalNew court procedures for the private rented sector in Scotland
  • Rubbish in a Landfill SiteWhy Your Solicitor Gets A Contaminated Land Report when Buying a House
  • Disused Property in Glen Artney, near Crieff, Scotland - Freddie Marriage - unsplash.comEvicting tenants from residential property
  • Moray Property Sales Volume Increase Above National AverageMoray Property Sales Volume Shows Increase
  • Collage of Images Featured in Grigor & Young Blog Articles 2015Most Popular Grigor & Young Blogs Of 2015
  • Covesea Lighthouse, West Beach, Lossiemouth, at SunriseConveyancing FAQs
  • Spynie Palace, near Elgin, MorayWho Are The Best Estate Agents in Elgin Moray?
  • New Build House in MorayWhat Are The Costs To Buy A New Build House?
  • Stressed out woman at table surrounded by papersBacking Out Of A House Purchase Or Sale (When Is It Too Late?)

Footer

Where to find us:

Grigor & Young LLP – Elgin
No.1 North Street, Elgin, Moray IV30 1UA
Tel: 01343 544 077 Fax: 01343 548 523

Grigor & Young LLP – Forres
100 High Street, Forres, IV36 1PD
Tel: 01309 672 126 Fax: 01309 676 384

DX 520656

Our Team

Peter Brash
Stuart Bruce
Ann Cruickshank
Douglas Delaney
Carol Holmes
Elin Jones
Katie Kennedy
Richard Miller
Marie Morrison
Audrey Robertson
Greg Robertson
Donna Skelly
Janet Taylor

Main Menu

  • Home
  • About
  • Services
  • Property
  • Blog
  • Contact Us
  • Our Team
  • Free Enquiry

Join us on Social Media

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter

Terms of use
Privacy Policy

Grigor & Young LLP is a Limited Liability Partnership registered in Scotland (Number SO306314).
Registered office: 1 North Street, Elgin, Moray IV30 1UA.

© 2020 Grigor & Young LLP

This site uses cookies. By continuing to browse you are agreeing to the use of cookies detailed in our privacy policy. Accept & ContinuePrivacy policy