Munday and Cramer

Survey Fees: The costs involved in property buying.

Moving home is daunting, especially if you don’t know where to start or how to prepare financially. There are lots of costs to consider, with one of the most important being your survey fees. Feeling a little overwhelmed by all the jargon? To help you plan a route forward, our team have broken down the surveying process alongside a list of the main bills you need to plan ahead for.

What is a survey and do I need one?

The surveying process is one of the most important steps in buying a new home. Surveys are essentially a health check on your property and will help you make an informed investment. They’re designed to identify any issues that might affect the resale and value of a property or that might lead to costly fixes.

There are 3 types of survey:

  • Condition Survey (Level 1): The most basic survey level, recommended for new builds.
  • Home Buyers Survey (Level 2): The most common survey level, recommended for homes in reasonable condition.
  • Full Structural Survey (Level 3): The most in-depth survey level, recommended for old properties, listed buildings, and fixer-uppers.

The type of survey you need will depend on the age and condition of the property you’re buying. If you’re unsure, a credible surveying company like Munday + Cramer will be able to advise on this.

How much does a house survey cost?

It’s difficult to say the exact cost of a survey, as there are a number of things that affect this. For example, the location of a property, it’s value, and the level of survey that you require. On average, however, survey fees range between £300 and £1,500.

For a more detailed quote, we recommend getting in touch with our specialists. You can reach us by clicking here.

Other costs you’ll incur when moving

Alongside survey fees, there are lots of other costs you’ll incur when moving. Unfortunately, these are all unavoidable and are part and parcel of becoming a homeowner. This being said, getting on the property ladder is a worthwhile investment.

Below, we’ve detailed a couple of the main costs you should be aware of:

Stamp duty

Stamp duty is a type of tax paid when someone buys a new property. If you are a first-time buyer, you do not need to pay this if your home is worth less than £425,000. If this is not your first property or your house exceeds this price, you will need to pay this tax.

Solicitor and Estate Agent Fees

Solicitors are a must-have when buying property or land. They serve many purposes, from drawing up contracts and giving legal advice, to dealing with the land registry. Given the amount of work they have to do, this can rack up quite a bill.

Alongside solicitor and survey fees, you’ll also need to pay your estate agents. Like with anything, there are fees involved with putting your home on the market and advertising it on their website. Typically, realtors will take between 0.9-3.6% commission on the sale of your property.

Council Tax

If you buy (or rent) a home in the UK, you’ll need to pay council tax. How much you need to pay depends on the band your property falls within. This is determined by the value of the property. The price of each band is then determined by your local council.

Those of you who are on benefits or a low income may receive a reduction in how much you owe. You may also be eligible for a deduction if you fall into any of the categories on the ‘disregarded’ list featured on the government website.

General Bills

Until you’ve been consistently living within your home for a few months, it’s difficult to know exactly what your bills will amount to. There are lots of calculators online that can help you estimate this but the figure won’t be completely accurate. As such, we always encourage homeowners to set aside a generous budget.

The main bills you will need to consider are:

  • Home insurance
  • Gas and electricity
  • Water
  • TV and WIFI
  • Mortgage repayments
  • Service charges and ground rent (if purchasing a flat)

Contacting Munday + Cramer

For more information on survey fees and how Munday + Cramer can help you, get in touch with our specialists today. You can reach us by clicking here.