The deposit is one part of the cash needed
Buying a home brings several costs before completion: property tax, conveyancing, searches, mortgage product charges, valuation, a survey and the move itself. Some fees depend on the property and location; others depend on the lender and the professionals you choose.
The interactive estimate covers Stamp Duty Land Tax in England and Northern Ireland. Scotland uses Land and Buildings Transaction Tax and Wales uses Land Transaction Tax, with different rates and reliefs.
Property tax
For a main home in England or Northern Ireland, SDLT is charged in bands. First-time buyers purchasing for £500,000 or less pay no SDLT on the first £300,000 and 5% on the portion from £300,001 to £500,000. A purchase above £500,000 does not qualify for that relief.
Rates change, and additional-property or non-UK-resident surcharges can apply. Check the official calculator for your circumstances before relying on an estimate.
Legal, lending and survey costs
A solicitor or licensed conveyancer handles the transfer, searches, registration and money movement. Quotes can separate professional fees from disbursements, so compare the total including VAT and likely extras.
Lenders may charge a product fee and, in some cases, a valuation fee. Adding a product fee to the mortgage preserves cash at completion but means paying interest on that fee. The lender’s valuation protects the lender; an independent survey helps the buyer understand the property’s condition.
Moving and the first weeks
Removal costs vary with distance, volume and the help required. A practical budget also allows for insurance, cleaning, locks, basic repairs and the first purchases needed to make the home work.
Keep a buffer after completion. Emptying every accessible account into the purchase leaves routine surprises competing with credit cards or overdrafts. A purchase budget works best when the deposit, buying costs and post-completion reserve are three separate figures.
Sources and further reading