Other costs

There are a number of other types of fee that will need to be paid, the most common being:

(a) Solicitor fees for acting in the purchase of the property;

(b) Solicitor fees for preparation of mortgage deed;

(c) Lender's valuation fee;

(d) Lender's arrangement fee (not charged by all lenders);

(e) Guarantee insurance premium (normally required when loan exceeds a certain percentage of price or valuation).

Typically you should allow around 1% for the costs of legal and conveyancing fees.