Stamp Duty Land Tax (SDLT)
Unless you're a first-time buyer purchasing under £425,000, you'll usually pay Stamp Duty Land Tax. Rates depend on purchase price and whether you already own property. On a £600,000 purchase, SDLT can exceed £10,000.
A Guide For Buyers And Sellers
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The Basics
Whether you're buying your first home or selling a long-held property, the headline price is only part of the story.
At Element, we believe in full transparency. This guide highlights the hidden costs buyers and sellers should factor into their budget before committing.
Understanding these costs early helps you plan with confidence and avoid last-minute surprises.
If You're Buying
Unless you're a first-time buyer purchasing under £425,000, you'll usually pay Stamp Duty Land Tax. Rates depend on purchase price and whether you already own property. On a £600,000 purchase, SDLT can exceed £10,000.
Conveyancing typically costs £1,000–£2,000, covering searches, contracts, and Land Registry registration.
Your lender or broker may charge arrangement fees (often £1,000+), valuation fees, and broker fees if applicable. Always check whether these are added to the loan or payable upfront.
Mortgage valuations are limited. A HomeBuyer Report or structural survey usually costs £400–£1,200 and can prevent costly issues later.
Buildings insurance is required from exchange of contracts. Removal costs typically range from £500–£1,500.
Remember council tax, service charges (for leaseholds), utilities, and any immediate repairs after completion.
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If You're Selling
Most agents charge 1%–1.5% + VAT. On a £500,000 sale, that's typically £6,000–£9,000. At Element, our fees are clear, fair, and transparent, with professional marketing included.
Solicitor or conveyancing costs usually range from £800–£1,500.
An EPC is legally required before marketing. If needed, costs are typically £75–£120.
Minor works, redecoration, or staging can improve sale price. Costs often range from £500–£3,000.
Some lenders charge 1%–5% of the outstanding balance for early repayment. Always check your terms.
Selling a second home or buy-to-let? Capital Gains Tax may apply, subject to allowances and reliefs.
The Small Print
Easy To Miss
For Buyers And Sellers
Planning To Buy Or Sell?
