Help me understand the UK property market?

When buying a property there are several other costs you need to take into account as well as the actual purchase price itself. Once you find a suitable property you will need to instruct a solicitor to act on your behalf to check the legalities of buying the property and draw up contracts. They will also do searches with the local authority to check that the property doesn't have any outstanding issues with things such as planning permissions. Costs for this vary greatly so get a few quotes.

Buying in London you are likely to be liable for stamp duty which is a tax payable when you buy a property. The current levels are 1% of the purchase price for properties between £125,000 and £250,000, 3% for properties of £250,001 to £500,000 and 4% for those over £500,001. This can obviously eat into your budget quite a bit.

You should also have a survey to check that the property is in good condition and so you are aware of any issues. There are different levels of survey and cost depend on the age and type of property you are looking at buying and the price. If there is to be a mortgage involved then the survey will normally be arranged via the mortgage company.

With a mortgage you are also likely to have an arrangement or booking fee to pay and most of these are currently around £999. These can often be added to the mortgage but you will then incur interest on the amount.

I hope this helps.

The ground rent is completely different and separate to Maintenance charges,you do not say what type of property you have bought,ie detached,a semi or a flat,you need your solicitor to go through the details of the lease.The Freeholder may have no attachment to the maintenance of the property for example in a group of flats there may be a mutual Management company owned by the leaseholders to which a monthly subscription is paid to cover insurances and to grow a fund for maintenance,there are many variations of a lease to which you need professional advice.The management fees continue even after the mortgage has been paid off as does the ground rent.I suggest you read the paperwork carefully so you know what your obligations are and may be for the future.

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Mortgage, stamp duty, solicitors fees, removal costs, Electricity, Gas, Telephone, Broadband. Redecoration, carpets, lampshades, curtains and other sundry items

Arranging a mortgage

Solicitors fees

Council Tax

Gas

Electric

Water rates

T V licence

House insurance

Phone/broadband/mobile

Look at www.fpdircet.uk.com there is a buying guide on the tool bar at the top!