6.1.4 How much does it cost?
This quiz tests your ability to calculate the costs of buying a home.
Activity 1
An offer of £150,000 on a property has been accepted. The following costs apply:
| Legal fees | £500 |
| Valuation survey | £250 |
| Structural survey | £750 |
| Arrangement fee to the mortgage lender | £250 |
| Removal costs | £1000 |
| Stamp Duty Land Tax is payable at 2% on the purchase price above £125,000 | |
How much does it cost in total to buy and move into this property?
An offer of £150,000 on a property has been accepted. The following costs apply:
| Legal fees | £500 |
| Valuation survey | £250 |
| Structural survey | £750 |
| Arrangement fee to the mortgage lender | £250 |
| Removal costs | £1000 |
| Stamp Duty Land tax is payable at 2% on the purchase price above £125,000 | |
What are the extra costs (excluding the property price) as a percentage of the property purchase price?
OpenLearn - Managing my money
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