A Guide to Budget Prep for Homebuyers

Published 28 Aug 2025

When you’re buying a property, particularly for the first time, you may well find yourself coming across costs you hadn’t planned for. Nobody wants that!

But, knowledge is power as they say, so team MMW have compiled a handy checklist of costs you’ll need to factor in so you can set enough aside and spare yourself (and your bank account) any surprises!
 

1. Survey costs – it is advised that you ask a professional surveyor to inspect the property you’re buying to tell you everything you need to know about its condition or highlight any issues before you sign the contract These costs are paid directly to your surveyor.
    
2. Stamp Duty – in a nutshell, this is a tax paid by buyers to the UK Government. Your solicitor and your financial advisor will be able to help you calculate if any Stamp Duty is payable or if any reliefs or exemptions apply to you. 
    
3. Legal fees – you’ll need to pay your solicitor for the time they’ve spent handling the purchase and the whole legal  process behind it (handy hint: use our Legal Fees Calculator to give you an instant estimate on any property priced up to £500,000).  
    
4. Outlays – you’ll have to transfer these funds to your solicitor in addition to their fee, then they will pay them to third parties on your behalf. They typically cover costs like searches or registering your name and mortgage against the property.
    
5. Mortgage product fees – your lender will charge you these and your mortgage broker will tell you what they’ll be when applying for your mortgage offer. These don’t always have to be paid up front and most lenders offer a few options. The broker themselves may also charge a fee for their services, depending on your arrangement (have a chat upfront on this so you’re clear). 
    
6. Third party costs – Don’t forget about the costs you’ll need to cover once you buy the property – they’ll include things like rates, service charges, ground rent and utility bills. It’s best to try and work these into your budget at the onset - even before you begin to look at properties. 
    

So there you go – the main types of additional costs you’ll need to build into your budget. Now you know what to expect, you can get back to browsing.  Good luck!

Grab an instant Legal Fees estimate online and set up a chat with our Residential team for advice and support Legal Fees Calculator - PropertyPal