Stamp Duty

Stamp Duty Land Tax (SDLT), commonly known as stamp duty, is a tax you must pay when purchasing any property or land in the UK valued at £125,000 or more. Our stamp duty calculator makes it easy for you to work out how much you need to pay.

Arrangement Fee

This is a fee paid to the lender for organising your mortgage, like an admin fee. Typically, it’s around £999, though it can range from £1,499 to £1,999 for larger mortgages. Your broker should include this fee when calculating the total cost of your mortgage, in addition to the interest rate.

Booking Fees

Usually ranging from £100 to £250, although some lenders do not charge this or include it within the arrangement fee. You typically pay this when you submit your mortgage application to lock in the rate you want. It’s non-refundable, so if you decide not to proceed with the mortgage, you generally won’t get the fee back.

Legal Fees

These are the fees you pay to your solicitor or conveyancer. The amount you pay depends on factors such as the property price, whether it’s a remortgage or purchase, and whether the property is freehold or leasehold. Conveyancers generally charge less than solicitors. On average, you can expect to pay between £1,000 and £1,500 for legal services (including property searches and the preparation and exchange of contracts).

Valuation Fees

Before approving your mortgage, the lender will arrange for a surveyor to inspect the property to ensure it’s a sound investment – meaning they can sell the property to recover the loan amount if necessary. You pay the valuation fee when you submit your mortgage application. In some cases, an admin fee may also apply, covering the cost of arranging the valuation. The fee usually costs less than £400, though it can vary based on the property’s value.

Some lenders offer the option to upgrade your valuation to include a homebuyer’s or building survey. These are more detailed inspections, and the total cost can reach up to £1,000.

It’s also possible to pay for an independent valuation in addition to the one conducted by your lender, although this is optional, and it will cost extra.

Telegraphic Transfer (CHAPS) Fee

Typically £25 to £30, this fee is charged by the bank for transferring large sums of money, such as those between the lender and the solicitor, or from your solicitor to the seller’s solicitor.

Mortgage Broker Fees

Some mortgage brokers charge a flat fee, often around £500, while others take a commission based on the size of your mortgage. Don’t worry at Turtle, we won’t charge you a penny for our services, as like all brokers, we learn from lenders.