British Home Buyers Spend £8,113 in Unexpected Fees

Many clients feel as though they are confronted with hidden fees they were not expecting, a recent nationally representative report has found. British home buyers spend an average of £8,113.00 in unexpected fees, in addition to their deposit.  The data reveals the true discrepancy between saving for a deposit and the money needed to pay costs that were unexpected; overall, this meant that they were forced to take over £8,000.00 from their deposit, or find funds from other sources.

A quarter of buyers did not save up for the hidden fees whilst saving for their deposit, uncertain whether they could afford to progress through the completion process without borrowing money they were struggling to afford. The report showed that once a home buyer has instructed a solicitor, 25% of those surveyed felt their solicitor had mislead them in relation to the true extent of fees regarding their legal services, whilst 31% of home buyers were hit unexpectedly by the true extent of property costs on top of a deposit, an astonishing 28% of home buyers would have pulled out of the property purchase if they were aware of the true extent of the fees they would be expected to pay.

"Transparency and efficiency should be basis of the service, estate agents, conveyancers and mortgage brokers offer. The SRA and CLC Regulations coming into effect in December mark another opportunity for property professionals to improve the service they provide to their consumers, who should be able to access a full breakdown of the costs".

For a transparent quote, contact our conveyancing department on 01606 74301