Your budget should cover the purchase price, transaction costs and the cost of owning the property afterwards. Establishing those figures early helps avoid a search built around a purchase price that leaves too little for everything else.
Allow for Stamp Duty Land Tax, solicitor’s fees and searches, an appropriate survey, any mortgage and currency-transfer costs, and your agreed buying-agent fee. Furnishing, removals and initial repairs may also need a separate allowance.
Tax depends on your circumstances, not simply your passport. Non-UK resident buyers may face a stamp-duty surcharge, and ownership of other homes can affect the calculation. Obtain a property-specific estimate from your solicitor using the current HMRC guidance.
For a flat, ask about the service charge, any ground rent, planned major works and the building’s financial position. For a house, consider the maintenance you will arrange yourself. Council Tax, utilities, insurance and management during absences should form part of the ownership budget too.
Ridgestone’s scope and fees are agreed in writing before a retained search begins. We can explain the proposed service once we understand your requirements; third-party professional costs are considered separately.