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Costs To Budget For


When the contract becomes unconditional, a deposit of up to 10% of the purchase price may be required (this is part of the purchase price). This deposit is held in the Real Estate Trust Account until settlement, where upon the balance, less the deduction of the real estate agent’s fee is forwarded to the vendor’s solicitor.

Building Inspection/Engineer’s Report

One or both of these may be required by the insurance company in order for them to evaluate your insurance application.

Solicitor’s Fee

The solicitor checks the property to make sure everything is as it should be. They also approve LIMs or PIMs and any other legal matters on your behalf. Most have a set fee for this service and you are advised to check what this is.

Registered Valuation

Sometimes, your lending institution sends its own valuer or appraiser to inspect your chosen property and decide on its suitability for mortgage finance. There is a charge for this service, usually added to your mortgage with the other bank charges. Some institutions require a registered valuation of the property, which you will pay for.


You must arrange your own insurance for the property which will take effect from when possession is taken. We recommend that you insure the property fully from this date. Alternatively, you can apply to the owner’s insurance company to transfer the insurance over to you.


You are liable for power, gas, phone and rates costs from the settlement date. Contact your service providers to arrange the switch over to the new address.

If you would like more information or to discuss how we can help you in the process of buying property, please use the contact form below or call us on 0800 YELLOW

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