Before completion
Set aside funds for the deposit under the contract, conveyancing, searches, a survey, any mortgage valuation and lender charges, and moving. Your solicitor can explain when each amount is due; a deposit is not the same thing as the total cash contribution to a mortgage.
Stamp Duty Land Tax depends on the transaction. Additional-property and non-UK resident rules can apply, and reliefs have conditions. Ask your solicitor or tax adviser for a calculation using your circumstances.
If you choose to appoint a buying agent, budget for the agreed fee and check whether VAT and expenses are included, when payments are due and what happens if the search does not complete.
- Before or at completion: legal work, searches, survey, tax, lender fees and moving.
- During ownership: service charge, ground rent where payable, Council Tax, utilities, insurance and repairs.
- Later or uncertain: major works, vacancy costs and eventual sale expenses.
Further reading: MoneyHelper: purchase and moving costs · HMRC: residential SDLT rates · Buying-agent fees and terms
The building’s continuing costs
A leasehold flat may have service charges, ground rent, buildings insurance or contributions to a reserve fund. Ask for the current budget, recent accounts, arrears position and details of planned major works. The lease and management information determine what is payable.
A low current charge does not establish the cost of future repairs. Your solicitor can review the lease and management pack; your surveyor can advise on the building’s condition and any issues that need further investigation.
If the seller quotes an annual service charge, ask whether it is an estimate or a final account, which period it covers and whether a balancing payment is possible. A solicitor can check apportionments and any arrears or retention proposed on completion.
Further reading: GOV.UK: leasehold service charges
Costs of using the home
Add Council Tax, utilities, contents insurance, broadband, maintenance inside the flat and any parking or storage charges. Ask what is included in the service charge before adding a separate allowance. Check whether works or furnishings are needed before moving in.
Where a flat may be empty for part of the year, check insurance and building rules rather than assuming that costs stop when it is unoccupied.
Keep the comparison consistent
For each property, record the price, estimated purchase costs, annual recurring costs and known or unconfirmed works separately. Ask advisers to check the figures and mark missing information rather than treating an unknown as zero.
If the home may be sold after a course or a temporary stay, allow for eventual selling costs and the possibility that value or timing differs from your assumptions. Rivermark can compare property information against an agreed buying brief.
Official guidance checked 5 November 2026. Confirm the current position and how it applies to your circumstances with the relevant adviser.