First-time buyer costs: the budget sheet
Last reviewed: 27 July 2026
Buying a first home costs more than the deposit: budget for stamp duty (first-time buyer relief covers 0% up to £300,000 on homes up to £500,000 in England and NI), conveyancing, searches, a survey, lender and possibly broker fees, the CHAPS transfer, Land Registry, buildings insurance from exchange, and moving costs. This sheet lists every line; you fill in real quotes, because honest national averages barely exist.
Every cost, one table
The estimate columns are deliberately blank: prices vary too much by area, property and firm for honest averages, so fill each row from your own quotes. The only figures stated are the stamp duty thresholds, which are published by GOV.UK and covered in detail on our stamp duty thresholds page.
| Item | What it is | Who you pay | When | Your estimate |
|---|---|---|---|---|
| Deposit | Your stake in the property (commonly 5% to 10% of the price for first-time buyers) | Solicitor (passed to the seller) | At exchange of contracts | £ ______ |
| Stamp duty (SDLT) | Tax on the purchase in England and NI. First-time buyer relief: 0% up to £300,000 on homes up to £500,000; standard nil-rate band £125,000 (GOV.UK, checked July 2026). Scotland (LBTT) and Wales (LTT) differ. | HMRC via your solicitor | At completion | £ ______ |
| Conveyancing (legal fees) | Your solicitor or conveyancer's fee for the legal work. Get itemised quotes. | Solicitor | Mostly at completion | £ ______ |
| Local searches | Council, environmental, drainage and water searches ordered by your solicitor. | Solicitor (disbursement) | During conveyancing | £ ______ |
| Survey | Your own inspection of the property (RICS Level 2 or Level 3). Priced by property size, age and level. | Surveyor | When booked | £ ______ |
| Lender valuation fee | The lender's own valuation of the property. Some products include it free. | Lender | At application | £ ______ |
| Lender arrangement or product fee | Fee attached to some mortgage products. Can often be added to the loan (then you pay interest on it). | Lender | At application or added to loan | £ ______ |
| Mortgage broker fee | Some brokers charge a fee, some are paid by lender commission only. Ask before engaging. | Broker | Varies (ask up front) | £ ______ |
| Bank transfer (CHAPS) fee | Charge for the solicitor sending the purchase money on completion day. | Solicitor (disbursement) | At completion | £ ______ |
| Land Registry fee | Registering you as the owner. Scaled by property price, published by HM Land Registry. | Land Registry via solicitor | At completion | £ ______ |
| Buildings insurance | Required by the lender, must be in place from exchange of contracts. | Insurer | From exchange (then ongoing) | £ ______ |
| Removals or van hire | Getting your things in. Quotes vary hugely by distance and volume. | Removals firm | Moving day | £ ______ |
| Post redirection | Royal Mail redirection so nothing goes astray. Priced by duration. | Royal Mail | Before moving day | £ ______ |
| Initial furnishings and repairs | White goods, curtains, locks changed, immediate fixes. Set your own buffer. | Various | First months | £ ______ |
| Emergency buffer | Money you deliberately do not spend during the purchase. | You (savings) | Held back | £ ______ |
| TOTAL | £ ______ | |||
How to fill it in fast
- Stamp duty: work your figure from the thresholds on our SDLT page or GOV.UK. Buying in Scotland or Wales? LBTT and LTT have their own bands.
- Conveyancing and searches: email three firms for itemised quotes (fee plus disbursements listed separately).
- Survey: quotes from two RICS surveyors for the level your property needs.
- Lender and broker fees: these appear on the mortgage illustration; a broker must disclose their fee up front. How brokers are paid is explained in how mortgage brokers get paid.
- Removals: three quotes once you have a likely completion date, then the moving house checklist takes over.
- Deposit context: how much deposit you actually need is its own question: see how much deposit do I need.
This page is information, not advice or a tax calculation. A regulated mortgage broker can walk your numbers through with you: that is who we introduce you to.
Common questions
What costs do first-time buyers forget?
The small ones that arrive at completion: local searches, the CHAPS transfer fee, the Land Registry fee, and buildings insurance that must start at exchange rather than move-in day. Then removals and immediate fixes in the first month. Listing every line before you offer stops the total creeping up on you.
Do first-time buyers pay stamp duty?
In England and Northern Ireland, first-time buyer relief means 0% SDLT up to £300,000 on homes costing up to £500,000; above the £500,000 cap the relief disappears entirely (GOV.UK, checked July 2026). Scotland and Wales run separate taxes (LBTT and LTT) with different rules.
Why does this sheet not give average costs?
Because honest averages barely exist: conveyancing, surveys and removals vary widely by region, property and firm. A made-up national average would anchor your budget to a fiction. The sheet gives you every line and you fill it with real quotes, which takes an evening of emails.
Founder, MortgageExplained
Adam spent nearly a decade as a mortgage adviser at Just Mortgages, with further experience in commercial finance. He is CeMAP and CF qualified. He built MortgageExplained to do one thing well: explain mortgages in plain English, then introduce you to a regulated broker when you are ready. Every page is written and reviewed by Adam.
Last reviewed: 27 July 2026