7 Apr

Homebuyers 'unsure of conveyancing costs'

Homebuyers 'unsure of conveyancing costs'

People set to go through the conveyancing process in order to buy a home are often unsure how much it will cost, it has been claimed.

According to new research from unbiased.co.uk, nearly one in four such individuals (24 per cent) have no idea how much the additional fees involved in getting a property are.

In addition, four per cent of people polled revealed that it never occurred to them that there would be extra payments to be made.

It was also discovered that more than two-fifths of consumers intended to use savings to cover the necessary expenditure.

Chief executive of unbiased.co.uk Karen Barrett said: "Buying a home is a huge financial commitment and it is crucial for consumers to factor in all the additional costs involved in order to then calculate which price bracket they can afford."

Recently, Ed Bowsher, head of consumer finance at Lovemoney.com, suggested that the chancellor's decision to up the level at which stamp duty kicks in for first-time buyers to £250,000 will benefit those seeking to get on to the property ladder.

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