It’s never just the deposit

When you start saving for your first home, the deposit takes up all the oxygen. It’s the number on the mortgage calculator, the figure in every affordability conversation, and usually the hardest thing to scrape together. But the deposit is only one line in a much longer list, and buyers who plan for the rest find the whole process far less stressful. The extras typically add £3,000 to £8,000 to the bill, and considerably more if you’re buying a leasehold flat or furnishing from scratch.

Costs you pay before the keys arrive

These come out of your pocket during the conveyancing process, often weeks before completion. Some are payable up front and are non-refundable, even if the purchase falls through.

• Solicitor or conveyancer fees: typically £900 to £1,800 for a straightforward freehold purchase, plus VAT. Leasehold work usually costs more because there is more to check.
• Searches: local authority, drainage, environmental and mining searches usually come to around £250 to £450, depending on the region.
• Survey: a basic condition report might be £400, while a full building survey can reach £700 to £1,200 or more for an older or unusual property. It is optional, but rarely money wasted.
• Mortgage fees: arrangement fees range from nothing to over £1,000, and some lenders charge a separate booking or valuation fee.
• Broker fees: many brokers are paid by the lender, but some charge £300 to £500 directly. Ask before you instruct anyone.
• Banking and admin charges: small sums such as £25 to £50 for the same-day transfer of your completion money, plus a handful of other administrative fees.

Tax and leasehold extras

Stamp Duty Land Tax applies in England and Northern Ireland, with first-time buyer relief that has changed more than once in recent years. Scotland uses Land and Buildings Transaction Tax and Wales uses Land Transaction Tax, both with their own thresholds and reliefs. The numbers matter, so check the current rates on the official government pages before you make an offer, rather than relying on what a friend paid last year.

If you’re buying a leasehold property, budget for a management pack from the freeholder or managing agent, often £200 to £400 or more, plus a notice of assignment fee for telling them you have bought the flat. Ground rent and service charges also become your responsibility from completion day.

The cost of physically moving

Removals are quoted by volume, distance and how much help you want. A local move with a professional crew typically costs £400 to £1,200. If you pack yourself with a hired van, you might spend £150 to £300, but allow for the time and the inevitable extra trips.

Then there is everything that turns a house into a home:

• Furniture and white goods: £1,500 to £5,000 depending on what you already own.
• Decorating and small repairs: even a well-kept home usually needs something — a locksmith, a deep clean, a bit of paint.
• Insurance: buildings cover is required by your lender from exchange or completion, and contents cover is worth having from day one.
• Connection costs: broadband installation, TV licence, and setting up utilities and council tax in your name.

The first mortgage payment is usually bigger

Your first mortgage payment often catches buyers out. Lenders typically take it a few weeks after completion, and it can cover more than a calendar month of interest, which makes it noticeably larger than the figures in your monthly budget. Set aside a little extra for that first collection, and keep a cash cushion for the unexpected.

Putting a realistic figure together

Before you commit to a property, write down every cost you expect and add a contingency of around 10 per cent. Then work backwards: your deposit, plus these extras, plus a small emergency fund, should all sit comfortably within your savings. If the numbers only just work, consider a slightly cheaper property or a longer saving period — it is a far better feeling than moving into a home you cannot quite afford to run. A good mortgage broker and a recommended conveyancer will happily give you a written estimate early on, so you can see the whole picture before you fall in love with a house.