Unexpected legal costs most likely to catch out homeowners


New research indicates that two out of five homeowners are caught out by unexpected legal fees.
The research, conducted by YouGov for moneyadviceservice.org.uk, shows that 38 per cent of homeowners said that expensive legal fees cost more than expected when they came to move and a further 21 per cent said surveyor fees surprised them.
It seems that younger buyers were the least prepared for the costs of moving, as half the buyers between the ages of 25-34 said their legal fees were higher than expected, reports freshbusinessthinking.com.
The survey also showed how buyers choose to pay for their first property. The most common response was savings, as 37 per cent said they used their savings to pay for the deposit. Although the rate that people save tends to differ quite a bit. One in eight respondents said it took them between one and three years to save for a deposit but the same number of people said it only took them less than a year to save.
Moving costs have also caught out buyers, as 17 per cent said things like hiring a removal van and using self storage cost more than they first expected. However, it is possible to keep these costs low, as 18 per cent managed to spend £100 or less on moving costs.