Buying your first home is one of the biggest milestones in life – but it’s also one of the biggest financial commitments. At Lacey Solicitors Belfast, our head of property William Wilson guides first-time buyers through the legal process of property purchase and helps understand the costs involved.
If you’re wondering “how much does it cost to buy your first home?”, here’s a breakdown of the main costs you need to prepare for.
1. The Survey
We always recommend that clients instruct a RICS qualified surveyor before committing to a purchase.
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A basic condition report is usually the most affordable option and highlights obvious issues.
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A homebuyer’s report is more detailed, examining structural integrity, damp, and potential repair work.
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A full structural survey is the most expensive but can uncover hidden issues in older properties.
While surveys add to your upfront costs, they can save you significant money in the long run by identifying problems before you buy.
2. Mortgage Fees
Most lenders will charge a product fee for arranging your mortgage, which can range from a few hundred pounds to over a thousand. Some lenders allow you to add this fee to the mortgage, while others require upfront payment.
If you’re using a mortgage broker, check whether they charge a separate fee for their services. Not all do – some are paid directly by the lender.
Lacey Solicitors works with a number of brokers across Northern Ireland and can assist you over any mortgage broker queries.
3. Stamp Duty Land Tax (SDLT)
Stamp duty is a tax paid by property buyers to the UK government. The amount depends on the price of the property and your circumstances.
The good news is that first-time buyers may benefit from reliefs, meaning you could pay less (or nothing at all). At Lacey Solicitors, we check whether stamp duty is indeed payable in your case and advise you clearly before completion.
4. Legal Fees & Outlays
When buying a home, you will need a property solicitor to handle the conveyancing process.
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Legal fees are the charges for your solicitor’s time in managing the purchase, reviewing contracts, and protecting your interests. Known as the ‘professional fee’ this will change from solicitor to solicitor so it is always best to shop around.
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Outlays are additional costs your solicitor pays on your behalf and these will be the same for every solicitor. These include things such as:
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Property searches
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Registration fees for putting the property in your name
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Land Registry charges
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What’s Included in the Legal Fees?
Every home move is different, but legal fees typically cover the essential work your solicitor does to ensure the transaction runs smoothly. At Lacey Solicitors Belfast, this usually includes:
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Reviewing contracts and advising you on the terms
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Carrying out local authority and property searches to check for issues that may affect the property
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Liaising with your mortgage provider (if applicable) to make sure funds are in place
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Handling the exchange of funds between buyer, seller, and lender
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Registering the property with the Land Registry in your name
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Managing key dates such as completion and handover of keys
One key step at exchange of contracts stage is arranging suitable home insurance. Read our article on insuring your property at exchange ofcontracts to find out why it’s vital.
This ensures every legal and practical detail of your purchase is properly managed, giving you peace of mind as you step into your new home.
5. Ongoing Property Costs
Beyond the purchase, remember to account for the day-to-day costs of owning a home, including:
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Rates (payable to your local council)
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Service charges (for apartments or leasehold properties)
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Utility bills (electricity, gas, water, broadband)
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Insurance and upkeep
Factoring these in ensures you’re financially ready for ownership.
Ready to Buy Your First Home in Belfast?
At Lacey Solicitors, our experienced property team makes buying your first home as smooth as possible. We’ll provide clear advice on legal fees, guide you through mortgage and stamp duty queries, and ensure you understand every cost upfront.
Contact our property team today using our secure online portal to speak to one of our Belfast property solicitors and get purchase ready with Lacey Solicitors.
