Page 12 - International Buyers Guide

Costs and financial considerations

Moving property is an exciting but costly time, so it is important to look beyond the purchase price and
build a realistic budget for the full cost of moving. Some costs arise before the end of the process, while
others continue after you have moved in.

Walkerburn

Property purchase costs Land and Buildings Transaction

When budgeting for your purchase, ensure you Tax (LBTT)
have sufficient funds to cover your deposit,
In Scotland, property purchases are subject
mortgage arrangement fees, removal costs,
to Land and Buildings Transaction Tax,
buildings and contents insurance from the date of
rather than the Stamp Duty Land Tax used
entry, as well as any immediate moving or set-up
in England and Northern Ireland. It is payable
expenses. When buying a property in Scotland you
may also need to offer more than the Home Report depending on the property’s purchase price
valuation to secure a property. Any amount paid and is calculated using tax bands, with higher
above the valuation is not covered by a mortgage rates applying only to the part of the price
lender and must be funded from your own savings. that falls within each band.

To calculate the LBTT
tax on a property, use
our online calculator
on espc.com

St Andrews

12 | Buying in Scotland