Purchasing a property in Scotland entails a thrilling yet intricate endeavor that demands meticulous financial planning. Let's delve into the wide array of expenses associated with property acquisition to ensure you make informed decisions throughout the process. Bear in mind that each property transaction is unique, so we'll shed light on the financial considerations that prospective buyers should keep in mind.

Deposit: The initial deposit typically ranges from 5% to 20% of the property's purchase price. It's worth noting that a larger deposit can potentially lead to better mortgage rates.

Mortgage Arrangement Fees: Lenders may charge a fee for setting up your mortgage, which can range from £0 to £2,000 or more. Booking fees, which cost between £99 and £250, can also be added.

Mortgage Broker Fees: If you decide to use a mortgage broker, they might charge a fee for their services, usually around a £500 - £600 fixed fee.

Valuation Report: A valuation fee is paid to your lender to carry out a mortgage valuation that will value the property. It will reassure them that the home is worth the amount they are lending. This can sometimes be free, depending on your mortgage lender. This will cost £150 - £1,500 depending on the price of the property.

Survey Costs: Surveys are essential for assessing a property's condition. There are different survey types, all of which are listed below:

  • RICS Home Survey Level 1: From £250
  • RICS Home Survey Level 2: From £350
  • RICS Home Survey Level 3: From £500
  • New-Build Snagging Survey: £300 - £600

Conveyancing Fees: Conveyancing involves the legal work required to transfer property ownership. Costs for conveyancing services can vary, but it's advisable to budget around £500 to £1,500. The average cost is £1,190.

Solicitor Fees: You will need a conveyancer to handle the legal side of the transaction. The average solicitor fees for buying a house are £1,320 for a freehold property, including 20% VAT. Remember, these fees will depend on the size, location, property value, and the conveyancer you use. Conveyancing fees for a leasehold property will be higher, costing £1,490 on average.

Land and Buildaings Transaction Tax (LBTT): LBTT replaced Stamp Duty in April 2015. This is required for all first homes over £145,000 and on all second homes. The only exception is first-time buyers, who do not need to pay LBTT on properties bought for less than £175,000. Here is a breakdown of all LBTT you would be liable to pay when buying property in Scotland.

  • House prices up to £145,000: 0% if you are buying a first home, 3% when buying a second home
  • House prices from £145,001 to £250,000: 2% if you are buying a first home, 5% when buying a second home
  • House prices from £250,001 to £325,000: 5% if you are buying a first home, 8% when buying a second home
  • House prices from £325,001 to £750,000: 10% if you are buying a first home, 13% when buying a second home
  • House prices £750,001+: 12% if you are buying a first home, 15% when buying a second home

Missives: Missives are a series of letters exchanged between the buyer's and the seller’s solicitor to negotiate and agree on the final terms of the sale. This is equal to exchanging contracts in the rest of the UK. Within the letters, the parties involved agree to various terms and conditions. This is also where the seller will formally accept your offer. Missives will go between parties until a qualified acceptance has been reached. Once this happens, neither you nor the seller can legally pull out of the transaction.

Moving fees: Remember to budget for any moving company costs, as well as factoring in any profit you may make on items you wish to sell before spending on new belongings.

Routine expenditure: Your monthly bills and repayments may change, so make sure you have all of these nailed down before moving in.

Mortgage Holiday Calculator

The Bank of Scotland's mortgage holiday calculator shows how taking a break from payments can - and would - affect your future mortgage repayments.

From highlighting what you currently pay and contrasting this against what you would be paying once your installments begin again to letting you choose how long you want to take a break for, their calculator will help you make an informed decision.


Navigating through the intricate landscape of property acquisition costs in Scotland might seem overwhelming, but understanding these financial components will help you make well-informed decisions. Remember, costs can vary based on factors like your mortgage, location, property type, and market conditions. By equipping yourself with this knowledge, you'll be better prepared to embark on your property ownership journey.