High-value property considerations
Buying a high-value property comes with considerations that do not apply to standard purchases. This article covers the practical issues you need to be aware of, from valuations and surveys to insurance and stamp duty.
In this guide
Valuations and surveys
Lenders require a valuation on every property they lend against, and for high-value homes this is typically a more detailed process. Some lenders will send a senior or specialist valuer, and the cost is usually higher than a standard valuation.
It is also wise to commission a full building survey on an expensive property. Older homes, listed buildings, and properties with large grounds can harbour costly surprises. A thorough survey protects you from unexpected repair bills after completion.
Stamp duty on high-value properties
Stamp duty land tax rises steeply on expensive properties. The highest rate band of 12% applies to the portion of the price above £1.5 million. On a £2 million property, the total stamp duty bill can exceed £150,000, so it is an important part of your overall budget.
If you are buying an additional property, the 5% surcharge applies on top of the standard rates. Your solicitor or financial adviser can give you an exact figure based on your circumstances and any reliefs that may apply.
Insurance for high-value homes
Standard home insurance policies may not provide adequate cover for expensive properties. High-value home insurance typically offers higher rebuild limits, covers fine art and antiques, and includes features like alternative accommodation if the property becomes uninhabitable.
Your lender will require buildings insurance as a condition of the mortgage, and they may specify a minimum level of cover. It is worth getting specialist quotes early in the process so you can factor the cost into your budget.
Related guides
More guides in our large mortgages mortgage hub.
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