Regular payments

• If you have a mortgage you need to pay this regularly to avoid repossession.
  
• You will need to take out buildings insurance. This will be part of your service charge if the property is leasehold. You may also need to consider life insurance and mortgage protection insurance.

These will all be new regular outgoings once you are a homeowner.

• Council Tax just as you do already
  
• Water, electricity, gas and telephone. Contents insurance should also be considered.
  
• For flats there are service charges payable annually. When you complete your purchase the amount you pay will include the charge for remainder of the financial year. Details of these charges will be listed in your offer letter, and calculations depending on the time of financial year that you purchase the property will be sent to your solicitor for payment on your completion date. You should budget for payment of the service charge each year.