Twenty four per cent of home-buyers do not know how much the extra costs associated with a residential property purchase or sale will be, according to a survey.
A professional advice website, unbiased.co.uk, says 9% of its respondents thought costs, apart from the deposit and mortgage, would only be up to £1,000.
A small percentage, 4%, said they did not realise there would be any additional expenses involved in a property transaction.
To cover their costs, most (41%) said they would use savings while 18% planned to add them to their mortgage.
Chief executive of unbiased.co.uk Karen Barrett said, "The Chancellor may have given first-time buyers a boost by temporarily suspending stamp duty on house sales up to £250,000, but the other costs will still add up to a substantial amount which needs to budgeted for in order to avoid getting a nasty shock."
Apart from stamp duty, costs associated with residential conveyancing include a survey on the property, fees for council searches which will be charged through the solicitor and the lawyer's own service, these vary depending on the amount of work involved.
