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Saga
Posts: 302 Forumite
Sites like https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs give a range for the costs associated with getting a mortgage, conveyancing, stamp duty, moving etc.
However, I was hoping if someone better placed would consider £3.5K a good realistic amount for a FTB hoping to get a 90%LTV mortgage on a £110K-£125K property (ready to live in, i.e. not much work needed)? Or would I need much more realistically? I appreciate this is a bit how-long-is-a-piece-of-string, but if realistically I need nearer £5K then this will help with saving & plans.
However, I was hoping if someone better placed would consider £3.5K a good realistic amount for a FTB hoping to get a 90%LTV mortgage on a £110K-£125K property (ready to live in, i.e. not much work needed)? Or would I need much more realistically? I appreciate this is a bit how-long-is-a-piece-of-string, but if realistically I need nearer £5K then this will help with saving & plans.
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100% debt-free!
100% debt-free!
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Comments
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£1k for a solicitor and searches and you won't pay any stamp duty at that house price. Moving could range from £100 van hire and do it yourself, or £750-£1000 for a removal company.
So £3.5k is probably too much!0 -
As well as the solicitors and removals there will be a survey to pay for and likely a mortgage arrangement fee so I would say £3.5K is about right, maybe £4k in case conveyancing does not go smoothly.0
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Great. Thanks!---
100% debt-free!0 -
We have just done this - we used Legendary Removals - really helpful and are part of a worldwide network of shippers. The guys that came to pack up our stuff were brilliant and the experience was good - admin and presales all good.0
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We are currently buying a house our solicitors fees are 3k but that includes £1750 stamp duty (which doesn't apply to you), land registry fees, solicitors costs, land search fee, new build fee (joke) and also because we are using the help to buy scheme there's a few hundred quid for that.
My fella has a transit van so we don't need to pay for removals, but that could cost you anywhere from £300 to £800+ depending on how much stuff you have and how far you are moving.
Our house is a new build so we haven't done a survey (my fella is going to check it out before exchange as he is a plasterer/builder) but you may want a homebuyers report (£300-£400) or a structural survey (£500-£1000).
Valuation fee was £430 with Halifax
Have you factored in any extra furniture you may need? Our new home has a dining room (which we don't have now) so we have to buy a dining set so we need to pay for that.
Morgage advisor is charging £499.
Our fees are more because of the stamp duty, and because its a new build, because we have gone through a broker and Ive even added our new dining set on! Our total is around £4500 so I'd say £3500 is a nice amount to put aside. You won't need to worry about any costs then, you will have enough to get a moving firm and if there's any money left over you can get some nice treats for your new home!
Good luck xx0 -
Thanks Narkynewt. That's really helpful. And good luck in your new home!
BTW, were your broker and solicitor personal recommendations?---
100% debt-free!0 -
Thanks Narkynewt. That's really helpful. And good luck in your new home!
BTW, were your broker and solicitor personal recommendations?
Glad I could be of help to you. The process is long, drawn out and stressful so planning ahead will certainly put you in good stead!
My broker is a friend and the solicitors were recommended by him. I did get other quotes for solicitors but they were all similar. If your broker recommends a solicitor the they will have a good relationship already which will make the process run a little smoother for you
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My house looks pretty much ready to move in and was, however we need to do minor roof/chimney repairs. The boiler is working well currently but pretty old and will need replacing at some point. So there's a couple of thousand there.
What I'm getting at is anything can happen and need fixing or changing after a survey or completion. We were FTB and needed furniture and household bits and bobs, etc but we had plenty saved up as I wasn't relying on credit. All I can say is save save save in the meantime just in case! Moving/buying a house can eat your money.0 -
Good advice, thanks. I reckon another few months saving is needed just to be sure!---
100% debt-free!0 -
On a £150k house our fees look like this:
Broker fee £300
Level 2 home buyers Survey £500
Solicitor Fee including stamp duty £1500
Isa closure fee £50 per account
Total £24000
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