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  • FIRST POST
    • Pinklilly
    • By Pinklilly 16th May 17, 10:48 AM
    • 4Posts
    • 2Thanks
    Pinklilly
    Costs involved in buying a house
    • #1
    • 16th May 17, 10:48 AM
    Costs involved in buying a house 16th May 17 at 10:48 AM
    We're now in the position to buy once we find somewhere, however estimates on the actual costs of buying seem to vary hugely.
    We're looking at houses for around £60,000 (we live in Teesside), any advice on how much we should be expected to pay for surveys, solictitors fees etc?
    The average price of "everything" seemed to be about £1200, does that sound about right?
Page 1
    • hounsehunterftb
    • By hounsehunterftb 16th May 17, 12:15 PM
    • 120 Posts
    • 98 Thanks
    hounsehunterftb
    • #2
    • 16th May 17, 12:15 PM
    • #2
    • 16th May 17, 12:15 PM
    Approximate figures for you
    Deposit - £6000
    Solicitor fees - £900 - 1000
    Mortgage broker (if you go for one) - £299
    Mortgage valuation - £300
    Home buyer survey(safe to do so) - £100 - 150
    Extras - £500 (Removals etc)
    Initial Furniture - £1000 - 1500

    I would put aside about £9500 aside All the best
    Completed!! PROUD homeowner from now on!
    • hazyjo
    • By hazyjo 16th May 17, 1:18 PM
    • 9,097 Posts
    • 11,398 Thanks
    hazyjo
    • #3
    • 16th May 17, 1:18 PM
    • #3
    • 16th May 17, 1:18 PM
    May also cost you around a grand for a mortgage deal, although there are several which don't charge and give cashback - although the monthly payments/rates will be higher than ones where you pay a fee.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms
    • aneary
    • By aneary 16th May 17, 1:37 PM
    • 196 Posts
    • 101 Thanks
    aneary
    • #4
    • 16th May 17, 1:37 PM
    • #4
    • 16th May 17, 1:37 PM
    I would up the solicitors fees mine have come in at £1600. Only non-local were cheaper my preference was to have one near in case I need to drop any documents in.
    • ThePants999
    • By ThePants999 16th May 17, 1:45 PM
    • 662 Posts
    • 740 Thanks
    ThePants999
    • #5
    • 16th May 17, 1:45 PM
    • #5
    • 16th May 17, 1:45 PM
    May also cost you around a grand for a mortgage deal, although there are several which don't charge and give cashback - although the monthly payments/rates will be higher than ones where you pay a fee.
    Originally posted by hazyjo
    It's usually allowed to add the mortgage fee to the mortgage, though.
    • Pinklilly
    • By Pinklilly 16th May 17, 7:53 PM
    • 4 Posts
    • 2 Thanks
    Pinklilly
    • #6
    • 16th May 17, 7:53 PM
    • #6
    • 16th May 17, 7:53 PM
    I would up the solicitors fees mine have come in at £1600. Only non-local were cheaper my preference was to have one near in case I need to drop any documents in.
    Originally posted by aneary
    Ouch there goes my plans for a holiday with any excess cash
    • HaleyP
    • By HaleyP 16th May 17, 8:26 PM
    • 29 Posts
    • 48 Thanks
    HaleyP
    • #7
    • 16th May 17, 8:26 PM
    • #7
    • 16th May 17, 8:26 PM
    I live in Teesside too and used a broker (free one, he gets a fee from the mortgage company) and he's sorted everything. The mortgage he's arranged included a free basic survey (we upgraded to a homebuyers for an extra £200), £500 cashback and the solicitors fees have totalled £1,083 including stamp duty and all searches etc. So once we get the cashback, it's little over £500. We complete on Friday! So excited. Good luck with your search
    • Pinklilly
    • By Pinklilly 16th May 17, 8:33 PM
    • 4 Posts
    • 2 Thanks
    Pinklilly
    • #8
    • 16th May 17, 8:33 PM
    • #8
    • 16th May 17, 8:33 PM
    Wow, that sounds like a really good deal, congratulations and good luck with your new home
    • Atomix
    • By Atomix 17th May 17, 3:20 PM
    • 236 Posts
    • 195 Thanks
    Atomix
    • #9
    • 17th May 17, 3:20 PM
    • #9
    • 17th May 17, 3:20 PM
    One or two unexpected costs as well...
    for example, once you have completed, you will need to insure the house as of the exact same day, which could in theory, be setup beforehand, could be a few hundred pounds...
    redirection of mail - for 3months - £32.
    new phone/line. depending on how the seller leaves it / which provider they are with etc, (years ago you could leave the line 'live/open' as it were - this could cost up to £100 to setup. (could but you may get lucky).
    Im sure there are other examples, these are just a few...
    Last edited by Atomix; 17-05-2017 at 3:23 PM.
    • Atomix
    • By Atomix 17th May 17, 3:24 PM
    • 236 Posts
    • 195 Thanks
    Atomix
    http://forums.moneysavingexpert.com/showthread.php?t=943911

    BT landline setup costs - £125 now -
    • Atomix
    • By Atomix 17th May 17, 3:30 PM
    • 236 Posts
    • 195 Thanks
    Atomix
    New locks / keys? also very important -
    • getmore4less
    • By getmore4less 17th May 17, 6:18 PM
    • 28,833 Posts
    • 17,247 Thanks
    getmore4less
    One or two unexpected costs as well...
    for example, once you have completed, you will need to insure the house as of the exact same day, which could in theory, be setup beforehand, could be a few hundred pounds...
    redirection of mail - for 3months - £32.
    new phone/line. depending on how the seller leaves it / which provider they are with etc, (years ago you could leave the line 'live/open' as it were - this could cost up to £100 to setup. (could but you may get lucky).
    Im sure there are other examples, these are just a few...
    Originally posted by Atomix

    Insure from exchange.......
    • n217970
    • By n217970 17th May 17, 7:40 PM
    • 84 Posts
    • 51 Thanks
    n217970
    May also cost you around a grand for a mortgage deal, although there are several which don't charge and give cashback - although the monthly payments/rates will be higher than ones where you pay a fee.
    Originally posted by hazyjo
    For the numbers quoted (54kish mortgage) it will not be worth paying a grand for a better rate - go with the cheapest/free option.

    From memory when I did the maths the other month I don't think there is any benefit unless you are getting a mortgage for at least 150kish

    We went with Nationwide who charged nothing, even valuation was free + we got £500 cashback which paid for the new dishwasher. Depending on what or who you know you can also save some money on the home buyers survey, they are not essential. I did not feel the need on a 15 year old house or the 60 year old one before it but I am also reasonably confident in my own structual knowledge.
    • hazyjo
    • By hazyjo 18th May 17, 12:19 AM
    • 9,097 Posts
    • 11,398 Thanks
    hazyjo
    For the numbers quoted (54kish mortgage) it will not be worth paying a grand for a better rate - go with the cheapest/free option.

    From memory when I did the maths the other month I don't think there is any benefit unless you are getting a mortgage for at least 150kish

    We went with Nationwide who charged nothing, even valuation was free + we got £500 cashback which paid for the new dishwasher. Depending on what or who you know you can also save some money on the home buyers survey, they are not essential. I did not feel the need on a 15 year old house or the 60 year old one before it but I am also reasonably confident in my own structual knowledge.
    Originally posted by n217970
    Looking at a £50k-ish mortgage myself and will pick the free option (also with free valuation and £250 cashback). What I would advise too - not going to make an awful lot of difference to monthly payments. At least now the OP knows to shop around for mortgage deals as they vary greatly - and not all offer free ones.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms
    • Pinklilly
    • By Pinklilly 18th May 17, 10:43 PM
    • 4 Posts
    • 2 Thanks
    Pinklilly
    One or two unexpected costs as well...
    for example, once you have completed, you will need to insure the house as of the exact same day, which could in theory, be setup beforehand, could be a few hundred pounds...
    redirection of mail - for 3months - £32.
    new phone/line. depending on how the seller leaves it / which provider they are with etc, (years ago you could leave the line 'live/open' as it were - this could cost up to £100 to setup. (could but you may get lucky).
    Im sure there are other examples, these are just a few...
    Originally posted by Atomix
    I'm holding out for changing our phone/broadband provider, but still thats something else.

    New locks / keys? also very important -
    Originally posted by Atomix
    Thats something I hadn't thought of.
    Insure from exchange.......
    Originally posted by getmore4less
    Something else I hadn't thought of, cancelling current contents insurance and setting up a new policy for house + contents insurance.
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