Costs associated to buying a house

MORPH3US

Hi all,

Just wondering if there was any spreadsheets / anyone knowledgeable on here who could help me work out the costs associated with buying a house.

The house we are looking at is up for £145,000 so if we paid the asking price, we hope to have a 5% deposit, so what fees / taxes would we have to pay and how much would they be?!?

Thanks a lot

M

AndrewSmith

Hi,

Rough estimates as follows

Valuation fee £350
Lenders Booking fee £495
Solicitors fee (inclusive of searches and disbursements) £1,000 (average)
Deposit £7,250
Stamp Duty £1,450

Those are the basic ones. I always suggest that you also allow about £500-1000 if possible for emergencies, such as the boiler not working when you move in etc. Although this may be covered on insurance you may have to pay out for it first.

Also you may want to employ a removal firm in which case you should call 3 local firms and get quotes.

Hope this helps

Andy

SPembo

The above should cover it. Another additional cost on actual buying could be an higher lending charge, although at 95% you can find mortgages without this charge.

MORPH3US

Thanks guys, what is a lenders booking fee out of interest?

M

Doozergirl

MORPH3US wrote:

Thanks guys, what is a lenders booking fee out of interest?

M

I'd call it an arrangement fee, but it's basically an administration charge for setting up the mortgage.

bylromarha

Excellent question.

I'm buying and selling for the first time. What additional selling costs will I have on top of those already mentioned?

The estate agent fee is the only one I know I have to pay. How much extra will solicitors and the like cost?

cattie

bylromarha wrote:

Excellent question.

I'm buying and selling for the first time. What additional selling costs will I have on top of those already mentioned?

The estate agent fee is the only one I know I have to pay. How much extra will solicitors and the like cost?

If you estimate around £650 extra for solicitors fees you shouldn't be too far off. Prices do vary around the country & from solicitor to solicitor, so it pays to shop around & get quotes from 2 or 3 different solicitors. There can often be £200-£300 difference in price quotes with a combined house sale/purchase.

BenL

We have got our selling solictor fees in with the main fee from the estate agent.

If you are on the market for a long time additional marketing costs may be payable.

We got x inserts into papers up to a certain cost.

After that they charge extra. We were on the market for 11 months and not exchanged yet so the marketing bill may be quite high.

Ben

sarah_elton

Hi M,

I'm just in the process of buying my first place, moving out from a rented flat. I had no deposit, and at £115k no stamp duty, but I've budgeted and am going to be close to the mark with:

Solicitor: £1,200 (higher as leasehold)
Fixed rate mortgage booking fee: £399
Survey: £335
Mortgage completion fee: £30
DIY: £200 (only odd cosmetic bits need doing immediately)
Van hire: £50 (just round the corner and have strong mates!)
Sofa: £500
Washing machine: £250

The last two being because a previous tennant had left them and I've been using theirs. The point being though obviously you'll need to budget for anything you don't have already, that you'll need as soon as you move in.

Total £2,964 (eep!)

Already got the sofa and went £31.50 over budget, but luckily a friend can borrow a van and I just have to top up the diesel so that's saved about £40.

mary

Just completed a sale, haven't got all the figures in yet, but the solicitor's fee was £650 + VAT, don't forget (around £113 on top), on purchase of a £145K
property/

MORPH3US

mary wrote:

Just completed a sale, haven't got all the figures in yet, but the solicitor's fee was £650 + VAT, don't forget (around £113 on top), on purchase of a £145K
property/

Thanks for that Mary,

Do you have the actual total figures available now!

M