Buying fees

JennyW_2 · 21 February 2006 at 10:31AM

I'm assuming to cover the following fees from the equity of my property:

Stamp Duty
EA fees
Solicitor's fees
Mortgage redemption fee
Deposit?

Am I correct?

Thank you

suki1964 · 21 February 2006 at 10:39AM

I had to have the deposit and the stamp duty paid before completion, the rest is coming out of the equity

JennyW_2 · 21 February 2006 at 10:40AM

but I haven't got £10K hanging around?

payless · 21 February 2006 at 10:50AM

Many solicitors would require a little something upfront

suki1964 · 21 February 2006 at 11:32AM

Check with your solicitor. When we were FTB's we didnt have a pot to pee in,our solicitor guarented the deposit so we didnt have to put anything up but we still had to find the stamp duty - borrowed it on a credit card - not money saving but needs must

payless · 21 February 2006 at 11:34AM

I'm assuming we are talking someone in a sell / buy situation , so solicitors will usually ( not always) require local search fees and maybe a little something towards their fees up front

JennyW_2 · 21 February 2006 at 11:51AM

yes I'm in a buy/sell position :rolleyes:

JennyW_2 · 21 February 2006 at 11:52AM

yes I'm in a buy/sell position :rolleyes: I understand that the usual disbursements will be paid up front, I was just getting a little worried about the bigger fees but my mind has been put to rest.

payless · 21 February 2006 at 11:55AM

Obviously make sure you calculate correctly the new mortgage to allow for these,

remembering that the " current redemption" figure may be slightly "distorted" depending on nwhen last payment made - plus allow for " initial interest" - that extra payment on first month on the new mortgage

mummytofour · 21 February 2006 at 1:06PM

Im in the same situation everything is tied up in the sale.

My sol will bill me on exchange for the fees for which I will pay from house sale on completion, the deposit they are working on our buyers have no deposit either so I cnat pass it up the chain, worst case is exchnage and complet on the same day, that way no deposit is required.

Stamp duty is coming out of the sale of the house same with the bleeping redemption fees.

lynzpower · 21 February 2006 at 1:40PM

theres a long and detailed topic on here on how to get your estate agency fees down to 1% if you are selling. Worth a look i think
good luck with it x

Buying fees

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