What other charges???

edfolletthsbc

As a first timebuyer I'd like to know besides from the arrangement fees with the mortgage what other charges do i have to consider.. things like stamp duty... but what are the others?

ed

beecher

solicitors fees for conveyancing, survey fees, local authority searches. It all adds up!

_Andy_

Legal/solicitors fees, valuation fee, cost of moving, then allow money for changing locks on first day, furniture, decorating, ongoing maintenance etc, contingency (e.g. boiler breaks down etc)

edfolletthsbc

thanks guys for such a speeedy response

quick question. Things like solicitor fees and survey fees how much do they cost (as a rough guide)

Also what does the local authorty search cover (what is it used for)

Thanks

Ed

DJ_Mike

My solicitor is charging me a fixed fee of £350 for my move. Fees can vary depending on location and the price of the house you're buying.

Be wary of any solicitor that doesn't fix their fees - you can end up with escalating costs if you're not careful. Try to find one that agrees all the charges with you in advance, so you know how much you'll end up paying. Also be wary if your solicitor charges up front - most respectable solicitors will charge you on completion, or not at all if the sale falls through!

Local authority searches cover planning permissions in your area, and making sure there aren't plans to build new roads through your house (that would be bad). They vary between £100-200 but 200 is generally the max (mine cost me £140 for South Cambridgeshire).

Basic valuation (required by mortgage lenders) varies by property price. However, mine was free through my lender, so I'm afraid I don't know how much this generally costs. If the property you're buying is very old, you might want to consider a full structural survey for peace of mind, but these can set you back to £400 to £1000 so only do it if you really think it's necessary (I didn't bother as the house I'm buying is only 20 years old).