Additional costs

Supreme_2

On a house purchase of £150,000 (2bed terrace), what additional costs would i be looking at? I'm trying to work out finances, so would like to know approximately how much should be put aside for costs that aren't the house cost, and renovation costs!


Thanks

Mumof4

Supreme wrote: »

On a house purchase of £150,000 (2bed terrace), what additional costs would i be looking at? I'm trying to work out finances, so would like to know approximately how much should be put aside for costs that aren't the house cost, and renovation costs!


Thanks

Deposit?
Stamp duty 1% = £1500
Solicitor - varies
Removals

Probably a few more but im sure someone with a bit more knowledge will be able to answer

_Andy_

Valuation fee
Cost of changing locks
Furniture
Decorating
Furnishings
Ongoing maintenance costs
Contingency

Sammy85_2

Increases in council tax & bills if its bigger than your last property

Cookie1988

For buying a house for £150,000 you ar elikely to incur these costs:

*1% Stamp duty
*The solicitors Fee (the conveyancers i work at quote around £500 for a freehold)
*If the HIP is out of date then you will be asked to provide up to date searches (local and/or drainage searches) which can set you back a few hundred pounds.
*You may decide to get an evaluation of the property (Mortgage lenders usually will value the property for free however they do not do such an indepth evaluation)
* You will have the choice of taking a Chancel search on the property (This is to tell you whether or not the property is liable to pay money towards a local church/s if they ever need building work. (Usually £17 - £20 depending on the conveyancer) If the property is liable you will want to take out a chancel repair indemnity policy (price varies £20 - £80)
* You may want to also take out an Enviromental search (especially if you are buying into an area you are unsure about) This tells you such information like whether or not the building is on contaminated land or is subject to floods/near a flood plane. This again depends on the conveyancer but is usually around £30 - £40.
* If the property is in cornwall then you will need a coal mining search (sorry not too sure by hand how much they are)

There are also other alot of fees (and im sure ive missed some) depending on your circumstances, your best bet is to call around local solicitors (or not local, they dont have to be local!) for quotes and ask the very same questions you are asking us.

Hope this has helped

Supreme_2

Cookie1988 wrote: »

For buying a house for £150,000 you ar elikely to incur these costs:...

Thanks, that's more of what i was after I don't need in depth answers just yet, so no real need to contact soliciters, i'm just after approx costs so i know how much to set aside.

If i set aside ~£3k that should be enough for this then?

Now if only i could decide whether to actually buy a house now, or leave the country for a year or two (Vancouver probably)... this is a hard choice to make!