Home Buying Fees

1st-timer

Does anyone know the approximate fees we need to consider in our budget for buying our first home??

LilacPixie

It all depends on property, area, cost, and lender,. Conveyencing it typically a % of purchase price but most solicitors seem to charge the same in each local area so just ask a few local ones for a quote. Mortgage application costs depend on the product but could be 1k, some mortgage insist on you paying for their surveyor could be another few hundred. you might have stamp duty depending on purchase price, you may also use a fee paying broker and his/her cost will be depended on service they offer.

Then you have the usual moving costs new furniture etc

little_miss_muppet_face

For the solicitor- £200k home we were advised we would be in the region of £1700 plus £2k stamp duty so total £3700. that is what we have budgetted for. Unsure about any other costs such as moving etc.

GMS

1st-timer wrote: »

Does anyone know the approximate fees we need to consider in our budget for buying our first home??

So many options it is difficult to answer.

• Arrangement fees for the mortgage can be added to the loan or paid upfront depending on lender
• Solicitors fees can be free with some lenders, or you may need to pay but there could be a cashback towards these
• Valuation fees can be charged, or are free with some lenders
• Broker may or may not charge fees
• Stamp duty may be applicable

It is possible to have very little in the way of fees if there is no stamp duty, free val and legals, no fee broker. You would then be looking at moving costs plus solicitor disbursements.

Alternatively if you pay for everything then it could be expensive.

Speak to a 'Whole of Market' broker. If up front fees are a concern then there may be options for you, but make sure any incentives are factored into the overall cost, i.e if no up front fees mortgage will cost you £x extra per month make sure it is worth it.

evoke

The price of the new property makes a huge difference. On a £330K property that i'm interested in buying, with my property selling at £200K, i'm estimating costs as follows:

1. Solicitors fees: £800
2. Stamp duty: around £10K
3. Valuation: £270-£600
4. Mortgage fee: £99-£999
5. Removals: £1,000
6. Reconnecting various services: £200-£300
7. Renovation of new property: £20K-£30K

Of course, not all of those may apply but moving home is a very expensive business these days. You may not need anywhere near the £20K to £30K to 'do up' your new home and the stamp duty falls dramatically (and could be zero) if you're a first-time buyer and purchasing a property below a certain price.
And, if you're selling you've got the following costs to worry about:

1. EPC certificate: £110
2. Estate agent fees: approx. £3.5K (on a £200K property at 1.5%)
3. Solicitor's fees: £800