Idea of total costs

boshdmg

Hi

I am wanting to buy a house for 115k and I want to get a rough idea of the total costs involved. I know this is has kinda been addressed in the sticky threads but im still a little confused, I need some one give me figure a once over for piece of mind.

So im buying a house for 115k

the costs will be

- £11500 10% deposit
- £750 to £850 legal fees
- £100 to 250 Building insurance
- 0 to circa £700 Mortgage arrangement fees.

Are there any other fees? Is their a survey fee as well? Or are the 'all inclusive' costs quotes I got from the solicitor likely to include the survey?

l_i_s_a

The mortgage company will require a valuation, at which point you can upgrade to a homebuyers or building survey for an extra fee if you wish. As this is required by the mortgage company it is unlikely to be included in the inclusive solicitors fee unless they gave you a full projection of all costs in the transaction.

No stamp duty payable as the property is under 125000. Hope this helps

l_i_s_a

Also, that solicitors fee doeslook a little high. You could get that down if you would be willing to try an online firm or those online companies who work by referring you to a solicitor whom you then deal with. This can work out cheaper as if you live in a more expensive area but you are allocated a solicitor from a less expensive area you pay comparatively low fees.

Mc4ndy

My Guess

Depost: £11500 - yes 10% if you choose that
Local & Other Search Fees £162
Stamp Duty £1150 1% (if payable - check) actually not payable as post above <£125k
Land Registry Fee £150
Bank Charge to transfer funds £25?
Conveyancing £500 + vat


building insurance... yes and contents and all other houshold bills

You choose the level of survey you want, but it's not compulsary to have a top notch survey done... it's again up to you. Your mortgage provider will do a basic valuation survey to assess that it's worth what they are lending.

The fees and charges are to a certain extent pretty much standard, your biggest choice IMO is getting the right mortgage and understanding all the terms and conditions. This is a bigger minefield and for FTB's you can be a little open to all the lenders tricks.

Doozergirl

I'd expect to pay just over £1000 in legals. £500 plus VAT for solicitor, then all the extras like Searches, Land Registry Transfer Fee, Bank Transfers and er, stuff.

I need to go to bed

boshdmg

So to bo clear these are the fees:

- £11500 10% deposit
- £750 to £850 legal fees
- £100 to 250 Building insurance
- 0 to circa £700 Mortgage arrangement fees.
- 300 mortgage valuation survey


@Mc4ndy: i know there is contents insurance, removeal costs and all other houshold bills etc, but im just talking purely the cost for buying a house

@l i s a: i was abit worried about a internet frim, as i want things to move quickly, so i was thinking if i go with a high street one i can atleast go in and see them?

Mc4ndy

hey boshdmg

I think you pretty much have it...

I don't know where you are in the country so solicitors fees could vary, for me I'm a northern monkey and we've only just stopped using coal for currency.

My solicitor who was middle price was £500 + vat for conveyance, that was 2years ago, so maybe a little bit more.

Don't get building insurance off mortgage lender it will most likely be terrible value.. I pay £16 per month for both building and contents, my mortgage lender quoted £45

Mortgage arrangement fee... yes can be 0 can be more, they either vary this or vary the interest rate and it can be really confusing/difficult to compare. Looking at the immediate future it might be wise to fix, or reserve a fixed price now. Looking like a 0.25% hike soon and maybe again in a few months.

Quite a few lenders offer "help with costs" for FTB's say £1000. This is ok but has repayment conditions attached, or at least a minimum they want you to stay without redemption penalties.

mi-key

I think you can do a lot better on the legal fees - we are paying approx £500 which is all conveyancing, searches etc...

Add on around £500 for a homebuyers survey, £250 for mortgage company valuation, anywhere between £250 and £2500 for mortgage arrangement fees depending on who you go with.

We are paying £174,000, so some of the insurance figures could be less for you :

Buildings and contents insurance is around £250 a year, mortgage protection life insurance thing is £250 a year.

With stuff like the solicitors and surveys its worth shopping around as we saved the best part of £1000 on these by not going with the first local ones we found.

lilyann1

What about removal costs or hire of van to take your stuff there,or if you do not have much stuff,do you have money set aside for buying things for the house??
Also setting up things like Telephone and Sky maybe??