1st Time Buyer! How Much Will It Cost??

united_road_68

Afternoon all,

Im a 1st time buyer thinking of purchasing a property for £124.999,00.

Now, How much do you think i should set aside for legal/survey costs etc.
Any help with this is appreciated

Phil Mac

virgo149

We are in the process at the moment, so can give you an idea of what we are paying for things etc:

Stamp duty (on <£125K purchase) - £0 (I'm sure you know this one already)

Solicitors - many are dependent upon purchase price. Our purchase is costing £699 inc VAT (that's on a £279K purchase). Plus also have to pay for land registry, searches etc - so allowing around £1100 for this in total (best to over estimate this one I think). Ring around plenty of solicitors as they can vary greatly - try and use a recommendation if you can. A FTB I know is being charged £1K total for everything (£95K purchase). First time I bought (mind you it was in 1994) solicitors were doing FTB 'specials', might be worth seeing if any still do this.

Moving costs - we are moving from a 3 bed to 4 bed detached and have been quoted £500 and £564 inc (but you usually have to pay for the boxes separately these days). You could try and man and a van, depends on how much stuff you have.

Think that's all (or enough!).

jojoyay

Hello,
I am in ther process of buying my first house for £122K in Leeds so this might help you.
I paid £440 for the Homebuyers Survey fee (the 'middle-ground' survey) which also included the mortgage valuation fee.
My total Solicitors fees are £795.75. I have only had to pay the first instalment for the searches so far which was £175.
You wont need to pay stamp duty as you're under £125K - yay!
Hope this helps!

jojoyay

Also - you might find this useful http://www.channel4.com/money/homebuying/first-timers/budget/purchase.html

virgo149

Sorry meant to say we paid £405 for a valuation with the Nationwide as we are buying a 2 year old house and didn't need any structural stuff being checked (still under NHBC guarantee). If you want to buy an old property, really do think about having a full survey - it will be worth it if any problems are found (as in my first purchase). Saves for nightmares later on.

[Deleted User]

Just bought a 200K house, so here's the costs i've incured

Searches: £300
Survey: £450
Legal: £350 (bit of a bargin from a family friend)
Land registry: £150

Total fee's: £1250
I'd allowed for up to £2K, so i'm quite happy with that. Stamp duty is costing £2K, so i'm under budget, yay!

Right, back to the painting (never buy a house from a colour blind grannie)