*Fees for buying your home - how much did you pay?*

CharleneUK

A rather personal question I know.

I'm trying to get a feel for how much to save up for valuation fees/solicitor fees, mortgage arrangement fees etc etc.

If you could post roughly how much you paid and what the breakdown was, I'd be most grateful.

Thank you.

cwcw

Roughly (and not paid all as yet - awaiting exchange):


£280 mortgage valuation (add £200 extra for homebuyers survey)
£500 solicitors' fees
£190 search fees
c£200 other completion fees (e.g. electronic money transfer fee, land registry transfer fee, etc)

Then stamp duty, if applicable:
Nothing if purchase price is below £125k
1% of purchase price if between £125k and £250k
3% of purchase price if between £250k and £500k
4% of purchase price if over £500k

Then add your deposit (e.g. 10% of purchase price) if applicable. Also an idea to add your first month's mortgage payment.

clutton_2

plus house insurance
removal fees
post redirection costs
landline installation fees

there are so many thousand different mortgages on the market - that you cannot really compute an average - go to a whole-market broker, and discuss an individual product.

UK007BullDog

Every lender has different fees, so it is not an exact science. Some charge booking/admin/reservation fees of £0 - £5000 or 0.5% up to 3% of the mortgage amount.

Surveyors also go tiered by the property value/loan amount.

The only fee you have control over (somewhat) are solicitors/conveyancers and the mortgage brokers.

If you are a First Time Buyer a lot of lenders offer help with costs (this makes the interest more expensive but could be an option if you have no money).

Why dont you tell us the property price and mortgage amount you are looking at then we can give you more info.

Most lenders websites tell you the cost for surveys etc.

On average the mortgages I arrange the fees are in the middle for London properties:

Booking fees around £800
Surveyor: £500
Solicitor: £800 - £1200

And dont forget the stamp duty.

UK007BullDog

Every lender has different fees, so it is not an exact science. Some charge booking/admin/reservation fees of £0 - £5000 or 0.5% up to 3% of the mortgage amount.

Surveyors also go tiered by the property value/loan amount.

The only fee you have control over (somewhat) are solicitors/conveyancers and the mortgage brokers.

If you are a First Time Buyer a lot of lenders offer help with costs (this makes the interest more expensive but could be an option if you have no money).

Why dont you tell us the property price and mortgage amount you are looking at then we can give you more info.

Most lenders websites tell you the cost for surveys etc.

On average the mortgages I arrange the fees are in the middle for London properties:

Booking fees around £800
Surveyor: £500
Solicitor: £800 - £1200

And dont forget the stamp duty.

CharleneUK

UK007BullDog wrote:

Every lender has different fees, so it is not an exact science. Some charge booking/admin/reservation fees of £0 - £5000 or 0.5% up to 3% of the mortgage amount.

Surveyors also go tiered by the property value/loan amount.

The only fee you have control over (somewhat) are solicitors/conveyancers and the mortgage brokers.

If you are a First Time Buyer a lot of lenders offer help with costs (this makes the interest more expensive but could be an option if you have no money).

Why dont you tell us the property price and mortgage amount you are looking at then we can give you more info.

Most lenders websites tell you the cost for surveys etc.

On average the mortgages I arrange the fees are in the middle for London properties:

Booking fees around £800
Surveyor: £500
Solicitor: £800 - £1200

And dont forget the stamp duty.

Thanks everybody!!

Property prices will be around £180,000 - £190,000

We'd need a mortgage of around £140,000 - 150,000.

Xbigman

Have you looked at who your mortgage provider will be yet? As soon as you do that you will have a much better idea of what they are going to pay for and what you will need to pay for.

And as already stated, the first mortgage payment is at the start of the first month, not after the first month.
Regards


X

Princess_Fiona_2

CharleneUK wrote:

A rather personal question I know.

I'm trying to get a feel for how much to save up for valuation fees/solicitor fees, mortgage arrangement fees etc etc.

If you could post roughly how much you paid and what the breakdown was, I'd be most grateful.

Thank you.

With regards to Solicitors fees. I checked on this site and from comments/advice from others rang around high street solicitors and also on line and found that conveyancing-warehouse.com was the cheapest by far. Check out their website and see if it is any good for you. Roughly worked out for buying and selling for me (im not paying as much as you and also dont have to pay stamp duty either) their quote was £901.13 (this was for selling and buying a new property) although they did point out that lender may require additional searches eg environmental, mining and drainage etc but they also gave me figure of £110.00 for the additional searches. I found that the searches were all around the same prices the major differences with the quotes were the Legal fees. But again read good and bad reports so I suppose it can be the luck of the drawer. Also the mortgage lender has agreed to pay £250 towards searches which helps. Good luck to you. PF

CharleneUK

Thank you all for the replies.

This will not be happening till at least June/July, but I like to be prepared for everything, especially when it will be quite a bit of money involved!

Cheers.

Siemo

Anyone know how much solicitors will be to sell only?

CharleneUK

My aunt says you also need to pay 1% estate agencies fees. I never actually thought about that

Actually, I think she's got that part wrong? Surely you only pay the estate agents if you are selling?