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

Headintheclouds_3

CharleneUK wrote: »

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?

Yes, you only pay the EA if you're selling.

I'd definitely recommend phoning around say 3 or 4 local solicitors for a quote - make sure you're clear what it includes (i.e. will they charge you for their time if your offer isn't accepted)

Also agree with the poster who mentioned deciding on your mortgage provider ASAP - either via a broker or, if you prefer to do the legwork yourself, via a mortgage comparison site like moneysupermarket.com. Once I'd decided, I went to see a mortgage adviser at the building society I'd chosen and we went through their products and how much it would cost per month on my maximum borrowing amount, arrangement fees, higher lending fee etc. As a FTB, I found it really helpful to get my head around the figures.

At the end of the day, there will always be things to fork out for before and, no doubt, after completion which you didn't expect - which is why it's so important not to overstretch yourself with the mortgage!

barnaby-bear

cwcw wrote: »

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.

Solicitor fees tend to be higher on leasehold (mainly flats) as more work. Some solicitors only charge their fee if sale goes through i.e. if sale goes wrong less out of pocket.

We forgot about £70 for CORGI man to connect the cooker, £50 to change the lock barrels (really do this) - we did ourselves locksmiths expensive.

CharleneUK

Thanks again

I got a quote from that solicitors website, and am feeling better, although I know it's only a quote!

PURCHASE PRICE QUOTE:
For a purchase price of £185,000.00
Legal Fee : £245.00
VAT : £42.88
Stamp duty : £1,850.00
Land Reg Search fee : £4.00
Land Reg fee : £150.00
Local Authority Search fee: £115.00 (estimated)
Telegraphic Transfer fee : £35.00
Bankruptcy fee : £4.00
Total inc VAT : £2,445.88

I think I'll probably go with A&L, just fingers crossed now, I'll be hearing from Croydon council by Friday!