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All the fees...advice please

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Put an offer in yesterday on a house!! First time buyers and we are very excited/worried etc!

We are applying for 95% mortgage when offer is accepted (hopefully with some negotiation although property new on market)

We have put aside £3k to pay for solicitors (although estate agent has an offer of free legal fees?), valuation, cost of mortgage, survey etc? We are hoping to get house for around £175k.

Is £3k enough for everything except deposit? As FTB no stamp duty

Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    It seems a little light to me. As a 95% borrower your fees and insurances from your lender may be higher. There are very few 95% mortgages about, do you have an agreement in principle? Have you asked your lender to quote costs?

    Do you have access to bank of mum and dad if you need it? Or can you live very frugally until completion and rustle up some extra? Or will your solictitor take payment in installments?

    For various reasons I would not use the EA solicitor. Not least a query over impartiality of advice if they have a) you, who they will never see again and b) an EA who puts a lot of business their way. Who do they want to keep sweet?
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
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