FTB - Costs before an offer?

mrstinchcombe

Hi there I am a FTB, and using an assumption I can get the mortgage I require, how much would putting that first offer in cost me?

I understand that a survey has to be done and there are other costs but I was just wondering how much these would be (whether the offer is accepted or not)?

I understand the figure may vary a lot but a ball park figure would be great as I really havent a clue!

Doozergirl

I thought you might be in Scotland but your other posts indicate you're in Bristol, in which case you don't need to incur any costs before you get an offer accepted.

You need to see an independent, whole of market, mortgage broker to get yourself a decision in principle. That means you know exactly how much you can spend on a house. Mine didn't charge me, he makes commission on the sale.

Then you look for a house, make an offer, then hopefully one gets accepted .

That's when you start spending money...

You instruct a solicitor - I'd budget roughly £500 + VAT
You have a valuation fee to your mortgage lender - could be free, could be in excess of £1000 - it really depends on the product.
Homebuyers survey - budget £500, bit less?
Searches etc will cost around £250
Land Registry and transfer fees about £200
Stamp Duty 1% of purchase price at £125,001 or over.

That should take you to completion unless I've missed something!

mrstinchcombe

Yeah sorry Im in the Bristol area.

Do you get a survey before or after you put in an offer?

Sorry for the daft question

terrylamps

Hi

You only need to arrange to get a survey done when your offer has been accepted.