Simply put. How much do I need to buy a house?

United762000

Ok me and my wife are saving to buy a house. we want to buy a house for around £150k. so i know i need a £15k deposit but how much else do i need? for things such as legal fees surveys etc or is that included in the mortgage?

Yorkie1

If you buy at £150K there will be 1% stamp duty land tax to pay - £1500 (unless in you're in a deprived area).

Mortgage application £0 - 1500 (depending on product)

Survey £300 - 100 (depending on which level of survey you get and whether you get your survey independently from the mortgage valuation)

Solicitors fees - probably £800 - 1000 including searches.

Don't forget you will need buildings (and contents) insurance.

Usually I think you won't see much change out of £5K.

billybear1

Agreed, don't forget moving costs, such as van, food, etc.

Will you be up scaling, will you need more furniture? Do you need any extra insurances such as indemnity insurances? Chancel Insurances?

£5,000 is a very good estimate and kitty to have, as Yorkie has put, don't expect a night out on the change.

HappyMJ

I must have been quite lucky to get my house for £785 in SDLT and £780 in total for all the other fees and charges for a house worth £78,500. (10 years ago).

I just used a conveyancer rather than a solicitor and went for the basic searches and basic drive-by valuation only.

You can add the mortgage fees onto the mortgage in some cases.

dimbo61

If you shop round you might get some of the costs a little lower but having a " drive by " valuation for the LENDER might be OK for a modern house but useless in a one hundred year old victorian semi ( full survey plus checks on electrics, central heating, roof, damp course ETC)
Having a 15% deposit gets you much better deals

Loopgames

HappyMJ wrote: »

I must have been quite lucky to get my house for £785 in SDLT and £780 in total for all the other fees and charges for a house worth £78,500. (10 years ago).

I just used a conveyancer rather than a solicitor and went for the basic searches and basic drive-by valuation only.

You can add the mortgage fees onto the mortgage in some cases.

I thought conveyancars were solicitors:huh:

bryanb

Loopgames wrote: »

I thought conveyancars were solicitors:huh:

Nope.......

But solicitors do carry out conveyances

Yorkie1

Loopgames wrote: »

I thought conveyancars were solicitors:huh:

Someone who does your conveyancer may be a solicitor, or they may be a licensed conveyancer (not a solicitor), or they may be a legal executive (not a solicitor), or they may just be a clerk who is nominally supervised by a solicitor.