House Buying Costs?

tony863

Hi All,

I am in the process of buying my first house, and I have payed for the survey (£530) and the initial costs of the solicitor (£220). I still have about £2350 left to pay the solicitor on completion.

I thought the cost of buying a house ran into its thousands?


Am I missing something?

I can't think of any other costs (Although I'm sure you all can't wait to tell me them!)

Can anyone tell me the true/hidden costs before they arrive at my door

Thanks

helping_hubby

Assuming your £2350 includes stamp duty and searches etc then I'd say that's about it (aside from removal costs - if any, and buying new things for your home). Do you have a deposit to pay? How about any mortgage fees?

I guess the thousands (although technically it is costing you thousands) come into it when you're selling as well, as then you have to pay estate agents fees.

scope

They do run into thousands..

1) Approx £1000 to solicitor (incl searches, etc)
2) Stamp duty (2500 on a 250.000 house)
3) Removal (unless you can do it yourself), 600-1000

On top of that there will be stuff I've missed.. So this adds up to about £4.500 + any extras bits.. (this is for a 250k house, which is nearly the average price these days).. Not cheap..

If you are selling (say a 200k house), thats an extra 2.500-5000, depends on the deal you get with the EA. And another £500 for solicitor.

We are currently moving and I guess its going to cost us around £7000-£8000.

deb_buffy

We are just buying our first house and are paying:

£460 - home buyers report
£1058 - Solisitors total including searches
£110 - Van rental
£3150 - deposit

We haven't got to pay stamp duty as the house is only £105,000.

I dont think you are missing much, from what i have read it depends on where you live and how much the house is people in london seem to pay loads more then we are paying up in cheshire. I wouldn't worry too much.

tony863

Thanks (so Far)

The Solicitor's fees include the Stamp Duty, and we are first time buyers so we have no charges for selling.

The removals is taken care of for free and we have a seperate budget for decorating etc..

My main concern is that we will be hit with unexpected bills near to or upon completion.

I hate it when people say "Ok congratulations.. we are nearly there now.. all you have to do is pay us an extortionate fee... for no apparent reason!"

So, does it sound like thats all of it?

scope

assuming the solicors fee also include land registry, and other searches they need to do, then, yes I think thats about it. Enjoy it while you can, next time you sell it wont be this cheap.

danm

The only 'hit' you may get a shock at will be the first months mortgage payment which may be upto twice as much to account for the interest from your completion date upto the first normal payment date

pinkshoes

I've just bought (completion on friday), and fees were:

* Evaluation fee (mortgage company) £415
* Solicitors fee (including searches) £1000 ish
* Stamp duty (1%) £2000 ish
* Leasehold & maintenance charge (it's a leasehold flat) £715

Then just after we move in, it'll be council tax bill, tv license, connection fee of telephone etc... can't think of anything else!

tony863

Thanks again,

When you are on about the mortgage payment being doubled in the first month, can I avoid this by trying to complete two or three days before the first payment is due out?

EG, If I organise the direct debit for the mortgage to come out on the 3rd of the month and complete on the 1st of the month, I will only incur One mortgage payment?


Is that correct?

MJMum

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danm

tony863 wrote: »

Thanks again,

When you are on about the mortgage payment being doubled in the first month, can I avoid this by trying to complete two or three days before the first payment is due out?

EG, If I organise the direct debit for the mortgage to come out on the 3rd of the month and complete on the 1st of the month, I will only incur One mortgage payment?


Is that correct?

probably not, as by the time the correct department gets hold of your file, you'll probably be past the cut-off date for the mortgage co. processing its DD's.

Prior to moving you can give them a call and ask what (and when) your first payment will be and just put the money to one side if it is a full month