How much money do you roughly need for house buying process?

Cowboy.

Hi there,

How much money do you roughly need for house buying process? E.g. Let's say you have enough money for the house and mortgage itself, but don't know how much other costs such as surveying etc add up to.

monty-doggy

Hello

I am a FTB, this is what I have had to pay

Mortgage broker fee £295
Mortgage product fee £499
Conveyancing and searches £700
Stamp duty 1% purchase price
First mortgage payment and accrued interest TBC
Removal company £400
Survey (homebuyers) £495

I also need some money for some immediate works on the house.

jemmiegal

Thanks Monty-doggy that was really informative. Do you have to pay just the survey fee for every place you're considering buying? I take it all the other fees are one off.

If I found house A I'd have to do all those things but if for some reason the survey comes back poor and then I go for house B is it just an extra survey cost?

Thanks

monty-doggy

Yes survey cost and conveyancing if any works or searches have gone ahead. Although a lot of conveyances offer an insurance for £50 so if the sale doesn't go ahead you don't lose your legal fees.

RockPaperScissors

Just for comparison, we didn't use a broker so it was:

Around £850 legal fee
300 searches
1% stamp duty
600 home buyer survey

Did all removing ourselves and paid 72 for cover as mentioned by monty-doggy to protect us from losing legal fees if the sale fell through

monty-doggy

Legal fees vary a lot, mine were 700 including searches an my homebuyers survey was £495 but I think it's cheaper or more expensive depending on the value of the purchase, mine is £167500, although got it dropped to £164000 after survey, but this doesn't change fees.

calicocat

Hi,
I'm reckoning on 2K solicitor (including stamp) , £500 housebuyer survey, £550 removal company. But also may need plumber/electrician at either end for removal and putting back in of light fittings and w/machine etc.

monty-doggy

calicocat wrote: »

Hi,
I'm reckoning on 2K solicitor (including stamp) , £500 housebuyer survey, £550 removal company. But also may need plumber/electrician at either end for removal and putting back in of light fittings and w/machine etc.

How much is your purchase?

macarena123

Are you renting at the moment? If so don't forget to budget for getting your current place cleaned, and fixing any odds and ends that need doing.

Plus you should have some money set aside to cover the random things you will need in the new house straight away (anything from light bulbs, to curtains, to a broom to sweep the back yard)

Other people have commented on here about moving house eats money. As a FTB I am coming to the conclusion that it's like one of those laws of physics, where the cost of house buying expands to fill the available amount of funds you have to hand :-)

calicocat

monty-doggy wrote: »

How much is your purchase?

140K, to be honest I haven't got a clue what i'm doing, have just had to start a thread about the flipping survey.

monty-doggy

At 140 k you might need to budget a bit more for legal fees, £600 is tight