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Fee's........

kategregory
kategregory Posts: 144 Forumite
in Mortgages & endowments
Hiya everyone,

I'm sorry if this has been asked before...

Myself and my partner have been quoted that we can apply for a mortgage of around £102,000, we've found a few properties we like but have yet to apply for the mortgage we know we're likely to leave it to late to even make an offer just in case for some reason we get turned down..

My question is that the house we really like is £100,000 we're looking into the legal fee's involved and wonder if anyone has any ideas on how much this will cost or anywhere I can check to get the best idea?!

Does this get included in a mortgage or can we add this on?!?!

Sorry for all the questions, I hope I've explained it right! We're first time buyers with a deposit. :)

Thank you for all your help in advance.
Kate :)
Garden Designing available for the fraction of the costs!:D

Comments

  • nikki2804
    nikki2804 Posts: 2,670 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Not including deposit but all my fee's are coming to around £3000. This does includr stamp duty though which wouldn't be applicable on £100,000.

    I was told to have around £5000 put away for expenses. Always better to over estimate I suppose.
  • kingstreet
    kingstreet Posts: 39,434 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ask three or four solicitors to provide quotes for you. In my area, at that purchase price, you'd pay around £450 + VAT+ disbursements, a total of around £875.

    You cannot add legal fees to the mortgage. Some lenders have products with a legal fee incentive or cashback towards them.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,782 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The figure from KS is in the ball park.

    Bear in mind that Nikki's figures include at least £1,250 in stamp duty land tax and are therefore not a suitable comparison.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kategregory
    kategregory Posts: 144 Forumite
    Thank you for your replies!

    I've been doing some research online and got some quotes which turn out a lot better than I thought to be honest. I was wondering if there was any more fee's that I've missed?

    Sorry for the very large picture below, it also says*If you are getting a mortgage in place for this purchase the mortgage lender will require the Local and Water searches which haven't been included above. We can obtain these for £145 including VAT.*

    11bp7q8.jpg
    Garden Designing available for the fraction of the costs!:D
  • kategregory
    kategregory Posts: 144 Forumite
    It looked bigger when I was editing! lol x
    Garden Designing available for the fraction of the costs!:D
  • kategregory
    kategregory Posts: 144 Forumite
    Sorry for all the questions, but do we have to pay the estate agents a fee?
    Garden Designing available for the fraction of the costs!:D
  • kingstreet
    kingstreet Posts: 39,434 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No. The EA is the agent of the vendor, not the purchaser, so the vendor pays the EA fee.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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