Buying with a friend

rob.littlefair_2

Aye, I know renting isn't "dead money" in the sense that you are paying for a roof over your head but it is compared to me living at home now where I pay £200pm, have my tea made and washing done lol.

rob.littlefair_2

On a seperate note could someone please tell me what the cost would be in buying a house? I mean the costs that need to be paid upfront or on completion that can't be built into the mortgage.

Thanks.

HugoSP

rob.littlefair wrote: »

On a seperate note could someone please tell me what the cost would be in buying a house? I mean the costs that need to be paid upfront or on completion that can't be built into the mortgage.

Thanks.

Hi Rob

Essentially the cost are:

Solicitors - £400 odd including land Registry costs
Survey - Rangin from some £180 to some £600 depending on type of survey (there are three levels) and value of house
Moving costs - £50 for van hire to £000's for a full contents move
Mortgage fees - depending on who you get to organise your mortage (some brokers charge) to what a mortgage co charges you as a setting up fee for a competitive base rate mortgage. Some fees can be rolled up into the mortgage
I may have forgotten something...

There may be more or the mortgage you get may come with free valuation and legal fees etc.

I can recommend a good mortgage broker for you. His name is Ian Hubbard on 01752 209400. I use him for BTLs. The thing I like about Ian is that he looks at the total cost of owning a mortgage, among other factors. The lender that is the cheapest depends largely on what terms you want to embark on and how much you want to borrow. Some lenders seem more competitive for smaller mortgages because they charge slightly higher interest but dont charge a setting up fee whereas others will suit bigger mortgages because the larger setting up fee is more than offset via a cheaper rate.

Good luck

Doozergirl

Solicitors fees complete with searches, land registry fees, transfer fees etc are normally in the region of £1000. Mine almost always come in at £1100.

If you purchase a house at £125,001 or more, you pay 1% stamp duty (percentages increase at £250,001 and £500,001)

HugoSP

Doozergirl wrote: »

Solicitors fees complete with searches, land registry fees, transfer fees etc are normally in the region of £1000. Mine almost always come in at £1100.

If you purchase a house at £125,001 or more, you pay 1% stamp duty (percentages increase at £250,001 and £500,001)

You're right on the stamp duty but the solicitors fees seem high.

I always go for a fixed price conveyancing deal and use the same chap each time. Are you combining the costs of buying and selling? If this is so you will pay two sets of solicitors fees, but only searches etc on the property you're buying and the costs of answering buyers questions etc for the property you're selling.

The last time I bought a house I wasn't selling. The solicitors fees came in at around £500 odd.

Doozergirl

If you have searches carried out they cost about £250 across the board. Land registry fee is normally £150, so at £400 you're already paying the solicitor nothing for the actual conveyancing?

If they fill in the SDLT form for you and transfer funds electronically to the vendor, that's another £85.

I pay my solicitor £400-500 + VAT per transaction for the actual conveyancing. It's not cheap, but it's not unusual and we gets lots of 'in between' advice. I wouldn't use anyone else to deal with buying a house for me.

rob.littlefair_2

Ok, thanks alot.

It seems my friend wants to wait until after Christmas, which, to be honest is sensible as it will allow us to save some money; probably about 2K each.


I want it nowwww though! lol :P

bandraoi

How long are you planning to keep the house together once you buy it?

poppy10_2

rob.littlefair wrote: »

my friend wants to wait until after Christmas, which, to be honest is sensible

But... But... house price only ever go up... you have to buy now or you will never get on the property ladder...renting is just dead money..... buy, buy, buy!
:T

rob.littlefair_2

:rolleyes: