How Much Did you Budget for Solicitors Fees, etc?

Fredula

My husband and I are hoping to buy our first home at the end of this year.

So far we have saved £26,734.12 and will have £10,000 parental contribution.

I've worked out that we will need to keep £950 for white goods as we only have a tumble dryer, so will need fridge/freezer, washing machine and possibly a cooker (depending on where we buy, etc).

In my head, my plans are to save £10,000 for repairs, say if the boiler breaks, the roof falls in, the ground swallows the garden up, etc. And then I roughly have a figure in mind that all the fees for solicitors, surveyors (all cost involved, basically) will be about £9000. These are just in my head, I've not looked into it - I wouldn't know where to start.

I'm just after some advice on whether you think I've got the right amount held back or whether we should put more towards the deposit. Thanks

~Beanie~

What price houses are you looking at? I'm no expert but £9,000 seems way too much for solicitors & fees!

Paully232000

i guess it depends on how much house is and if including stamp duty, solicitors fees including searches, removal costs, broker costs.
including all costs we spent something in the region of £5000.

if house you are buying is in excess of 250 k you could easily spent 9k or more on fees.

hcb42

If you are buying only, I cant see how expenses could be anything like £9k...assuming you are not buying a super expensive house (in which case deposit doesnt stack up)

I moved recently, large 4 bed property, £250K -
I paid (from memory):
Furniture Moving Fees - £800 ish
Solicitors and Searches - £700-800 ish
Mortgage Arrangement Fees £99
House Survey Fee - £450 ish
Stamp Duty - 1% up to £250000 - £2500.


http://www.rightmove.co.uk/cost-of-moving-house.html
Try that

Paully232000

I have just looked at mine, 200K property bought.

£868 solicitors costs
2000 stamp duty
299 broker
205 valuation fee
130 application fee
117 lender conveyancing fee
710 removals

£4329 total costs for purchase

ConfusedofYorkshire

Solicitor and fees- 820
Stamp duty- 2200
Mortgage: 499
Survey: 420
Move: 370

frisbeej

190k house with all appliances built in


Solicitor fees, stamp duty etc. £3148.15
Survey £350


Removals £50 van hire


£9k seems a lot for a reserve, don't forget you won't be saving for a deposit anymore.

Fredula

Wow okay so I think I might budget £6k then (maybe £7k). We are looking at £120,000 - £125,000.

LeafGreen

As long as you don't pay more than £125,000, you won't pay any stamp duty at all - which removes the single biggest expense that most people have.

Therefore your budget is extremely generous - although it can't hurt to err on the side of caution and have a few thou for unexpected expenses.

I would recommend breaking down your expenses into the individual components, as others have done above. If you post up a detailed breakdown then I'm sure people can sense check it and make sure nothing has been missed.

ConfusedofYorkshire

also bear in mind that a lot of houses will come with white goods. not all of course- but if they are integrated then they are normally included. if they aren't integrated then you can always ask for them to be included when you make your offer. thats what we did because at some point we will redo the kitchen and so didnt' want to be buying separate applicances now only to want to buy new integrated ones down the line

PollyOnAMission

I am in the Midlands and moved before Christmas. I sold a house for £145k and bought for £167k, moving two miles.

My costs were as follows:

Conveyancing: £1,737
Stamp Duty: £1,670
Estate Agent Fees: £2,100
EPC: £90
Mortgage Valuation Fee and Homebuyers Report: £545
Removal Costs: £585

Total: £6,727

Removing the selling portion of that, it would be more like £2,000 excluding stamp duty.