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Mortgage Fees - Are mine normal?!
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Vect
Posts: 8 Forumite
Hello folks,
I've just bought my first house (leasehold maisonette) and have just paid my deposit. I'm currently working long hours on a project in the US and I don't have time to scrutinise the costs being presented. I thought I had budgeted well, but the fees payable on my meager mortgage are £1900! You can see the details below. Are these fees in line with what you would expect, or am I being taking for a ride by my solicitors?
EDIT: Not allowed to post links, so having to type out the details.
Purchase price £72,500
Ground rent £10
Insurance £200
Total £72,710
Add
Our fees £349
Charge for acting on Leasehold Interest £200
Acting for Mortgage Lender if applicable £150
Charge for completing SDLT return £85
Charge for arranging a Bank TT £40
Charge for Digital Archiving £25
Admin Fee for electronic Land Registration £20
Electronic ID check £17
BACS payment fee £8.50
Total VAT on fees £179
Coal search £38
Land Charges search £8
Land registry fee £20
Leasehold Retention until completion £250
Notice of Transfer £200
Primary searches Pack £303
Total costs to be added £1,891
I'm going to be starting life in my new home eating beans on toast for months.
I've just bought my first house (leasehold maisonette) and have just paid my deposit. I'm currently working long hours on a project in the US and I don't have time to scrutinise the costs being presented. I thought I had budgeted well, but the fees payable on my meager mortgage are £1900! You can see the details below. Are these fees in line with what you would expect, or am I being taking for a ride by my solicitors?
EDIT: Not allowed to post links, so having to type out the details.
Purchase price £72,500
Ground rent £10
Insurance £200
Total £72,710
Add
Our fees £349
Charge for acting on Leasehold Interest £200
Acting for Mortgage Lender if applicable £150
Charge for completing SDLT return £85
Charge for arranging a Bank TT £40
Charge for Digital Archiving £25
Admin Fee for electronic Land Registration £20
Electronic ID check £17
BACS payment fee £8.50
Total VAT on fees £179
Coal search £38
Land Charges search £8
Land registry fee £20
Leasehold Retention until completion £250
Notice of Transfer £200
Primary searches Pack £303
Total costs to be added £1,891
I'm going to be starting life in my new home eating beans on toast for months.
0
Comments
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£784 + VAT is a lot for that transaction.
Once again, low headline fee, then "dribs and drabs" which most solicitors include within their headline fee which take the fee up to an OTT level.
Acting for mortgage lender and SDLT return are costs our solicitors include in their £450 + VAT fee and the additional charge for a leasehold is £75. £525 + VAT, or over £250 cheaper...
Presumably these costs match what you were quoted at the outset?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.0
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