Noob question: house price to actual cost

rosalinda88

Hello,

Could I please have some numbers on total additional costs to budget for a house/flat costing 150k, 175k, 200k.

Stamp duty is the easy one, it will be 500, 1000, 1500 respectively. In online chatting with some agents, I have been given fairly wide range of total additional costs (solicitor, surveyor, paperwork) from as little as 3k to 15k which doesn't seem right.

My first time, I have much reading and learning to do, but I want to have a realistic (safe) set of numbers from those in the know.

Thanks!

G_M

You buying a New Build?
A renovation?
A 19th century thatch?
A 2 up/2 down terrace?
Leasehold or freehold?

You got furniture/white goods?
What's your style?
You handy, or need contractors for everything?
Married? Got kids? Pets?
Got a piece of string? How long?

SmlSave

For a standard freehold house (not London):
Sol fees - £600-750 plus vat
Local land search - check your council's website £57 in Swindon £125 in Wiltshire for example
Land reg fee - £95-135
Post/tt/admin - £60

If you buy leasehold it can be more expensive

Mortgage fees depend on who you go with.

Always best to get a few estimates before you choose anyone. Beware "amazing" fees estimated, they can then add extras making it overall more expensive!

SmlSave

good point G_M

A good tip is that you make sure you have two months mortgage payment in savings as if you complete a few days after the 'new' calculated month the first payment can be a shock!

cns06

Most solicitors charge around £300-£500 for your average normal house.
Searches and checks are about the same. £300-£500.


Valuation is usually around £300-£500 also.


So you are at £1500 straight away.


If the property is leasehold and its complex lease then it might add another few hundred.


If the house is more than 10 years old you may opt for a full survey and that's another £1000 to £1500.


So if you are looking for your average 3-4 bed semi / det that's say less than 50 years old I would say anywhere from £1500 to £5000. I am going to guess the average is around the £2k mark once some extra time is billed for.


As soon as you start looking at large expensive property those costs can soon go up by large multiples. 3-4 times more easily.


On top of that you need to add SD, moving costs, estate agents fees, insurance, product fees for the mortgage and broker etc etc.

piggeh

I asked a couple of months back:

https://forums.moneysavingexpert.com/discussion/comment/68272018#Comment_68272018

lots of info there.

I got a quote from a solicitor (they will give you a quote on their costs and breakdown). Mine - with disbursements, searches, etc, came to £1k, plus another £1.5k for stamp duty.

Use anyvan to get a quote for moving costs (dont budget for the cheapest!)

Look on currys for prices of white goods.

you can get quotes for surveyors off reallymoving.com

mortgage product fees - depend on the mortgage product

I'm using the following:

£1k solicitors
£1.5k stamp duty
£150 moving costs (anyvan had several quotes for £100)
£500 surveyor
no mortgage fee
£800 white goods
£500 contingency

Total: £4450

I don't have to sell anything so I don't think there'll be EA fees. Hope not anyhow!

I have furniture so if you dont have any then you'll need to add a bit more, plus costs of utensils, cookware, irons, vacuums, etc!

rosalinda88

Thank you for the replies. Let me provide some more of the info you requested.

These are all 1 bedroom flats (band in the Reading area, leasehold, built between 1982-2009. While not London prices, 2 bedrooms don't start below 200k.

I have essential furniture to survive. My style is resourceful and frugal. Single, no kids, no pets.

It seems 5k should be enough, I will double to be extra safe. So, with the 185k I have (no mortgage) I should comfortably be able to buy a 175k flat. Yes?