Tick list of buy a house for cash

Toshi_2

Hi all

Has anyone got any advice on buying a house for cash?

The associated cost eg legal fee, stamp duty, legal search etc.

Thanks in advance for any advice

KRB2725

Stamp duty is calculated on the value of the property, makes no difference if you are mortgaged or a cash buyer.

G_M

The costs are all exactly the same as buying with a mortage except:

* no mortgage application fee
* no mortage legal fee
* valuation report is optional
* searches are optional

Get yourself a book on house buying (free from your library).

ognum

Toshi wrote: »

Hi all

Has anyone got any advice on buying a house for cash?

The associated cost eg legal fee, stamp duty, legal search etc.

Thanks in advance for any advice

Asks others have said the costs are the same as if you have a mortgage except you will have no mortgage fees so you will still have

Solicitor/ conveyancer fees
Search fees
Survey fees
Stamp duty
Land registry fees
Survey fees
Any insurances needed

Probably stuff I have forgotten

The amounts depend on the value of the property, the area you are in and the companies you choose to work for you.

As GM says I think you could do with reading around a bit, Google is your friend.

eddddy

If you email/phone almost any conveyancing solicitor, they will give you a quote from their price list for legal fees, stamp duty, searches etc.

Mention a rough purchase price; freehold or leasehold; and that you don't need a mortgage.

In my experience, most will reply to an email on the same (working) day.

If you need surveys, do the same with surveyors.

G_M

Whilst your list below is a sensible list of things to do, and they ar certainly things a mortgage lender will require you to pay for, if you have no motgage, some becom optional.....

ognum wrote: »

Asks others have said the costs are the same as if you have a mortgage except you will have no mortgage fees so you will still have

Solicitor/ conveyancer fees optional - buyer could DIY the conveyancing
Search fees optional - buyer could choose to skip
Survey feesoptional - buyer could choose to skip
Stamp duty No choice
Land registry fees No choice
Survey fees certainly no need to do twice!
Any insurances needed optional - buyer could choose to skip

I'm not advising the above choices, just saying they are options for people willing to take risks, or do things themselves.

ognum

G_M wrote: »

Whilst your list below is a sensible list of things to do, and they ar certainly things a mortgage lender will require you to pay for, if you have no motgage, some becom optional.....
I'm not advising the above choices, just saying they are options for people willing to take risks, or do things themselves.

Of course GM you are right, particularly about the survey! But this is a young person with an inheritance and no idea about house purchase.

I would rather they had the advice of how to do it 'properly' and then made a conscious choice to skip some bits than felt it was fine without thought to not do it and fell on their face.

G_M

Fair point.