How much to budget for costs of buying a house?

MoneyEM

I am looking to purchase a mid-terrace victorian house for around 200k.

I was wondering what the total costs of moving were likely to be? I know the stamp duty will be around £1500, and my moving costs are likely to be under £50 as I don't have anything big to take and could probably be done by hiring out a van for the day.

how much should i be estimating for all other costs?

SmlSave

£600-1000 solicitor fees.
If you're hiring a van it'll be more than £50
Have two months mortgage payment in savings as the first payment is often larger
10% deposit

Haylescom

Don't forget the cost of surveys (Halifax wanted £430 just for their valuation survey, but then factor in a homebuyers survey around £300 or a full builder's survey closer to £1000). Also mortgage arrangement fees, although you can often add that to the mortgage.

elverson

See recent thread

https://forums.moneysavingexpert.com/discussion/comment/69954569#Comment_69954569

elverson

MoneyEM wrote: »

I am looking to purchase a mid-terrace victorian house for around 200k.

I was wondering what the total costs of moving were likely to be? I know the stamp duty will be around £1500, and my moving costs are likely to be under £50 as I don't have anything big to take and could probably be done by hiring out a van for the day.

how much should i be estimating for all other costs?

If you've got 'nothing big' then presumably you'll need to get some furniture and white goods - either new, second hand or from family?

ccskitten

I've just bought a property for near £250k and my fees were near £8k to sell and buy. It was a long drawn out process and there were complications which costs more money.

My only moving fees were £99 for a lorry and £25 for fuel.

dc197

Where are you living now? Will you have any costs to leave there? e.g. early termination fee, early mortgage repayment fee, estate agent fee for selling....?

Niv

http://www.moneysavingexpert.com/mortgages/mortgage-fees-stamp-duty

MoneyEM

elverson wrote: »

If you've got 'nothing big' then presumably you'll need to get some furniture and white goods - either new, second hand or from family?

Well I'm living in a private rental which was unfurnished so I have all my bedroom furniture and bed and a sofa etc. I know that hiring out a van is £40 for the day + fuel, and i'm only moving 25 miles so can make 2 trips if necessary. All I will really need is white goods but i'll worry about that later, I'm just concerned with the fees in purchasing the property rather than the things after.

MoneyEM

dc197 wrote: »

Where are you living now? Will you have any costs to leave there? e.g. early termination fee, early mortgage repayment fee, estate agent fee for selling....?

I private rent and have a break clause where i can leave after 6 months so hopefully minimal costs as I have nothing to sell.

HappyMJ

MoneyEM wrote: »

Well I'm living in a private rental which was unfurnished so I have all my bedroom furniture and bed and a sofa etc. I know that hiring out a van is £40 for the day + fuel, and i'm only moving 25 miles so can make 2 trips if necessary. All I will really need is white goods but i'll worry about that later, I'm just concerned with the fees in purchasing the property rather than the things after.

Costs to buy could be anything.

You need to phone local conveyancers and get some quotes.

I paid around £800 in conveyancing fees including any required disbursements plus around £800 in SDLT to buy my house. I did only the basics with just a mortgage valuation. As the property was less than 10 years old there was no need for detailed surveys so saved quite a bit.