Fees for buying a house

jcrooks89

What is the minimum amount of money I should have in my savings before looking to buy my first home with my husband?

We live in the East Midlands, already have the deposit, and will consider houses for approx £135k.

Thanks

anotheruser

Around £1,500 for East Mids, depending on who you go with.

Helvetica_Van_Buren

Don't forget stamp duty: currently 0% for residential properties up to £125,000 and 2% for residential properties that are £125,001 and above. If you bought for £135,000 that would incur stamp duty of £2,700.00 on top of your legal fees.

TrickyDicky101

Helvetica_Van_Buren wrote: »

Don't forget stamp duty: currently 0% for residential properties up to £125,000 and 2% for residential properties that are £125,001 and above. If you bought for £135,000 that would incur stamp duty of £2,700.00 on top of your legal fees.

The slab system ended - the 2% would be on the excess over £125000 ie £10,000 @ 2% = £200

Mrs.CJP

Hello we're currently going through buying and selling.

You'll have fees to pay upfront and then fees on completion.

Upfront costs

Mortgage Valuation or Survey Fees - This typically starts at £200 then goes up which can be £600. This is all depending on the type of survey you have ie just a valuation or a Homebuyers survey

Mortgage Fees - We had to pay an arrangement fee which was about £200. Again this costs depends on the mortgage you go for (some don't charge, others include it in the mortgage)

Searches - Once you've instructed a Solicitors want an upfront fee to start the ball rolling which is your searches. Our Sols charged us £340

Fees on Completion

Solicitors Fees - We're in Essex and our buying fees are £800 for their work and then about £90 for other bits like money transfers.

Stamp Duty - This will depend on the value of the property yours buying. There's loads of sites what can you the calculation.

Removal - For Essex our costs is £650 which is a van, packing and 3 ppl.

I know it's not an exact figure but gives you a starter for 10.

Also you may need to keep some money back as depending when you complete your Mortgage company can charge you the interest between completion and your first months payment. We've got to make sure we've got an extra £300 odd ready for the first payment being higher