How much in fees?

sevenhills · 30 March 2017 at 9:57PM

Hi
I am hoping to get a mortgage with part of my pension pot as deposit.
But I dont want to get too much money out of pension.
I have been quoted £550 plus VAT from a solicitor. I am buying my council house, so I am thinking I wont need a survey, but will it be compulsory?
I am guessing the total fees from the solicitor will to around £1,000 does that sound about right?
I am hoping for a 12 year mortgage from the Coventry, I have it in principle so far.

ACG · 30 March 2017 at 10:30PM

I normally say around £800-1000 in fees. But it will depend on the value of the property.

You will have to have a valuation done, a basic valuation is done for th elenders benefit.

Whoknowskt89 · 30 March 2017 at 10:30PM

Hi!
I can't really comment on the fees as I purchased a leasehold flat but you should always get a survey done on a house.
A valuation survey is mandatory, some mortgages offer this for free.
If the house has issues the council or you may not be aware as from my experience the council only come out to fix issues you (tenant) tell them about and you may not be aware of some problems within a place.

Good luck

sevenhills · 27 April 2017 at 10:18PM

When I compared the conveyance charges on here, the cheapest was just under £1,000 as I have used a local firm, it may not be the cheapest.
As I see it, I live in the house now, as I am buying my council house, so I dont need a survey, and I have googled house values in the local area.
Not got any further yet, but hoping things will get moving soon.

Thrugelmir · 27 April 2017 at 10:36PM

sevenhills wrote: »

As I see it, I live in the house now, as I am buying my council house, so I dont need a survey

As ACG says though. The lender will require one in order to assess whether the property provides adequate security against the mortgage advance. Unfortunately you'll be required to foot the bill.