Solicitor fees from overdraft?

lovinituk

sparky130a wrote: »

That's still a £20K anomaly?

Plus the other £90K?

The simple fact is this. If you need the overdraft to pay your initial legal fees you ARE over stretching yourself.

It's not a debate. It's fact.

What other £90k? They said they can borrow up to £300k not that they are going to. They are only looking to borrow £210k.

sheff6107

Solicitors fees are only paid at the end of the process anyway. Just do a bank transfer or pay by credit card. Once the bank has sent the money to your solicitor that's the end of anybody nosying at your bank account.

As for 'overstretching' yourself, you're going to be scrabbling around paying for removal vans and trips to IKEA anyway. Who cares? It's only a temporary thing. Geez.

sparky130a

lovinituk wrote: »

What other £90k? They said they can borrow up to £300k not that they are going to. They are only looking to borrow £210k.

Um, yeah. And they can't even manage the £210K.

I'm simply stating what the OP themselves stated. Do behave yourself.

lovinituk

sparky130a wrote: »

I'm simply stating what the OP themselves stated.

No you didn't - try reading it again. They never said they were going to borrow £300k. They also never stated that they can't afford to service the repayments on a £210k mortgage. Would love to see you quote where they did say these things.

teddysmum

In these times of uncertainty about employment (even 'secure' jobs have disappeared) it is not a good idea to get to a point where,even now, you are just managing.


There is also the prospect of an unexpected baby ,large car repair household repair (if not a warranted newbuild ) or need to replace a major appliance,to be considered.

Pandilex

FWIW after I moved in the boiler broke, paid about £100 for a couple of repairs that kept it going a few months but ultimately replaced it for about £1000, also had to replace the shower which packed up and half the kitchen cupboards fell apart which cost about £400 to redo, also the oven broke which cost £150 for a new one, plus all kinds of other bits that needed doing, things I forgot to price up like new curtains, curtain rods which were missing, the toilet seat was broken and needed replacing, there wasn't enough storage in the bathroom so had to buy shelving, etc. etc. etc. I put £5,000 aside for this and I think after 6 months I had spent over £2,000 of it. So be careful.

lovinituk

When I purchased my first property many moons ago, financially things were tight. Sometimes you just cut your cloth accordingly to fit the situation and get on in life. I was young, still living at home with parents and wanted to move my then girlfriend down from another part of country. It got me my independence and I never looked back.

As long as you are sensible and plan correctly, sometimes it's worth taking risks.

sevenhills

sheff6107 wrote: »

Solicitors fees are only paid at the end of the process anyway. Just do a bank transfer or pay by credit card. Once the bank has sent the money to your solicitor that's the end of anybody nosying at your bank account.

As for 'overstretching' yourself, you're going to be scrabbling around paying for removal vans and trips to IKEA anyway. Who cares? It's only a temporary thing. Geez.

Thanks, I was thinking about this too. I will be claiming £2,000 in tax back, using a P55 form, I would prefer not to wait the 4 weeks, so I may just pay the fees straight away.

Confusedftb_2

Thanks again all. Absolutely appreciate that unexpected costs may come further down the line, and we're aware of that (and very conscious). The original question was really directed at a worst case scenario. In fact, hearing that solicitors generally take the full fee at completion has been really useful to know and probably means there's no need for overdraft use... I can save that for more shopping - woohoo! (Don't worry, that was a joke sparky130a ��)

As stated, were more than comfortable paying the mortgage on a 210k property and we won't be stretching ourselves to the max. Nevertheless, that's an extra 20k than we originally budgeted for, so the money we had saved for solicitors etc has now been assigned to our ever important deposit.

Thanks for helping me understand the process a little more, as a first time buyer it's been great to hear your advice. Wish us luck on our search!

Tygermoth

We were i the same boat as houses were going up by £1000 per month - so everything we were saving was just back filling. When we put an offer in we agreed with the sols to put their bill on the credit card on the day the house went though.

As it was our sale took so long to progress that by the time we completed we had saved up the last of the fees, removals and had a small contingency fund.

We have no issues with affordability and haven't had to pay thousands on the new house (i'm not saying there aren't things we want to do.... but it can wait)

* please note we also had savings put aside for three sales to fall through as this is the average. This turned out to be acccuate and we lost two sets of searches & fees when sales didnt progress.