Realistic mortgage fees in Scotland

gonsdad

Hi all


I'll be looking to buy my first flat in Scotland towards the end of the year and was wondering if, outside the deposit, anyone could give me a realistic list of fees / charges that I'll need to pay?


My deposit will be a 5% one and the property relatively cheap at 75 - 90k.


Sorry if this has been asked on here before but have looked around and can't seem to find a straight answer. I've heard everything from 1k - 5k on top of my deposit.


Cheers

Pa_Ja

Phone around local solicitors for quotes but at those property values, I'd anticipate fees at around £785-£900.

gonsdad

Cheers, is that including everything I'd need?


I've seen lengthy and vague lists of differing fee types online.

pinklady21

There may be additional costs or "outlays" which your solicitor should be able to advise you about - survey fees if you choose to do one, you may decide that the Home Report survey is enough, recording fees for recording that you own the Title and any mortgage secured over the property at the Land Registry, might be mortgage fees too. At least one thing you won't have is Stamp Duty (or Land and Buildings Transaction Tax LBTT) at the price level you intend to pay. (No LBTT under £145k in Scotland, assuming you don't own any other properties). Ask your solicitor to send you an estimate of costs. Best of luck!

Nebulous2

Its a competitive market. It is worth getting quotes from several different solicitors. They may vary quite a bit. Lenders have a panel of solicitors that they work with. You need to make sure that the solicitor is on the panel of the lender you intend to use.