Cost in Addition to Deposit: Solicitors etc.

Adamc

Hi all

I've been looking at a mortgage advice website and they list the following potential costs to buying a property in addition to the deposit:

Valuation fee: £150 - £1500
Agent survey: £0 - £600
Solicitor fees: £850 - £1500
Solicitor searches: £250 - £300
Electric transfer fees £40 - £50
Mortgage booking fee: £99 - £250
Mortgage valuation fee: £150 +
Mortgage arrangement fee: £0 - £2000

If we were charged the maximum for all these things it could total up to £6350? Is that correct or grossly overestimated? It just seems like a huge amount.

We are not planning to move in straight away (perhaps in 4 months) but what bills are we liable for other than Council Tax? Is it a bad idea to let the electricity be cut off etc?

dawyldthing

I'm sure valuation fee is just for selling
Agent survey too. But you'll prob need a homebuyers report. I think I paid £350 with the Halifax but they valued the house £2500 less than I'd offered so was worth doing
Solicitor searches depend on the value of the property. I'm sure I paid £400 when I bought but got a few hundred from the Halifax for taking a mortgage with them so saved a bit
Searches seem a bit low to be fair.
Mortgage booking fee/ arrangement fee - if you are a big standard buyer do look around on the fees. I didn't pay a fee (but had a good deposit), my rate was slightly higher but not that bad to be fair. But do shop around. Yes you can go through a broker, but it's not that difficult doing it yourself if you have a deposit etc and read the guides to have an idea of what's what.

It all depends on the area for the searches and solicitors fees I believe though

anniecave

The biggest single cost there is mortgage arrangement fee - do your research on mortgages - it can be worth paying arrangement fees with mortgages, but it's also possible to get mortgages without this. Sometimes you pay a higher arrangement fee if you get a better rate or different deal. Some mortgage fees can be added to the mortgage. I don't recall paying a mortgage booking fee when I bought at all.


A valuation is just simply an estimate of value (normally for mortgage provider's benefit). You may want to get surveys which cost more - these can flag up potential issues with the property or work that may need doing. A mortgage lender may ask for a survey rather than valuation depending on property type.


Solicitors normally cost more if the property is leasehold as opposed to freehold or if you're doing help to buy or other schemes. If a solicitor is offering you a price that's lower than others then it maybe a reflection on their service - look for reviews and complaints about solicitors.

Adamc

dawyldthing wrote: »

I'm sure valuation fee is just for selling
Agent survey too. But you'll prob need a homebuyers report. I think I paid £350 with the Halifax but they valued the house £2500 less than I'd offered so was worth doing
Solicitor searches depend on the value of the property. I'm sure I paid £400 when I bought but got a few hundred from the Halifax for taking a mortgage with them so saved a bit
Searches seem a bit low to be fair.
Mortgage booking fee/ arrangement fee - if you are a big standard buyer do look around on the fees. I didn't pay a fee (but had a good deposit), my rate was slightly higher but not that bad to be fair. But do shop around. Yes you can go through a broker, but it's not that difficult doing it yourself if you have a deposit etc and read the guides to have an idea of what's what.

It all depends on the area for the searches and solicitors fees I believe though

Did you renegotiate after your lower valuation.
I've had to pay over the asking price to get my property. I have 20% mortgage.

kinger101

My probably more accurate figures based on experience for 3-bed properties

[STRIKE]Valuation fee: £150 - £1500[/STRIKE] - don't know what this is - by whom.
[STRIKE]Agent [/STRIKE]survey: £650 - £1,000*
Solicitor fees: £650 - £1000 - must be leasehold for top end
Solicitor searches: £200 - £250
Electric transfer fees £30 - £40
Mortgage booking fee: £99 - £250 (usually lower)
Mortgage valuation fee: £150
Mortgage arrangement fee: £0 - £2000

You'll also need to pay land registry fees, which are based on the house price. And they tend to charge £10-£15 for anti-money laundering checks.

Then there's

(a) removals
(b) mail redirection - not essential, but advisable
(c) overlaps between notice on rent and completion (it's risky giving notice before exchange)

For your mortgage, work out the full cost over the fixed/discounted period, but adding up all the costs including interest. After the fixed period, one normally remortgages.

dawyldthing

Yeah I said I wasn't paying any more than what the valuation was and they agreed in the end as it was a probate sale too so I'd been waiting a while to get to that point. Do ring/ email around several local solicitors, see what's included etc as there will possibly be a difference

dawyldthing

Put your figures in something like this

https://www.moneysupermarket.com/mortgages/?p=0&keywords=mortgagesPhrase&cicp1=&source=GOO-2913B1F4&mckv=seq8uSh4m%7Cdt_pcrid_231757546285_mtype_p_kword_mortgages_2764ri918980&uuid=bcb8f31d-b982-44b6-ab31-315a0ce8c4aa&Device=t&engine=google&aud=aud-191980249683%3Akwd-16749460&gclid=EAIaIQobChMI3OnptuaX2wIVCbDtCh2xNQG1EAAYASAAEgKpz_D_BwE&adloc=1006467

Or just google money supermarket mortgages. There's a box saying if there's a mortgage fee, how much you'll be paying etc.

Solicitor wise I found mine through quality solicitors. I believe it's a national thing but might help you get quotes