So how much do I need?

MLTrucker

Good afternoon all and a Merry Christmas.

Nice easy question. How much money on top on our deposit do we need when buying our first home?

I’m thinking mainly about the associated fees when it comes to buying your first home. So solicitors fees etc.

(We won’t be paying stamp duty as the property value does not meet the threshold).

Cheers

Bossypants

The main ones are:

- Surveyor's fees, if you choose to have one
- Solicitors' fees, including searches etc. Most firms have a conveyancing package these days, so you'll know how much it is up front, barring any major issues
- Moving fees
- Possibly a mortgage booking fee, depending on your product

These are all going to be very dependent on your location and the details of your purchase, so your best bet is to call around to get some estimates.

foxy-stoat

£1000 ish for legals.
Moving - either hiring a van or paying a removals company. £150 - £600
Application fee - free or £300 depending
Surveys - £250 ish

Bossypants

foxy-stoat wrote: »

£1000 ish for legals.
Moving - either hiring a van or paying a removals company. £150 - £600
Application fee - free or £300 depending
Surveys - £250 ish

Depends a lot on where you are. Down here your basic Home Buyer's Report is closer to £500. Moving fees are also area dependent, not to mention how much stuff you have and how far you are taking it.

datlex

For me costs were:
Solicitor including searches = under £600 here. If you can use local, saves time on posting for you.
Survey= level 2 = £360. (included mortgage valuation)
Shale survey = £100 (depends on area)
Moving costs= £350.

G_M

The above posts scratch the surface. I suggest you use either google or duckduckgo - lots of sources of this info on the universal length spider.


As a starter, read


https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs

woollisox

FTB completing on 4th Jan

My broker £1500
Solicitor £1200
Mortgage fee £50
Land registry charge £35

My broker fee is higher than most I assume, but I had a specialist broker so I don’t think they usually charge as much.

DanielleJH

I'm in the midst of buying and my solicitor was £820 and full survey was £400. Our mortgage is fee free with a £500 cashback which will cover most of the solicitors fees, and got it through London and Country, so no broker fee. There are cashback options available up to £1000/1500 but the rates may be higher to compensate.

NaughtiusMaximus

In addition to the above I would also add on at least £1k to cover any unforeseen expenses.

In our case the built in dishwasher which came with house died within a month of moving as did the washing machine we bought with us from our old house.

MLTrucker

Thank you all so much for the replies. So would you say that £2500 should be enough to cover solicitor fees and survey fees etc?

G_M

MLTrucker wrote: »

Thank you all so much for the replies. So would you say that £2500 should be enough to cover solicitor fees and survey fees etc?

Depends on value of the property.
And which solicitor you choose.
And whether it's a leasehold or freehold property?
and whether it's registered or not.
And if there's a mortgage involved.

And what kind of survey you get.
And what 'etc' means.


Happy New Year! :T