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Expenses during house buying

edited 15 January 2020 at 1:42PM in House Buying, Renting & Selling
3 replies 242 views
RocksolidRocksolid Forumite
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edited 15 January 2020 at 1:42PM in House Buying, Renting & Selling
Hello,


I would like to ask how the people manage the expenses of the lawyer/sollicitor and the survey costs during the house buying procedure.


Example:
House 1: for some major reason (structural, documents etc) I don't take it

House 2: for some major reason (structural, documents etc) I don't take it
House 3: for some major reason (structural, documents etc) I take it, but the checks are still mandatory



In this case, I would have spent easily (700*3)+(500*3)=3600 pounds... (sollicitor + survey)


How can I cut down these costs? Or every time I have to pay the full price for a new accommodation?

Replies

  • foxy-stoatfoxy-stoat Forumite
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    Yes, you need to pay for a some sort of survey when you buy older houses, by the looks of it, it was money well spent if you decided not to buy the previous properties.

    Same with legal costs as well.

    For house number 4, I would take a longer look at the areas where the other houses had structural issues so you may be able to spot issues.
  • JMA74JMA74 Forumite
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    The solicitors that I refer my clients to only charge when the transaction completes. They also cover the costs of the local search on the next purchase if it falls through due to no fault of the client (survey/valuation/vendor withdraw etc).

    Beyond that, I charge my fee once so any further mortgage applications have no cost.

    The only repeating cost would be any survey the client chooses to do.


    I know of another solicitor in town who charges 40% of the fee if it doesnt complete and then doesnt charge for the ID checks next time as they are already done.


    If your solicitor is charging full price each time then i hope they are worth it
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • davidmcndavidmcn Forumite
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    As above, you're unlikely to be paying full solicitors' fees unless you pull out at a very late stage (even then there ought to be some discount).
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