House fees in total

Rocksolid

Apparently I could buy an house soon, for something like 320k I estimated the following:

- Stamp Duty fee 3% after 300k after April 2021. (1250 pounds)

- Solicitor 1500

- Mortgage setup fee up to 2k all included (not sure if this is included in the price of the mortgage but for some reason I need to pay it in advance...)

- Survey 600

- Moving stuff (I do it alone)

- If some kitchen appliance is not there, I need to pay the stuff plus the service, it can be up to 2.5-3k for fridge/freezer + dishwasher + washing machine.

- Mortgage evaluation fee (up to 1.5k, I really hope they don't charge it  

- Up to 300 for local searches

- Kitchen table, bed, wardrobe --> 800 pounds probably, it will be more including the mounting service I think, I can't do all this alone., time consuming...

TOTAL 11550................

Anything to add?

Moreover, if something is not okay with the house and obviously the developer is responsable, should I use a lawyer to get it fixed I imagine...

What about if this happens before moving? Therefore the house release will be delayed later than the maximum term? I ask because my house eventually will be built after I make the purchase, therefore I can't predict anything...

In that case, I'll still be paying the rent and the story could have caused me to drop my current rent contract etc, for such things, how much easy is to ask the developer money regarding my losses?

I don't think they will lower the house price as it is done in my country, because here also the bank is involved with the mortgage...

eddddy

Rocksolid said:

Moreover, if something is not okay with the house and obviously the developer is responsable, should I use a lawyer to get it fixed I imagine...

Are you thinking of buying a new build house?

If so, there will be a warranty, but you need to read the warranty to see what it covers and for how long. Often the warranty covers problems in the first 2 years caused by bad workmanship and bad materials. (But not always - you must read the warranty before buying!)  Then major structural problems are covered for another 8 years.

You shouldn't need a lawyer for a warranty claim (unless things get really serious, and you end up taking the builder to court), but if the builder disagrees with your claim, you might want to get a surveyors opinion.

Rocksolid said:

In that case, I'll still be paying the rent and the story could have caused me to drop my current rent contract etc, for such things, how much easy is to ask the developer money regarding my losses?

I don't think they will lower the house price as it is done in my country, because here also the bank is involved with the mortgage...

You should ask for a 'long-stop' date in the contract. If the house isn't finished by the 'long stop' date, you can walk away and get your deposit back.

You won't be able to claim back any extra rent you have to pay (or get a reduction in the house price), if the house is late.

hazyjo

I think you'll find it'll be 5% for the portion over 300k. Not a lot more, but worth pointing out.

All said on the presumption it'll be your only property in any country.

zeusofwar

I had the option of paying the mortgage setup fee during my first mortgage payment, broker recommended it. That way if the house falls through, you're not stuck chasing the fees back from the bank.

https://www.moneysavingexpert.com/mortgages/mortgage-fees-stamp-duty/#arrangement

Rocksolid

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

In May 2021 you buy a house for £275,000. The SDLT you owe will be calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250
• total SDLT = £3,750

This means that for an house of 325000, I'll pay 2% on £125,000 (£2,500) + £3750 on £75000, in total 6250...

Is this correct?

But here... -->

If you’re buying your first home

You can claim a discount (relief) if you buy your first home before 8 July 2020 or from 1 April 2021. This means you’ll pay:

• no SDLT up to £300,000
• 5% SDLT on the portion from £300,001 to £500,000

You’re eligible if you and anyone else you’re buying with are first-time buyers.

If the price is over £500,000, you follow the rules for people who’ve bought a home before.

These timelines don't make much sense to me, is it a mistake?

davidmcn

Rocksolid said:

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

In May 2021 you buy a house for £275,000. The SDLT you owe will be calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250
• total SDLT = £3,750

This means that for an house of 325000, I'll pay 2% on £125,000 (£2,500) + £3750 on £75000, in total 6250...

Is this correct?

There's a link to the SDLT calculator on that page, just follow that and put in the relevant figures and dates if you want to check the correct amount.

Rocksolid

davidmcn said:

Rocksolid said:

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

In May 2021 you buy a house for £275,000. The SDLT you owe will be calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250
• total SDLT = £3,750

This means that for an house of 325000, I'll pay 2% on £125,000 (£2,500) + £3750 on £75000, in total 6250...

Is this correct?

There's a link to the SDLT calculator on that page, just follow that and put in the relevant figures and dates if you want to check the correct amount.

I thought it was not updated.

Ah, a pain relief

Result of SDLT calculation

Effective date	Purchase price (£)	Total SDLT due (£)	Link to view calculation
1 June 2021	325,000	1,250

Rocksolid

I need to add a kitchen table, emperor side bed, wardrobe... Boh probably another 800 pounds

tim_london

Budget £2500 for solicitor, but this will include Searches, Survey, Land Registry fee, mortgage solicitor fee (passed through), extras for new build, extras for ground rent (if your new property has any) etc.  Sometimes the seller could sneak in charges for their solicitor onto you (like dealing with a special document for adding you as a shareholder to estate management company).  So best budget slightly more.

Depending on which mortgage you go for, valuation could be free or cost £200-500.

With new builds the contract usually states that you will be notified to move in within 10ish days of it being ready.   Any sweet talk you got from the agent or development has told you will almost not be put in the contract.  After exchange you are legally obligated to buy the property even if they delay by years, although this is unlikely.  Pulling out after exchange will cost you 10% of the agreed purchase price.  
And no you cannot claim any compensation as a result of delays.  Even with long stop dates developer can use regulation compliance as an excuse.  

Rocksolid

tim_london said:

Budget £2500 for solicitor, but this will include Searches, Survey, Land Registry fee, mortgage solicitor fee (passed through), extras for new build, extras for ground rent (if your new property has any) etc.  Sometimes the seller could sneak in charges for their solicitor onto you (like dealing with a special document for adding you as a shareholder to estate management company).  So best budget slightly more.

Depending on which mortgage you go for, valuation could be free or cost £200-500.

With new builds the contract usually states that you will be notified to move in within 10ish days of it being ready.   Any sweet talk you got from the agent or development has told you will almost not be put in the contract.  After exchange you are legally obligated to buy the property even if they delay by years, although this is unlikely.  Pulling out after exchange will cost you 10% of the agreed purchase price.  
And no you cannot claim any compensation as a result of delays.  Even with long stop dates developer can use regulation compliance as an excuse.  

Yeah, I've seen how the law in UK is, it's a rip off everywhere , but I'm not surprised, it's enough to see the way the allow to build nowadays...