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Estimated Costs for buying a flat circa £170,000

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Fufu3333
Fufu3333 Posts: 56 Forumite
Fourth Anniversary 10 Posts Name Dropper
in House buying, renting & selling
Could you advise estimated costs one should allocate towards purchasing a 2 bedroom flat for circa £170000.  First time buyer, newish flat built in 2019.  Deposit of £35000. DIP for around £170000.  Secured a broker on commission from lender so no fee.  Ground Rent 130pa, Service charge £1400.  Could you advise what other fees one should be looking at and estimates.  Basically, how much extra above the deposit should one get ready for.  Thank you.

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  • MaryNB
    MaryNB Posts: 2,319 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 23 June 2021 at 2:34PM
    Some ballpark numbers:

    Solicitors fees plus searches £1,600 incl VAT. They charge extra for leaseholds, HTB, gifted deposits etc. Because of high demand at the moment many solicitors have put their prices up.

    Mortgage product fee £1000 (can be added to the mortgage)
    Mortgage valuation fee £200

    Survey (optional) £500

  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Could you look for and buy a freehold house instead of a flat ?
  • GDB2222
    GDB2222 Posts: 26,274 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    dimbo61 said:
    Could you look for and buy a freehold house instead of a flat ?
    I love this forum! :)
    No reliance should be placed on the above! Absolutely none, do you hear?
  • user1977
    user1977 Posts: 17,893 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    GDB2222 said:
    dimbo61 said:
    Could you look for and buy a freehold house instead of a flat ?
    I love this forum! :)
    Or even better from a money-saving point of view - don't buy anything at all!  :D
  • Fufu3333
    Fufu3333 Posts: 56 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    dimbo61 said:
    Could you look for and buy a freehold house instead of a flat ?
    Yes, that would be the ideal.  Proving difficult finding something suitable (newish build) in the £205,000 and under price range but still looking.
  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    I'm in the process of buying a flat at the moment, a bit more expensive but fees I'm looking at are £1500 for legals, mortgage I have found has no fee and free valuation survey, I should beat the SDLT holiday but if you're a FTB you don't need to worry about stamp duty. I'm not bothering with a further survey but if you do it will be circa £3-500.

    Other fees to consider, your share of maintenance charges and ground rent from when you complete, setting up utilities (do you need to pay for cable installation etc), amount for improvements (you will always want to do stuff to make it your own), obviously removal costs or cost of furnishings, fund for the flat warming party!
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