Budgeting for new build purchase/part exchange

fran91

I'm part exchanging my current home and purchasing a new build.

I'm trying to plan out all the costs involved of the purchase, part ex and moving.

So far I have: 

Solicitor/legal costs for selling

Solicitor/legal costs for purchasing 

LBTT (l'm in Scotland) Reservation fee to the developer 

Early repayment charge to my current lender 

Hiring vans/ removal company (don't have a quote yet) 

Using a fee-free broker

In terms of the new build, it's fully floored and build in appliances so I'm imaging costs here are more furnishing.

Is there anything big I've missed?

kingstreet

The reservation fee is paid at the outset but deducted from the purchase price by your solicitor at completion, so it's effectively refunded.

ERC? No way to port your current mortgage terms to a new mortgage with the same lender, or are you going to be borrowing less?

fran91

Ah I was trying to figure out where the reservation fee would come into things - I wasn't sure if it would become equity in the property. 

My fixed rate with my current lender is finishing in six months, and my broker has said they are quite slow to offer at the moment so could end up holding things up. 

I’m going to be borrowing more.

knightstyle

New builds come without things like curtain rails, towel rails toilet roll holders etc.  Plus usually the garden is just a small paved area and mud or badly layed turf.  Plus mail redirection and don't forget to change your address on driving license AND car registration.

fran91

knightstyle said:

New builds come without things like curtain rails, towel rails toilet roll holders etc.  Plus usually the garden is just a small paved area and mud or badly layed turf.  Plus mail redirection and don't forget to change your address on driving license AND car registration.

Thanks I hadn’t even thought about mail redirection or car stuff! 

There are towel radiators being fitted in the bathrooms and the back garden will be turfed too. 

kingstreet

fran91 said:

Ah I was trying to figure out where the reservation fee would come into things - I wasn't sure if it would become equity in the property. 

My fixed rate with my current lender is finishing in six months, and my broker has said they are quite slow to offer at the moment so could end up holding things up. 

I’m going to be borrowing more.

There are lenders who will permit a new product, ERC free, when moving in the last six months of current deal.

fran91

kingstreet said:

fran91 said:

Ah I was trying to figure out where the reservation fee would come into things - I wasn't sure if it would become equity in the property. 

My fixed rate with my current lender is finishing in six months, and my broker has said they are quite slow to offer at the moment so could end up holding things up. 

I’m going to be borrowing more.

There are lenders who will permit a new product, ERC free, when moving in the last six months of current deal.

Ooh this is interesting to know, I’ll definitely speak to my broker about this. 

The ERC is 1% which in the grand scheme of things isn’t a huge amount on my existing mortgage, but that being said if I could get away with not paying it, I’d rather do that if everything else worked out. 

Thanks!