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First time buyer break down of costs

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  • First time buyer break down of costs

    OK me and my wife have had an offer accepted on a house.

    We are now just trying to finalise the total costs and how it breaks down.
    Finding it a little difficult to get real clarification, but this is what we have figured out so far.

    Based on £232,000 house.

    Deposit 34800
    Local search fee 175
    Drainage search fee 55
    Enviromental search fee 48
    Land registry fee 280
    Other costs 155
    Stamp Duty 2320
    solicitors fee 700
    VAT on solicitor fees 178
    lender survey fee 250
    mortgage booking fee 1000


    is there anything in here that we are missing out on.
    We just don't want any surprise costs.

    Thanks

  • #2
    Re: First time buyer break down of costs

    Hello, my husband and I are also in the process of buying our first home. I think the only thing you haven't accounted for is the full building survey - this isn't the same as a valuation survey. The valuation is only there to satisfy your mortgage lender that the property you're intending to buy is worth the money they're lending, to make sure it's a solid investment. They will do cursory checks only and it's totally for their benefit and not yours. I would recommend you consider a full building survey, particularly if you're buying an older property. This will cover a host of things like drainage, damp, subsidence, all sorts and many things can't be seen by the naked eye. If you don't do it and find something wrong with the property later, you'll have to pay to get it sorted out, so really it's your reassurance that everything is ok. If the surveyor finds anything wrong, you can use that information to negotiate a reduction in the sale price.

    I think there is some sort of middle ground option called a home buyers survey. This is what we're going for, but the house we're buying is only 10 years old. If it was something older I'd definitely go for the full one.

    It is up to you of course, and it will probably add another £1,000 to your costs, but I'd rather be safe than sorry later!

    The only other thing I guess is moving costs, decoration, furniture etc. As we're moving out of furnished rented we're going to have to buy lots of stuff new when we move in, but you may be in a different situation. Hope all goes well, good luck!

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    • #3
      Re: First time buyer break down of costs

      Add something like £10 for the Land Registry's priority search fee and 2 x bankruptcy search fees from Land Charges Registry (which your mortgage lender will require).

      You'll also be charged between £30 and £45 for a "CHAPS" fee by your solicitor - for sending the money by CHAPS (immediate) transfer

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      • #4
        Re: First time buyer break down of costs

        Hi

        I have recently sold a property & I shopped around for solicitors, it was quite time consuming & difficult to pin down how much it would cost. But I came across a website which searched to find a solicitor for me, they emailed me a detailed breakdown of costs which was really easy to understand & in the end had a good experience. I have moved back with family but when I buy again I will use them.

        Geldard 23

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        • #5
          Re: First time buyer break down of costs

          Geldard23,

          Is the breakdown of costs a complete breakdown? I mean no hidden extras? And did it save you money? Sorry for so many questions but My husband and I are selling and buying and it's very costly and confusing!

          Englishrose

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          • #6
            Re: First time buyer break down of costs

            Hi

            The breakdown of costs was a complete breakdown which showed the solicitors fees, vat, land registry and all the other bits and bobs, everything was clear and no hidden extras. It did save me around £300.00 compared to other quotes I got.

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            • #7
              Re: First time buyer break down of costs

              Englishrose, you could perhaps try looking at the Law Society website. It has a 'Find a Solicitor' facility. From there, you could get the names of a couple of local firms (although it always helps if you can choose a firm that is known to you or recommended to you by someone you trust), and then you could go to the websites of those local firms. Most solicitors' websites offer a quick calculator to tell you roughly how much they would charge to sell a house and to buy a house, depending on the respective values of the houses. This would at least give you some reasonable comparisons.

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              • #8
                Re: First time buyer break down of costs

                Geldard23, thanks for the reply, any chance you could post the link to the website you used? A saving of £300 is worth it most definitely! Every penny counts!

                Jeannie D, thanks for the info, I'm finding it all a bit daunting!

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                • #9
                  Re: First time buyer break down of costs

                  Hi Englishrose

                  I am not able to post a link but the company name is Fluid Law Broker, hope that helps.

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                  • #10
                    Re: First time buyer break down of costs

                    Thanks for that, I'll have a look.

                    Comment


                    • #11
                      Re: First time buyer break down of costs

                      I had a look at that company 'fluid law broker' and emailed them, they've sent me back a quote for buying and selling which seems very reasonable!
                      Thanks again for your help!

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