I’m listing here those kinds of fees that I think I have to pay initially when buying a house. Can you tell me if I miss anything ?
1. Solicitor fees
2. Stamp duy
3. House survey
4. Home insurance
Estate Agents (for selling yours), but that’s about it…
Estate Agents (for selling yours), but that’s about it…
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Comment by mark — April 8, 2010 @ 12:06 am
sounds about right – check out the BBC site under home moving – they had some good checklists when moving home.
you might also need to do the home information pack (HIPs) which im sure will cost something.
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Comment by emma — April 8, 2010 @ 12:35 am
You missed out local authority search fees, but these aren’t enormous and I think they get bundled up in the solicitor’s fees.
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Comment by SLF — April 8, 2010 @ 1:14 am
Advertising costs if you are selling privately, or estate agents’ fees.
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Comment by Paul R — April 8, 2010 @ 1:56 am
There are other fees which come into Solicitors overall charges, for example the fees that you have to pay for searches, land registry and county council.
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Comment by gordonmother — April 8, 2010 @ 2:22 am
That probably covers most of them although if you’re buying on a mortgage, you may have to take into consideration the arrangement fee (in some cases over £1000) which is added onto what you owe.
Solicitors fees will include all your search fees and will vary so shop around. Remember a leasehold property will have higher fees than a freehold property
Best of luck
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Comment by zamblast — April 8, 2010 @ 2:46 am
Solicitors fees are around £700 (although these vary so find a good deal). This should be inclusive of all your searches.
Stamp duty is 1% of the property value.
The survey – a scheme 1 is about £295.
Removals will cost about £60.
Buildings & Contents varies, ask your lender cos it depends on the size and condition of your house.
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Comment by Gemma T — April 8, 2010 @ 2:58 am
Don’t forget the fees related to your mortgage. Some providers will let you bundle them in with the mortgage so you pay nothing up front; others want quite a sizeable chunk up front.
You’ll also likely need income / death / critical illness insurance.
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Comment by Shez — April 8, 2010 @ 3:12 am
Buildings insurance (have to have if mortgage)
HP Packs (a new thing)
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Comment by nina m — April 8, 2010 @ 4:01 am
Let me see if I can find my good faith estimate and we’ll just run down them.
items payable in connection with the loan:
appraisal fee 300 $
tax servicing fee: 55.00
processing fee: 250.00
underwriting fee: 400.00
application fee: 350 $
doc prep fee: 150.00
courier fee: 30.00
flood certification fee: 16.50
title charges:
settlement or closing fee: 150.00
abstract title search: 50.00
title examination: 50.00
title insurance binder: 50.00
title insurance fee: 150.00
epa survey endorsement: 125.00
courier fee: 50.00
Gov’t recording and transfer charges:
recording fee: 192.00
additional settlement charges:
termite/pest inspection: 200.00
iclc fee: 35.00
total estimated closing costs: 2253 $
owning the house: priceless
just bend over and kiss your kahunas goodbye
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Comment by WhereTheBuffaloRoam — April 8, 2010 @ 4:22 am
There is a land regisry fee for registering your property at eth Land Registry which could be up to £700.00 depending on teh price of your property.
Also and OS1 search done on behalf of your lender whcih is £6.00. This is protect their charge over your proeprty.
Bankruptcy seraches whcih is £2.00 per person.
Also your seller may be providing you with a HIP but it may not include seraches like draining (£50.00ish), chancel (17.63), Environmental (38.00ish). If they are not in the Hip you would be advised to obtain these as well.
Hope this helps
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Conveyancer
Comment by sam — April 8, 2010 @ 4:39 am
Yeah search fees – these arent usually included in your solicitors fees – there is the local authority search, water and drainage and an environmental report. All three may not be necessary, but we usually request these three. We ask for funds before we request the searches. There is also Land Registry fees including the registration fee and the final search fees. Your solicitor undertakes these and they may be added onto your bill rather than being requested from you initially.
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I am a conveyancing legal secretary
Comment by x VICKI x — April 8, 2010 @ 4:59 am
Hip pack are only for the seller not the buyer
and if a hip inc then you only pay for the survey which is around £250 upward or if you are getting a home buyer report can cost around 500 to 1200 pound and they are a waste of time trust me am a estate agent i know.
if no Hip inc then
*Sol fee £200 upward call few solicitor and get price of a few them as they will all under cut to get the buisness
*no stamp duty unless stated but around 1% fee
*survey above
*removels again get few qoutes ring around
*insurance your lender will sort this out
and be careful as the market very very quite.. check out http://www.nethouseprices and type in the area were you looking for and will give prices and date when sold
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Comment by julz — April 8, 2010 @ 5:27 am
Land search
bt line land (if none installed)
Builders fees
also check your goods are insured whilst in transit with your insurance company
mortgage broker fees
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Comment by sammie — April 8, 2010 @ 6:13 am
In the UK:
1. HM Land Registry fee
2. Basic Mortgage Valuation – £250 (inc £125 admin fee)
3. Conveyancing Fees – £189
4. Telegraphic Transfer Fee – £30
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Comment by Dave C — April 8, 2010 @ 6:50 am
When buying:
1) Mortgage fees (your mortgage broker will explain the fees associated with that mortgage because they don’t all have the same fees) – they are typically added to your loan.
2) Valuation/Survey fees
3) Solicitors fees which are separate from other fees they will charge as well such as land registry fees, search fees – your solicitor, if any good, will be able to give you a rough estimate of these fees before you instruct them to work on your behalf.
After you bought:
1) Furniture movals (possibly storage)
2) Buildings and possibly contents insurance
3) Life and cirtical illness cover to at least pay your mortgage
4) Mortgage payment protection if you are made redundant (choose carefully on this product because most are crap)
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Comment by Penfold — April 8, 2010 @ 7:06 am