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Solicitors fees are a bit high, should be able to get £1000 inclusive of searches. But then you could easily spend that grand you just saved on a removal van with packing service.
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Don't forget to factor in moving costs, temporary storage (if required) and immediate decoration costs (if needed)
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I plugged your numbers into my spreadsheet
Amount of Property £300,000.00
Percent deposit of base property price 5% - £15K
Stamp Duty £5,000.00Solicitor £1,030.00
Conveyancing £161.27
Broker £0
Bank Valuation Fee -£680.00
Lenders arrangement fee £1,500.00
Mortgage Account Fee £300.00
Land registry £270.00
Searches £300.00
Independent Surveyor £800.00
Insurance £100.00Total costs £10,141.27
(I added stamp duty as a cost! These were my fees, and some stuff may not be needed for you as I got a house.) -
Moving costs (£500-£1000) unless you do it yourself
Buildings Insurance (??? depends)
Home Contents Insurance (??? depends)
A big food shop (you'll throw most of the stuff from the old place away) - £200 -
I had two failed transactions before buying a place. Budget for some real dead deal costs. Also, if you are on the limits of income multiples on affordability or on LTV then you won't be able to capitalise mortgage fees and you might get your loan amount reduced if the property has a service charge.
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Also do not pay for a survey until after you have had a valuation.
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Solicitor total: £1,665
Breakdown
Land Registration fee 135.00
Search fee 450.00
Conveyancing 1,020.00
Stamp Duty Land Tax Form 60.00Moving was around £150 as we self moved, so van + fuel for 2 days (600 miles of driving).
We also didn't bother with a deed of trust (very different deposits for us) which was quoted as £600.
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Ramsaye
pifko
mands
Greenbank
NickCJ
mustardbeak
spinnnout
@dwl
Dear recent home-purchasers. I'm about to go down the route of buying a place for around £300,000 (with a 5%/£15,000) deposit. In your experience, what were your total additional costs on top of the mortgage? Have tried to piece together the pieces but anything obvious I'm overlooking here?
I'm anticipating the following;
Valuation/Application fee for mortgage - £460 (according to mortgage broker)
Stamp duty - £5,000
Solicitor fees - £2,000?
Surveyor fee - £500
Total = just shy of £8,000.
How does that tally with your own experiences?
Cheers!