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Not the purchase price, the conveyancing, surveying, other fees?
Conveyancing - Varies from firm to firm but allow upwards of £400.
Fees, searches etc - it depends on your local area and what searches you need/want but allow about £300
Stamp duty - depends on the cost of the house
Survey - you can often get the basic valuation as part of a mortgage package but you're a fool if you rely on that. A full structural survey could be around £800. A Homebuyers Report will be about half that.
Don't forget moving costs...
Most of the online conveyancing firms will give you a quote that shows all the costs. I used Simpson Millar, who are as crap as anyone else but they will provide quotes.
For a £250,000 house you should be adding around £5000 for all the costs on a straight forward purchase. Anything happens out of the ordinary be prepared to add more.
This was three years ago, but we paid £1100 to our Solicitor, this included conveyancing, searches, land registry fees and VAT.
On top of that we paid about £200 for the homebuyers report (it was actually more expensive than this but the cost of the basic valuation was taken off as it was free by the mortgage company).
Our mortgage had no arrangement fee as it was a special first-time buyer one. When we remortgaged last year we paid £995 for this.
Stamp duty back then was £2k for a £200k house, but I believe it has all changed now
We only paid about £150 for moving costs but then we only moved a mile down the road, so just 3.5 hours with two men and a van.
£225,000 flat cost £2000 in stamp duty (unless you are buying to let then its a huge amount more). Solicitors fees (inc VAT) were around £1100. Survey was £300 plus VAT. Furniture and stuff was another couple of grand - we moved ourselves so van hire was £35 plus VAT.
But if you're selling too, don't forget the 1% to the estate agent!
Too F***ing much if you ask me!!!!! I should be billing the estate agents and the solicitors for the amount of chasing I'm having to do!!!! And as for the mortgage lenders.....if I made as many clerical/admin errors as they've done in the past 3 weeks, I'd be sacked!!!!!!! GRRRRRRRRRRR
Your best bet is to use one of the online conveyancing companies that are available now. They're quite reasonably priced.
Going off topic, we bought our 3 bedroom terraced house in a small town on the Northumberland coast just under two years ago, and we paid £37,000 for it. We've spent about £11,000 modernising it, but the average house price around here seems to be around £55,000. I really don't know why anyone wants to buy a house in London, as the higher wages that you receive will all go on paying off your large mortgage.
agree with you NR.. why on earth spend that much on a home...
We have our very own financial boffin here to answer any such questions on this particular field.
RICF, where are you.........
Egad. You Northerners do alright!
We're currently looking for a 3 bed down South. ~£500,000 for a semi will be another £15,000 in stamp duty. Marvellous.
asitis wrote (see)
We have our very own financial boffin here to answer any such questions on this particular field. RICF, where are you.........
I am here.
And suitably humbled.
The reasons behind house prices are simply market forces. It's a competition driven by population density and job/money opportunities.
London is a good example of where house prices have gone through the roof.
Even the modest brick box in which I reside has multiplied in value seven times what I paid for it in 1993.
Lose a few million of the people who have joined the London masses in the past 15 years or so and the prices will reduce.
When the banks decide to 'cash in' (by increasing mortgage rates back to their historical average of 10%) there'll be a price crash.
It won't bother the banks too much. All the poor sods who paid over the odds for their houses will be bankrupt and forced to rent (from the banks) the same house they thought they once owned.
You have a mortgage?,
The bank owns the house.
My neighbour found that out the hard way.
Northumberland Runner wrote (see)
Your best bet is to use one of the online conveyancing companies that are available now. They're quite reasonably priced. Going off topic, we bought our 3 bedroom terraced house in a small town on the Northumberland coast just under two years ago, and we paid £37,000 for it. We've spent about £11,000 modernising it, but the average house price around here seems to be around £55,000. I really don't know why anyone wants to buy a house in London, as the higher wages that you receive will all go on paying off your large mortgage.
Watched one of those property shows the other day, and a guy bought a flat in Tyne N Wear type region for 10k I think it was.
10k! Put 3.5k work into it, and then it was worth 35k apparently.
I just can't imagine property being so cheap.
I know the wages and availability of work would be much lower, but you obviously wouldn't need anywhere near as much money, so the possibility of getting a house done and dusted super young, leaving you a lot of your life to do other stuff is amazing.
Maybe earning and saving in the south and hot footing it up north is the way to do it.
But you would have to live in Tyne and Wear !
Try ray buying in a CA12 post code
Yes, that is the slight issue, having to live up north.
Ray Buying? Blue rays?!
Stevie G wrote (see)
Yes, that is the slight issue, having to live up north. Ray Buying? Blue rays?!
err, as in The Real World??
I do feel for all the "poor" sufferners
Dave The Iron Ex- Spartan wrote (see)
But you would have to live in Tyne and Wear ! Try ray buying in a CA12 post code
It's great up here. Newcastle has regenerated itself. It's now a trendy place to live. The cost of living is low, and despite what you may have heard, that are jobs up here for people who are skilled and qualified. The nightlife is good, as is the cultural side. The Tyneside and Northumberland coastline is absolutely stunning. There's more castles than you can shake a stick at in Northumberland where you can have a family day out looking around. We have Kielder Forest and the Northumberland National Park on our doorstep. The folks are friendly, unlike the rude people in London who barge you out of the way. On the London Underground, people won't even make eye contact with you. We have the Tyne & Wear Metro system. People will happy chat to you on there.
Why wouldn't ypu want to live up here?
Also, we have the Great North Run and the Blaydon Race. There's a lively running club scene as well.
Costing us about 5k with moving costs added in as well, we are only going 2 roads over and we are swapping houses with them, you'd think it would be simple.