Finally can sell my house. But feckin fees...oh lord!

[HannsG]

Got asking price last night. Happy as Larry...

Did some calculations today. I will be spunking 8k alone on fees before i see my equity.

1.25% on total house to estate agent
1k to lawyers
4% to get out of mortgage early. 4% fk me, on the remainder of mortgage!!!!!!!

I wanted rid as its a buy2let 100s of miles away.

Its put me off houses for a few years... 4 flipping percent. Thieving bds.

[Fastpedeller]

Have you asked the Mortgage Co if they will negotiate? They can only say no or Yes - It may be worth a try.
ps If this tip is successful I'd like my 0.25 commission, please pm me if successful

[HannsG]

Fastpedeller said:

Have you asked the Mortgage Co if they will negotiate? They can only say no or Yes - It may be worth a try.
ps If this tip is successful I'd like my 0.25 commission, please pm me if successful

I will be on the phone Monday. Mental

[whoami]

Were you not made aware of the redemption fees before you signed up to the mortgage?

[HannsG]

whoami said:

Were you not made aware of the redemption fees before you signed up to the mortgage?

I was. I fully accept your right, but I was naive to assume it was high enough to be 4%.

Personal situation dictated I be shot of the house ASAP. Plan was to keep it a lot longer, but I needed the equity very sharpish. Hence my shotgun approach to the house sale.

Otherwise I would not have re mortgaged the house lastyear.

[Cliftonite]

Just to add to your woes - will you be getting yourself a Capital Gains Tax liability also?

[williaa68]

CGT isnt a woe - it is a quality problem to have. If the OP hasnt owned it long and after deducting costs he's over his allowance, am sure he wont mind a bit of CGT....

[Cliftonite]

williaa68 said:

CGT isnt a woe - it is a quality problem to have. If the OP hasnt owned it long and after deducting costs he's over his allowance, am sure he wont mind a bit of CGT....

I can see where you are coming from. But when much / most of a 'capital gain' is simply bigger numbers caused by inflation it is a very different situation.

[Sharted]

So, you agreed terms of business from your lender/agent/solicitor and when it comes to paying you are all grumpy about it?

Is that about it?

[MGTS]

Don't forget the VAT on the agents and lawyers fees

[Pie with sauce]

MGTS said:

Don't forget the VAT on the agents and lawyers fees

HannsG said:

its a buy2let 100s of miles away.

First world problems, eh?

[037]

I recently claimed back the extortionate bank fee for ending my mortgage early on the basis that I had told them my plans on signing the deal! My mortgage advisor from the bank ( RBS ) helped me to do this bizarrely!

[voyds9]

Can you overpay on your mortgage.

Normally 10%. Then pay 4% on outstanding balance.

May be only a few quid but worth it for the sheer annoyance and paperwork for them.

[Countdown]

HannsG said:

Got asking price last night. Happy as Larry...

Did some calculations today. I will be spunking 8k alone on fees before i see my equity.

1.25% on total house to estate agent
1k to lawyers
4% to get out of mortgage early. 4% fk me, on the remainder of mortgage!!!!!!!

I wanted rid as its a buy2let 100s of miles away.

Its put me off houses for a few years... 4 flipping percent. Thieving bds.

Tbh all those seem pretty standard. From my experience the EA fee is standard (and would have been agreed with you prior to listing). The lawyers fee - if that's for conveyancing only then it seems high - my solicitor charges £375 plus VAT plus disbursements.

And the mortgage repayment fee should have jumped out at you when you did the original application? Were you struggling to get a decent mortgage as there are plenty which allow overpayments/no exit charges.

I thought you were CIMA? Not meaning to sound harsh but surely this kind of thing is bread and butter for somebody who works in finance?

[HannsG]

Countdown said:

Tbh all those seem pretty standard. From my experience the EA fee is standard (and would have been agreed with you prior to listing). The lawyers fee - if that's for conveyancing only then it seems high - my solicitor charges £375 plus VAT plus disbursements.

And the mortgage repayment fee should have jumped out at you when you did the original application? Were you struggling to get a decent mortgage as there are plenty which allow overpayments/no exit charges.

I thought you were CIMA? Not meaning to sound harsh but surely this kind of thing is bread and butter for somebody who works in finance?

Bread and butter yes. But 8k fees is a pisstake nonetheless.

[whoami]

HannsG said:

Bread and butter yes. But 8k fees is a pisstake nonetheless.

Possibly. But why did you sign up to them??

[hman]

I am in the same situation but its my residence so have sat tight for the last 2 years, biding my time researching new places to live and new mortgage deals with no early redemption penalties.

March 2015 will see the end of the early redemption penalty period, and my mortgage will be reverting to standard variable - which will see me a £210 saving per month...

Work informed me that as I hadnt moved nearer the office yet I couldnt be considered for MD yet, I reminded them that I had told them about the £8k of costs in ERP alone and that they wouldnt see me moving until mid to late 2015. They have asked the current MD (who is retiring) to stay on until the end of 2015.

So the moral of the story is, NEVER take a mortgage with ERP's they can affect your wallet on a monthly basis, your wallet in the event of a change of circumstances, and indirectly affect your career prospects!!!

Lesson learned the hard way!

[Sarnie]

hman said:

I am in the same situation but its my residence so have sat tight for the last 2 years, biding my time researching new places to live and new mortgage deals with no early redemption penalties.

March 2015 will see the end of the early redemption penalty period, and my mortgage will be reverting to standard variable - which will see me a £210 saving per month...

Work informed me that as I hadnt moved nearer the office yet I couldnt be considered for MD yet, I reminded them that I had told them about the £8k of costs in ERP alone and that they wouldnt see me moving until mid to late 2015. They have asked the current MD (who is retiring) to stay on until the end of 2015.

So the moral of the story is, NEVER take a mortgage with ERP's they can affect your wallet on a monthly basis, your wallet in the event of a change of circumstances, and indirectly affect your career prospects!!!

Lesson learned the hard way!

Is your mortgage not portable?

[roofer]

voyds9 said:

Can you overpay on your mortgage.

Normally 10%. Then pay 4% on outstanding balance.

May be only a few quid but worth it for the sheer annoyance and paperwork for them.

This.

[hman]

Sarnie said:

hman said:

I am in the same situation but its my residence so have sat tight for the last 2 years, biding my time researching new places to live and new mortgage deals with no early redemption penalties.

March 2015 will see the end of the early redemption penalty period, and my mortgage will be reverting to standard variable - which will see me a £210 saving per month...

Work informed me that as I hadnt moved nearer the office yet I couldnt be considered for MD yet, I reminded them that I had told them about the £8k of costs in ERP alone and that they wouldnt see me moving until mid to late 2015. They have asked the current MD (who is retiring) to stay on until the end of 2015.

So the moral of the story is, NEVER take a mortgage with ERP's they can affect your wallet on a monthly basis, your wallet in the event of a change of circumstances, and indirectly affect your career prospects!!!

Lesson learned the hard way!

Is your mortgage not portable?

probably but the next move is going to be a rental for 6-12 months to make sure things are going in the right direction so would have to pay off mortgage to move - and in doing so incur £8000 of charges.

anyway its fixed at 5.5% (so is massively over charging presently and is another good reason that the next mortgage is going to be no ERP's) as this was a "good deal" when I took it out at the peak of the boom - d'oh!