Costs for buying a house
Discussion
Currently buying a house for £250k. Actual costs to us are:
Solicitors fees (inc. searches) £1,330
Stamp duty £2,500
Home buyers report (i.e. survey) £246
Our First Direct mortgage came with no booking or arrangement fee and a free valuation. The cost of the Homebuyers report was after deducting the cost of a standard valuation.
Our stuff is currently in storage at £33 per week but we have no removal costs as my father in law is a class 1 driver and we have the use of him, his unit and his trailer.
Solicitors fees (inc. searches) £1,330
Stamp duty £2,500
Home buyers report (i.e. survey) £246
Our First Direct mortgage came with no booking or arrangement fee and a free valuation. The cost of the Homebuyers report was after deducting the cost of a standard valuation.
Our stuff is currently in storage at £33 per week but we have no removal costs as my father in law is a class 1 driver and we have the use of him, his unit and his trailer.
I thought stamp duty was only payable on amounts over £125k? So £200k house stamp duty would be 1% £75k= £750
https://www.gov.uk/stamp-duty-land-tax-rates
https://www.gov.uk/stamp-duty-land-tax-rates
Edited by DocArbathnot on Monday 4th March 16:13
DocArbathnot said:
I thought stamp duty was only payable on amounts over £125k? So £200k house stamp duty would be 1% £75k= £750
Yes, but unlike income tax it isn't applied in bands but on the whole amount.Stamp duty on buying a house for £125,000 = £0
Stamp duty on buying a house for £125,001 = £1250.01
Kenzle said:
DocArbathnot said:
I thought stamp duty was only payable on amounts over £125k? So £200k house stamp duty would be 1% £75k= £750
Yes, but unlike income tax it isn't applied in bands but on the whole amount.Stamp duty on buying a house for £125,000 = £0
Stamp duty on buying a house for £125,001 = £1250.01
Edited by DocArbathnot on Monday 4th March 16:19
Baron Greenback said:
Grrr forgot about stamp duty I am about to start the whole process on a house 225k going for a HSBC tracker mortgage for 5 year until my company move to Cambridgeshire. Can't think rates will move that much in 5 years!
5 year tracker, wow! At least no can say your 'risk averse'! haNIIKME said:
I'm surprised at the solicitors fees described a few posts above. Get 3 quotes if I was you as its the only item you can really make a saving on. I think 5 years ago our fees came to 800 quid.
Things change in five years, and the last five years have been particularly turbulent......NIIKME said:
I'm surprised at the solicitors fees described a few posts above. Get 3 quotes if I was you as its the only item you can really make a saving on. I think 5 years ago our fees came to 800 quid.
We got 5 quotes in the end from local solicitors and the firm we used were the cheapest by about £200. They were also law society accredited with the conveyancing quality kitemark. About 3/4 years ago we re-mortgaged and had free legals included. The firm that did the conveyancing were one of these high volume places and it showed. Made me vow this time to use a 'proper' firm of solicitors with someone I could pick the phone up and speak direct to with any queries I may have.
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