Costs for buying a house

[Matt..]

Can anyone give me a vaguely accurate idea of costs in buying a ~£200k house?
Will £4.5k cover it all?

[Sarnie]

Matt.. said:

Can anyone give me a vaguely accurate idea of costs in buying a ~£200k house?
Will £4.5k cover it all?

Stamp duty £2k
Solicitors circa +/- £1k
Mortgage Fee's (survey/booking fee if applicable) £500-£600

I'd say you should be ok with £4.5k

[Evo141n]

You may also need...
Removals Firm costs £1000?
Storage £££
Closing / Moving utilities from your old property?
Mortgage arrangment fee?

[mx stu]

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.

[DocArbathnot]

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

Edited by DocArbathnot on Monday 4th March 16:13

[Kenzle]

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

[DocArbathnot]

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

Okay got it. It's a long time since I've bought a house and as I'm helping MIL relocating @ the moment it's useful to know.

Edited by DocArbathnot on Monday 4th March 16:19

[e8_pack]

I got accepted for first direct but I went with nationwide. Free solicitor, free valuation, 99 quid arrangement fee, unlimited over payments, lower interest rate than fd and I can change to a fix rate at any time.

[oyster]

Land Registry fee circa £270.
Indemnity insurances (chancels, missing deeds etc) might be another £200.

Also be aware of expedited completion legal fees.

[Rochester TVR]

Also not forgetting the Estate Agents fee which can be 1-2%

[996c2]

Rochester TVR said:

Also not forgetting the Estate Agents fee which can be 1-2%

The seller pays the estate agent not the buyer!

[Baron Greenback]

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!

[Sarnie]

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'! ha

[Baron Greenback]

Sarnie said:

5 year tracker, wow! At least no can say your 'risk averse'! ha

Life time tracker mortgage 2.49% above base rates zero fees. The 5 year is when (maybe) my dam company may move county but we won't know for at least a couple of years!

[NIIKME]

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.

[Sarnie]

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.

Things change in five years, and the last five years have been particularly turbulent......

[e8_pack]

I took a 5 year tracker with nationwide at 2.19% but I think we have 2 years before rates go back up. I have the option of switching to a fix at any time, you can do it online.

[QBee]

Just sold one, bought another, conveyancer's fees under £600 in both cases, and both houses were over £375000 and neither was straight forward..
Stamp duty at that level is 3% of the whole lot, goes up to 4% at £500,000. We are talking serious pain .....

[onomatopoeia]

If you're planning on moving into this house that you're buying and have a lot of stuff, you might need to pay a removal company - there comes a point where buying a few beers for a mate with a Transit is no longer a viable way to move home.

[mx stu]

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.