Buying – Costs
Solicitors Costs are split into two sections; the solicitor’s fee, and the costs the solicitor will incur on your behalf (the disbursements). When you speak to a solicitor they normally give you quote which excludes these charges. Don't choose a solicitor on price and use a solicitor who is based in the City; local knowledge is best
Solicitors Fees range from £495 plus vat to up to £850 plus vat for more expensive properties. Leasehold properties involve more work so expect to pay anything between £150 to £200 extra. The disbursements add another £300 to £400
Stamp Duty. This applies to properties priced at £125,001 and over. Properties between £125,001 to £250,000 you pay 1% of the full price. First time buyers don't pay any stamp duty if the house is under £250,000 Properties £250,001 to £500,000 you pay 3% of the full price. Over £500,000 you pay 4%
Most mortgages other than the standard variable rate mortgage will incur an arrangement or allocation fee. They vary from lender to lender. The better the deal - the higher the fee
The mortgage valuation generally includes a survey. The surveyor will point out the main defects in the property. If you want more re-assurance, then you can have a Homebuyers Report for £400 or a more detailed Structural Survey. Arrange the survey at the same time as the mortgage, it will be cheaper and save time. The 'fault free' house has yet to be built. Interpreting surveys is an art and generally at the first reading surveys never read well. Speak to us - we can help
Buying – Timescale
For the average sale we always recommend an estimation of at least eight to ten weeks to get to the point where you've got your mortgage offer and the solicitor is happy to press the 'go' button. Twelve weeks is not un-common
The 'exchange of contracts'; you pay your deposit and the contract becomes effective. At this stage both buyer and seller are bound to see the deal through
Completion day is typically two weeks after exchange, although occasionally it can happen on the same day
Completion is the day the property becomes yours. The contract will say something about having the deal done by noon. In practice it's down to the length of the chain involved as the money starts at the bottom and is transferred all the way up. Completion day is fraught with delays. You can't have the keys until the house is paid for
Talk to your solicitor; if you need to be in by a particular day, tell them. If you agree a completion date with the seller, remember to tell your solicitor!
