How Much Will It Cost?
Before you can buy a house you will need some capital for your deposit and fees. These may include:-
Valuation/Survey
Before a lender will agree to lend to you they require a Valuation for mortgage purposes to be carried out. The price of this depends on the value of the house and the lender.
It can be anything from £250 upwards. (Some lenders offer a free valuation).
You can upgrade from the Valuation to a Homebuyers Survey and Valuation at an increased cost.
Arrangement/Booking Fees
This is a products related fee and no actual service is provided for it. It forms part of the pricing of the product being selected. You tend to find that the lower the rate the higher the fee can be.
Lenders usually give you the option to add this fee onto the mortgage, be, aware that you will pay interest on it for the duration of the loan.
Lenders use both, ‘arrangement fee’ and ‘booking fee’, but they amount to the same thing. The fee can range from £299 up to 2% of the loan, or in some cases higher.
Solicitors
You will need a solicitor when buying your new home. A solicitor will charge you a fee for the work they carry out plus disbursements. The fee is usually a fixed price and the disbursements are enquiries made to 3rd parties, such as the local authority search, Mining Search, Environmental Search.
Note Not all searches are required by the lender and it is your decision whether you opt for them. Ask the solicitor for clarification.
The cost usually depends on the price of the house being sold or bought. We can help you obtain a quote for this.
Stamp Duty
This is a tax payable on the purchase property only. The current scale is based on a percentage of the whole purchase price and is payable by the buyer.
Please contact us for the current rates of stamp duty.
Estate Agents
If you are selling a house via an estate agent, then you will need to pay their commission.
Most are no sale no fee, but there is usually an initial cost to cover the cost of the Home Information Pack.
It may be worth obtaining a couple of valuations before making your final decision of who you will use. Some offer a fixed price for selling, some express their commission as a percentage of the sale price.
You will have to pay the VAT on the fee.
About Us
Our City Centre office is centrally located at St Peter's Chambers on Bank Place in Nottingham, with Fletcher Gate and Broadmarsh car parks two minutes walk from the office and handy for all transport links.
For details of how we are paid for mortgages, please click here.