Costs of Buying a Home

The Costs of Buying a Home in Durham | Mortgage Advice in Durham

Moving Home Mortgage Advice in Durham

Mortgage Broker in Durham | Durhammoneyman

Buying a Home in Durham

One of the most common questions we are asked by first-time buyers, the self-employed or people who haven’t moved home in a while is “What are the costs of buying a home?”. In regards to the answer of that question, here is a full list of the fees you can expect to pay when you are thinking about buying a new home (and when they become payable).

Estate Agency Fees

This only applies if you have a home to sell. With the rising of the online Estate Agent, the price to sell your home can be as low as £500 for a basic Rightmove listing.  However, if you are looking for a more personalised local mortgage service and a dedicated sales negotiator, the fee will be in the region of 1-2%.

Valuation Fees

Your mortgage lender in Durham will have a requirement to have a valuation carried out on your chosen property. This will be to ensure they are lending against adequate security.

Prices can vary from zero (for a basic valuation with some lenders) up to several hundred pounds for a more detailed Home Buyers’ Report. A full Building Survey can be even more.

Having an element of choice is the key, in whether you wish to elect for a more detailed report or not. Your decision will likely depend upon the age and type of property you’re buying. This will be along with any fears/concerns you have about it.

Mortgage Arrangement Fees

Some mortgage products offer comparatively cheap rates. Although this benefit can be outweighed by an arrangement fee payable to the lender. Not every product has one, so the cost can be nothing but could, for example, be £999 or even more depending upon the lender/product.

Sometimes these are to be paid upfront or you can elect to add these to the balance of your mortgage.  Although, you would then incur further interest charges.

Being your Local Expert Mortgage Broker in Durham, we can compare thousands of mortgage deals with all fees added so we can compare on a like for like basis.

Solicitor Fees

You’ll need to engage the services of a solicitor, the fees quoted by various firms can differ enormously. An estimation for a straightforward purchase with a local company is £600 for a low-value property.  You will need to give the property address. This is the case whether it’s leasehold or freehold. You will also need to give the purchase price to obtain quotations.

The key points to cover when asking for a quote are:

  • Ensure the firm includes VAT
  • Ensure the firm includes the cost of any “disbursements.” These are fees such as Land Registry Fees and Local Authority Search Fees
  • Is your Solicitor on your mortgage lenders panel?

Stamp Duty

You’ll be required to pay this tax which the solicitor collects on completion of the property purchase, in addition to your Solicitor’s fees and disbursements. Full details can be found here: https://www.gov.uk/stamp-duty-land-tax

Mortgage Broker Fees

A Mortgage Broker in Durham, like us, will always charge for their service. However, it will be a simple and stress-free mortgage experience as they will do everything for you. Here at Durhammoneyman, we know how to save your time and your money when it comes to finding the right lender with the right deal that is best suited to your personal situation.

Removal Fees

The cost of moving your furniture can vary significantly. It will depend on the level of service you are looking for.  If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200.  On the other hand, if you are looking for a company that provides the full service this can be £1,000 plus.

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