Tyson Posted September 4, 2017 Share Posted September 4, 2017 I am looking to sell my house and buying another (New Build) was wondering what costs may be involved that I might have overlooked. So far I have: Estate Agents fees EPC Solicitor / Conveyancing fee Removal Costs Mortgage exit fee Buying Costs: Mortgage fees House Survey (snagging survey same thing ??) Solicitor / Conveyancing fees Land Registry Fee Stamp Duty Mike Quote Link to comment Share on other sites More sharing options...
ripped_fear Posted September 4, 2017 Share Posted September 4, 2017 I recently bought our first house and bearing in mind we didn't need to sell one as we were coming from rented. All the fees, surveys, checks, stamp duty land tax etc came to around 7-8k For reference that was on a 240k house. Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 4, 2017 Author Share Posted September 4, 2017 I recently bought our first house and bearing in mind we didn't need to sell one as we were coming from rented. All the fees, surveys, checks, stamp duty land tax etc came to around 7-8k For reference that was on a 240k house. /QUOTE] Worst case scenario we have budgeted 11k for the above also on £246k house, I was just making sure if there were things I had missed rather the cost of the ones listed. But interesting to know how costs compare around the country. Quote Link to comment Share on other sites More sharing options...
mwilkinson Posted September 4, 2017 Share Posted September 4, 2017 Stamp duty is the biggest hit generally. General points from my sale and purchase last year. Don't use Countrywide Conveyencing. Total nightmare. Use a good local solicitor who if needs be you can pop in and prod. Over the phone stuff is total con and headache through what is arguably one of the most stressful things you will do. You shouldn't feel like the solicitor is doing you a favour, you are their client and paying them well for what is usually a very straight forward bit of work. Watch out for insurance policies offered to cover you for pretty much anything. They want you to indemnify everyone for anything. It's all a big con for the most part. Classic is Chancel Repair Liability. You pay to have this checked. You will know if you are liable. There seems a craze of paying this regardless. Quote Link to comment Share on other sites More sharing options...
Al Massey Posted September 4, 2017 Share Posted September 4, 2017 On the new build, make sure you check if the lease on the land. There's been a massive sting recently. Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 4, 2017 Author Share Posted September 4, 2017 On the new build, make sure you check if the lease on the land. There's been a massive sting recently. Yeah I saw that, the house is freehold I checked with the builder but good point to make. Quote Link to comment Share on other sites More sharing options...
Burna Posted September 5, 2017 Share Posted September 5, 2017 Look at part exchanging, most do that on new builds, gets rid of a hell of a lot of hassle mate. Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 5, 2017 Author Share Posted September 5, 2017 Look at part exchanging, most do that on new builds, gets rid of a hell of a lot of hassle mate. We did look at that but looking at using the help to buy government scheme and you can't use both. Quote Link to comment Share on other sites More sharing options...
Supragal Posted September 6, 2017 Share Posted September 6, 2017 Are you keeping the same mortgage, just moving it across to the new property? Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 6, 2017 Author Share Posted September 6, 2017 Are you keeping the same mortgage, just moving it across to the new property? No as our current lender will only lend 70% on a new build and there's no way we raise a 30% deposit. You just reminded though that we have an exit fee on our fixed term so I've added that to the first post. Due to being near the end of our term it is a small fee but we have seen some houses that are being released soon which is why we aren't waiting. Quote Link to comment Share on other sites More sharing options...
SupraAyf Posted September 8, 2017 Share Posted September 8, 2017 Mike, If there are already a few houses on the development then make sure you check what they sold for. There's no point in you paying over the odds if someone bought a similar house to you 3-months ago for £20k less. Good luck, Andrew Quote Link to comment Share on other sites More sharing options...
Bladerider Posted September 8, 2017 Share Posted September 8, 2017 Just double check the help to buy technicalities, Good friend of mine has been stuck with a house he cant let, no-one can get a mortgage on and the scheme wont buy his share off him, his only hope would be a cash buyer willing to stump up the full amount that he "owns" to then be stuck in the same position as he is when it comes time to sell. Total nightmare - he bought it through the previous help to buy scheme that then got suspended a few years later and the mortgage companies then had no choice but to stop supporting. Its crippled him for nearly two years now having a £150k house dormant that is now just decaying for lack of use - that he still pays bills for !!! J. Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 8, 2017 Author Share Posted September 8, 2017 Just double check the help to buy technicalities, Good friend of mine has been stuck with a house he cant let, no-one can get a mortgage on and the scheme wont buy his share off him, his only hope would be a cash buyer willing to stump up the full amount that he "owns" to then be stuck in the same position as he is when it comes time to sell. Total nightmare - he bought it through the previous help to buy scheme that then got suspended a few years later and the mortgage companies then had no choice but to stop supporting. Its crippled him for nearly two years now having a £150k house dormant that is now just decaying for lack of use - that he still pays bills for !!! J. Which housing developer was that ? Quote Link to comment Share on other sites More sharing options...
blythmrk Posted September 8, 2017 Share Posted September 8, 2017 No as our current lender will only lend 70% on a new build and there's no way we raise a 30% deposit. You just reminded though that we have an exit fee on our fixed term so I've added that to the first post. Due to being near the end of our term it is a small fee but we have seen some houses that are being released soon which is why we aren't waiting. Are you keeping the current one to rent or is there not enough equity in the current one to cover the 30% deposit? Quote Link to comment Share on other sites More sharing options...
Tyson Posted September 8, 2017 Author Share Posted September 8, 2017 Are you keeping the current one to rent or is there not enough equity in the current one to cover the 30% deposit? We are selling the current one and no there is only enough for 20% of the new house. Quote Link to comment Share on other sites More sharing options...
Bladerider Posted September 8, 2017 Share Posted September 8, 2017 Which housing developer was that ? It wasnt the developer, It was the last Government "help to buy" scheme around 8-10years ago, which is now no longer supported. . Quote Link to comment Share on other sites More sharing options...
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