Buying a new property costs.

nitin_s1 · Post by **nitin_s1** » Sat Oct 13, 2012 8:41 pm

This is soooo difffernt from cars but just wanted to share anyways.

We are moving house, selling our old flat and buying a bigger house nearby. Our old flat we bought for £80k back in 2000 and now selling that for £215 privately.

we still have to pay back around £50K on that so with the sale of that property we will have £165k in the bank. I will put in £10k to help increase the kitty. (could have spent that on my NSX

) so overall we have £175k in the bank.

The new property we want to buy is £320k. So mortgage with me, mum and dad that we need to get would be of £145k. Been dealing with all the paper works etc as my mum and dad are busy and hard to get some time off. It was going all well until the in-house mortgage advisor from the estate agent (the one I'm buying the property from) outlined the cost of all of these paper works and new mortgage etc..

Want to guess how much.???

Around £25,000 for paper works such as legal fees, stamp duty etc.

Any one an estate agent or a property solicitor on here who can let me know if this sounds right.

Ted · Post by **Ted** » Sat Oct 13, 2012 8:56 pm

well the stamp duty alone is £9600 that leaves £15400 for legal fees, is this to sell and buy or just to sell?

nitin_s1 · Post by **nitin_s1** » Sat Oct 13, 2012 9:05 pm

Our own property we are selling privately. That price was quoted just to buy the new property.

Post by **rob quilter** » Sat Oct 13, 2012 9:08 pm

£215,000 for a flat!

That would get you a nice 4 bedroom detached house with a double garage and big gardens in Derby, sod living in London

Rich · Post by **Rich** » Sat Oct 13, 2012 9:08 pm

Sounds extortionate to me mate. Yeah stamp duty is a hefty chunk of that, around £10k, but £15k conveyancing fees seems very steep. I would never go with the same people the mortgage company provide, ask around for some quotes. We bought our house and paid under £500 6 years ago, granted our house cost 1/3 of that & we didn't have a house to sell but even 6 times that is only £3k, so I think anything over £5k is a rip off.

nitin_s1 · Post by **nitin_s1** » Sat Oct 13, 2012 9:14 pm

Rob, the flat above me got sold for £230,000ish last year.

Rich, I'll be going to see our solicitor on Monday who will shed some light and also will be phoning around (or visiting) some other quotes.

Post by **rob quilter** » Sat Oct 13, 2012 9:17 pm

£320k for your new house, your folks are doing it wrong.

Move futher north its cheaper, and you can have something like this around the corner from me for £265k:

http://m.zoopla.co.uk/for-sale/details/ ... 065d3aefbf

nitin_s1 · Post by **nitin_s1** » Sat Oct 13, 2012 9:26 pm

That looks lush.

but wouldn't want to move some place where they are separated from relatives/families

Post by **Donald** » Sat Oct 13, 2012 9:49 pm

Defo doing it wrong

just moved this month.

2 bedder in the 'decent' part of Norwich city centre, good size back garden, massive new kitchen, en suite + seperate bathroom.

205k
1% stamp duty
Less than 1k in legal fees

secla · Post by **secla** » Sat Oct 13, 2012 9:51 pm

Yeh that's expensive. But I guess your paying London solicitor prices

Lude Generation

Buying a new property costs.

Buying a new property costs.

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