[Help] Hidden expenses of buying property?

[pocketseagull]

I've seen a flat I'd like to buy and just about enough have for a deposit and agreement in principle. Do I need a solicitor, survey etc and if so how much would that cost?

 

[Justice]

Most lenders are asking for a EICR (electrical cert) an additional cost even if the sale collapses. I do loads for house purchasers these days.
I would say about 2k for everything else as a rough estimate.

 

[mikeyjh]

I've seen a flat I'd like to buy and just about enough have for a deposit and agreement in principle. Do I need a solicitor, survey etc and if so how much would that cost?

Yes and yes - You should be allowing a minimum of a couple of thousand for those. Don't forget moving costs although you may be able to that yourselves. Also just consider furniture, stuff for bathrooms, kitchen etc, things you need or need to do before you can move it.

Oh, and when you get the survey, don't panic - It may say things like "There are no signs of a volcano in the area, so far as we can see"

 

[Worried Man Blues]

New kitchen for the wife

 

[dejavuatbtn]

I've seen a flat I'd like to buy and just about enough have for a deposit and agreement in principle. Do I need a solicitor, survey etc and if so how much would that cost?

Freehold or leasehold- will make a difference to your outgoings, insurances and responsibility for maintenance. You should get searches done at least.

 

[Neville's Breakfast]

I've seen a flat I'd like to buy and just about enough have for a deposit and agreement in principle. Do I need a solicitor, survey etc and if so how much would that cost?

You certainly need a solicitor but you don’t have to go with a local one. Everything is done online these days so there is no excuse for regionally differentiated pricing. In Brighton their fees will be over inflated. Ring around for quotes. I would always pay for a survey and if it’s a flat then get the whole building surveyed as well as you will be liable for a portion of repairs. You also need to factor in stamp duty.

 

[sully]

Depends a bit on age of the property, but I’d always recommend getting a full survey rather than the minimum. They don’t come cheap!

 

[Chicken Run]

Stamp duty

 

[Kubes]

New kitchen for the wife

Seems a reasonable swap

 

[Gazwag]

Do a lot of research and make sure your solicitor get last 3 years service charge accounts and read them carefully, makes sure decent sinking fund, if the lease allows one, to cover future large repair costs. You should be aware buying a leasehold flat will bring a yearly service charge costs of anywhere between £500 and £1500

 

[The Antikythera Mechanism]

Make sure the flat has a long lease as renewing is very costly.

 

[Westdene Seagull]

Stamp duty

I'm taking a bit of a punt here but I suspect @pocketseagull is a first time buyer and also the flat he's buying is less than £425k - so no Stamp Duty.

As for costs :

Solicitor ( you will need one ) = £1k you'll need to provide some cash upfront for "sundries" normally around £350

Survey - your lender will do a valuation survey most likely for free or in the mortgage fee. You then have the choice of getting a buyers survey - Level 2 or Level 3. Cost will depend on the age of building and type of flat - i.e. purpose built or converted. You should allow an £1k for this although you don't HAVE to have one. But consider this, you're spending the biggest amount of money you've ever spent so far, why take the risk of not knowing all the in's and out's of the property your buying ?

Moving costs - every one goes "oh, I'll do it myself". It's not as easy as you may think. Also, you probably still need to hire a van, buy packing boxes and bubble wrap etc.

Don't forget, if you're renting ( which I'm guessing you are ) then you won't get your deposit back for a while so don't rely on that to cover these costs.

If you're selling, which I don't think you are, then there are more costs as well.

 

[Westdene Seagull]

You should be aware buying a leasehold flat will bring a yearly service charge costs of anywhere between £500 and £1500

And the freeholder can come and ask for more if the maintenance fund is short.

 

[Westdene Seagull]

Most lenders are asking for a EICR (electrical cert) an additional cost even if the sale collapses. I do loads for house purchasers these days.

Surely that's a cost to the seller ? Much like an EPC.

 

[Rookie]

You certainly need a solicitor but you don’t have to go with a local one. Everything is done online these days so there is no excuse for regionally differentiated pricing. In Brighton their fees will be over inflated. Ring around for quotes. I would always pay for a survey and if it’s a flat then get the whole building surveyed as well as you will be liable for a portion of repairs. You also need to factor in stamp duty.

you get what you pay for. Yes, a local solicitor will be more expensive but a lot of the cheaper options will not carry out full searches and will instead do the minimum required and simply insure other things should the worst happen.
If you are spending hundreds of thousands of pounds on a property i would not skimp on a good solicitor and survey.

 

[WhingForPresident]

I've seen a flat I'd like to buy and just about enough have for a deposit and agreement in principle. Do I need a solicitor, survey etc and if so how much would that cost?

We are in the process of buying a new place atm. Everything including solicitor fees, stamp duty, search fees, surveys, land registration and everything for selling our house and buying the new one is around £15k.

 

[Fungus]

Yes and yes - You should be allowing a minimum of a couple of thousand for those. Don't forget moving costs although you may be able to that yourselves. Also just consider furniture, stuff for bathrooms, kitchen etc, things you need or need to do before you can move it.

Oh, and when you get the survey, don't panic - It may say things like "There are no signs of a volcano in the area, so far as we can see"

"...but we didn't lift the carpets, so you may actually have free geo-thermal underfloor heating".

Our surveyor assumed our house (built around 2000) had cavity wall insulation. It didn't.

 

[zefarelly]

Do your own homework Re build

iggest hidden expense I've experienced is my first flat which was a leasehold . . . . Freeholders and managing agents had a license to extract money. . . That was 25-30 years ago.

 

[zefarelly]

"...but we didn't lift the carpets, so you may actually have free geo-thermal underfloor heating".

Our surveyor assumed our house (built around 2000) had cavity wall insulation. It didn't.

My old house was built in 1730, the only cavity was the living room . . . Walls were over a foot thick

THe current Zefarelly Towers is the first house I've had with cavity walls!

 

[Neville's Breakfast]

you get what you pay for. Yes, a local solicitor will be more expensive but a lot of the cheaper options will not carry out full searches and will instead do the minimum required and simply insure other things should the worst happen.
If you are spending hundreds of thousands of pounds on a property i would not skimp on a good solicitor and survey.

I’m not suggesting skimping. We have used a solicitor in Hull that has been excellent in several property transactions but provides a better service for a lower price purely because they are based in Hull. Solicitors down South take the piss.