Typical solicitor, legal & lenders Fees.

 house purchase

buy to let

remortgages

fees & costs

House purchase and remortgaging costs.

When buying a new home or re-mortgaging an existing property it is important to have a good understanding of the associated fees and expenses.

Without considering all the costs it is impossible to produce an accurate budget when buying a home, or whether it's actually viable to re-mortgage an existing property.
 

Typical legal and solicitors fees.

When buying a new home the Legal fees will typically include Stamp Duty, Solicitors Fees and Search Fees. These costs normally  increase inline with property value and can vary depending on the property location itself. The table below will help you identify some of the most common legal costs.

The figures are based on a house valued at £245000 with a postcode of EX15. Stamp duty rates are currently 1% of property value above £125,000, 3% of property value from £250,000 to £500,000, 4% of property value above £500,000.

From April 2010, stamp duty will not be payable on property valued up to £250,000 for first time buyers. This stamp duty holiday will be effective for 2 years. From April 2011 stamp duty will rise to 5% for property valued over £1,000,000. For more on stamp duty rates click here,

We have close links with a network of UK solicitors and can source competitive rates for all our clients. Clients using our legal service network have the ability to login and track the progress of their case online. Clients will also receive automated email updates when each legal stage has been completed. legal fees quote >>

Lenders fees.

Mortgage Lenders will normally charge an arrangement fee, a booking fee and a valuation fee. It is not normally possible to indicate typical costs for these items as they vary considerably between lenders and between mortgage products. Lenders often introduce incentives where these costs have been reduced, some lenders will also offer to pay an amount towards the legal costs of the purchase.

Lenders fees must be taken into account when purchasing or re-mortgaging to determine which product is the most competitive. It is  therefore essential to consider the APR when selecting a suitable mortgage product , not just the stated rate of interest. The APR will indicate the true cost of the loan taking into account both the mortgage rate and all associated costs.

Broker fees.

For regulated mortgage products it is now compulsory for brokers to indicate how they are paid and how much they charge for their service. Typically brokers will charge an administration fee for processing each case although again this can vary considerably, and can increase with the size of the loan.
 

The information contained within this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK and UK expatriates.
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