|
House Purchase and re-mortgaging costs.
When buying a new home or re-mortgaging an existing property
it is important to have a good idea of the associated expenses
involved. Without considering all the costs it is impossible to
produce an accurate budget for the process of buying a home, or
whether it's actually viable to re-mortgage an existing
property.
Typical Legal & Solicitors Fees.
When buying a new home Legal fees will typically include Stamp
Duty, Solicitors Fees and Search Fees. These costs can often be
substantial, increase inline with property value and will
vary depending on the property location.
The table below will help you identify some of the most common
legal costs. The figures are based on a property 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 and 4% of property value above £500,000.
|
Legal Service |
Typical Cost |
|
| |
|
|
|
House Purchase: |
|
|
|
Solicitors Fee |
£495.85 |
|
|
Land Registry Fee |
£220.00 |
|
|
Search Fees |
£130.00 |
|
|
Telegraphic Transfer |
£23.00 |
|
|
Stamp Duty |
£2450.00 |
|
|
|
£3318.05 |
|
| |
|
|
|
Re-Mortgage: |
|
|
|
Solicitors Fee |
£232.38 |
|
|
Land Registry Fee |
£50.00 |
|
|
Search Fees |
£25.00 |
|
|
Telegraphic Transfer |
£0.00 |
|
|
|
£307.38 |
|
|
|
|
|
|
|
source e-conveyancer |
|
| |
|
|
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.
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.
|
