Additional costs when buying a house.

Thelomen Toblackai

I've been reading some stuff about buying and mortgages and stuff and it mentioned that you'd need some cash along with the deposit to pay for stuff like surveys, solicitors etc

Could anyone give me a rough estimate of how much that would usually be.

Lycoge

Hi

There are a few things that you should factor in before closing :

Legal fees (including land registry etc) prices vary but around 2000 (you will want a decent solicitor so shop around and don't necessarily go with the cheapest quote.
Valuation of property 130-150
Survey 400
Life cover policy (first monthly payment might need to be paid before closing)
Home insurance policy (deposit or 1st monthly payment as above )
Stamp duty 1% of purchase price

Then other associated costs that might apply to you, not necessary before closing but bear them in mind for when you get the house such as:
Furniture or appliances for new house
Removal company
Setting up services such as electricity, gas, broadband

Best of luck with the process.

Thelomen Toblackai

Lycoge wrote: »

Hi

There are a few things that you should factor in before closing :

Legal fees (including land registry etc) prices vary but around 2000 (you will want a decent solicitor so shop around and don't necessarily go with the cheapest quote.
Valuation of property 130-150
Survey 400
Life cover policy (first monthly payment might need to be paid before closing)
Home insurance policy (deposit or 1st monthly payment as above )
Stamp duty 1% of purchase price

Then other associated costs that might apply to you, not necessary before closing but bear them in mind for when you get the house such as:
Furniture or appliances for new house
Removal company
Setting up services such as electricity, gas, broadband

Best of luck with the process.

Thanks a lot for the info.

Santy2015

I'm in the same boat. I know everything about deposit, survey but the solicitor fee is my problem. Does it include stamp duty???

L1011

Santy2015 wrote: »

I'm in the same boat. I know everything about deposit, survey but the solicitor fee is my problem. Does it include stamp duty???

Almost certainly not.

A solicitor quote will have a professional fees element, which is what they charge to do it; VAT on these fees, and a number of additional charges which are unavoiable/non negotiable. They may charge a sundries figure for postage, phone calls etc but this is usually tiny.

Stamp duty will be paid via the solicitor but is not in the original quote - its 1% up to 1M and 2% above.

riclad

IF theres a gas ,esb connenctions read the meters on the day you move in,
write it down.all the no,s on the meters .
Switch the accounts to your name as soon as possible .

Jen44

solicitors usually quote their fee and say plus 1% stamp duty

Santy2015

Jen44 wrote:

solicitors usually quote their fee and say plus 1% stamp duty

That's what I saw so. Seen a few here in cork that do a flat fee ex vat but looks reasonable and heard good things about them too. All ahead of me

seamus

Solicitors will usually insist that their fees are paid before you close, so the amount you pay your solicitor on closing is their fee plus stamp duty.

That's probably where the confusion lies.

Depending on what you're buying, there may be some other costs like management fees, which again would have to be paid before closing.

JimsAlterEgo

changing locks, possibly alarm codes (depending on if you get master code)

L1011

JimsAlterEgo wrote: »

changing locks, possibly alarm codes (depending on if you get master code)

Locks are a negligible expense if you are able to use a screwdriver (paying a locksmith is unnecessary and wasteful if you can open the door at all)

Santy2015

L1011 wrote:

Locks are a negligible expense if you are able to use a screwdriver (paying a locksmith is unnecessary and wasteful if you can open the door at all)

Yeah I won't be doing that. I'm sure I could handle it myself if needs be. Only thing that's on my mind is actually finishing a builders finish house