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The Costs of Buying a House in Leeds

The Costs of Buying a Home | MoneymanTV

Breaking down the costs when buying a house in Leeds

Whether you’re a First Time Buyer in Leeds or have been in this business before, buying a home can be a little expensive. The cost varies when you want to buy and / or sell at the same time. Here is a helpful breakdown of some of the expenditures you may face when Moving Home to Leeds.

Fees charged when you apply for a mortgage

Estate agency fees

Estate Agency fees only apply if you have a home to sell. With the rising of the online Estate Agent, the fee can vary for a primary listing on-sites, like Rightmove. However, if you are looking for a more personalised local service and a dedicated sales negotiator, the fee will be in the region of 1-2%.

Valuation fees

Your mortgage lender will have a requirement to have a valuation carried out on your chosen property to ensure they are lending against sufficient security. Prices can vary, and costs can go up to several hundred pounds (that’s just for a standard valuation) for a more detailed Home Buyers’ Report and even more for a Full Building Survey.

The key is that you always have an element of choice in whether you wish to elect for a more detailed report or not, with your decision likely to depend upon the age and type of property you’re buying and any fears / concerns you have about it.

Mortgage arrangement fees

Some mortgage products offer comparatively cheap rates, but this benefit can get outweighed by an arrangement fee payable to the lender. Not every product has one, so the cost can vary depending on the lender/product. Sometimes these are to be paid upfront, or you can elect to add these to your mortgage’s balance, but clearly, you would then have further interest charges.

Solicitor’s fees

You’ll need to engage the services of a solicitor. The fees quoted by various firms can differ enormously. Estimating a straight forward purchase with a local company can be several hundred pounds for a low-value property. You will need to give the property address, whether it’s leasehold or freehold and the purchase price to obtain quotations.

  • The key points to cover when asking for a quote are:
  • Ensure the firm includes VAT
  • Ensure the firm includes the cost of any “disbursements.” These are fees such as Land Registry Fees and Local Authority Search Fees
  • Is your Solicitor on your mortgage lenders panel?

Stamp duty

In addition to your Solicitor’s fees and disbursements, you’ll get required to pay this tax that the Solicitor collects on completing the property purchase. To find more details, click here

Broker fees

Some Mortgage Brokers in Leeds will usually charge a fee for their service. Please try to use a Mortgage Broker in Leeds that charges on completion only and avoid any application fees where your money will be at risk. We make sure your money is protected throughout the process, which can be reassuring, especially if you’re a First Time Buyer in Leeds and are new to the process.

Removal fees

The cost of moving your furniture can vary significantly and depend on the level of service you are looking for. If you are quite happy to hire a van and roll your sleeves up, this can cost less than a couple of hundred. On the other hand, if you are looking for a company that provides the full service, this can be much higher. 

If you would like to discuss the costs involved in obtaining a mortgage in more detail, please don’t hesitate to contact one of our Mortgage Advisors in Leeds.

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