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Author CS Revival starts here! - House buying: Costs
Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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23rd Feb 18 at 11:00   View Garage View User's Profile U2U Member Reply With Quote

In an attempt to whip up some conversation...

My house buying/moving/renting has been fairly well documented on CS over the years. Bought my first property in 2008 and got bummed on both cost of a new build, the "help to buy" scheme at the time in combination with a global market crash - so it cost me a fortune.

Ended up bailing out in 2015, cutting my losses and moved into a rented property - still paying off my mortgage due to negative equity

January 2018 comes around, mortgage is now paid off - I have a deposit ready to go, so time to start shopping

I've got a few mortgage options circling via my broker, I can't really get anything highstreet because I'm recently self employed and don't have enough published accounts to satisfy their checks. I'm now trying to figure out my realistic costs of moving, so that I can budget properly during the property search.

Costs I have so far:

Deposit (35-45k depending on what budget I set)
Stamp Duty (2.5k - 5k depending on what budget I set)
Broker Fee (995)
Lending Fee (999)
Legal Fees (???)
Survey (????)
Removal Co (will probably DIY this, so van hire costs for a weekend)

Have I missed anything, and does anybody have insights on the legal fee and survey costs? Any other advice?


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andys sxi
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23rd Feb 18 at 22:33   View Garage View User's Profile U2U Member Reply With Quote

How come the broker fee is so expensive? Are they the same as a mortgage advisor?

Sometimes you get mortgage with no fees or they can be added to the mortgage.

That's a nice big deposit your putting down.



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Kyle T
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23rd Feb 18 at 22:43   View Garage View User's Profile U2U Member Reply With Quote

Yeah advisor/broker/same shit. Normally they're free to the customer (they take commission from the lender) but this is one of two brokers that I've found who will even touch me. Been self employed (ltd co director) since Jan 2017, highstreet won't touch me until I have three years of published accounts and most brokers want one or two years, all I have so far is preliminary results for my 2017 year.

Once my accountant does my accounts (April 2018) I'll have more options open to me, and it's highly unlikely I'll find a house, and go through the whole purchase process before April so I'm considering the broker fee a "worst case" option.

Same with the lending fees, if I wait a bit - I'll have a better choice of mortgage to choose from.

I'd like to pay a 10% deposit, but the only deals I can touch so far require 15% - so it's eating into my funds significantly, but it's still doable.


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Ian
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24th Feb 18 at 13:08   View Garage View User's Profile U2U Member Reply With Quote

You not soured by the potential of buying something whose price can go down again? Do bear in mind house supply and therefore prices are quite political currently.


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Kyle T
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24th Feb 18 at 17:02   View Garage View User's Profile U2U Member Reply With Quote

Yes, big time - but my last mistake was buying into something which I knew would be outgrown inside of 5 years. On a new build, that's just stupid.

We're now looking to avoid new builds, and it'll be a property standing more chance of being a lifer.


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VegasPhil
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24th Feb 18 at 20:46   View Garage View User's Profile U2U Member Reply With Quote

Just purchasing is actually not too bad on legal fees so at least you have a slight saving there. Should be about a grand. You can get these online conveyancing quotes that should give you an idea. I would suggest using a local firm though. They are usually better!

The other costs are nominal really. Try to get a mortgage product without a fee. And double check what your broker is doing as his "whole of market" pledge will no doubt end up with offering you a bunch of products that pay HIM a high commission. Obviously he will get you a deal but do all the nkrnal stuff like checking with your Bank etc.


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VegasPhil
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24th Feb 18 at 20:47   View Garage View User's Profile U2U Member Reply With Quote

When searching. Find something that needs work, potential to extend etc. All things you missed out on last time around when you tried to get on the ladder. You want to add as much value as you can. Even if you have a life home you can use the added value when remortgage time comes around for a better LTV.


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Kyle T
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25th Feb 18 at 18:38   View Garage View User's Profile U2U Member Reply With Quote

Cheers Phil, I've read to avoid online conveyancers but didn't think to at least get quotes. Coming in at around 1k + stamp duty so not too bad.

I'll certainly be working on a few mortgage brokers to see if I can avoid dumping 2k on fees between him and the lender, but taking that as a worst case scenario at least allows me to begin the property search properly - and make an offer if the right place comes along. I suppose I'll still have time between having an offer accepted and exchanging contracts to finetune the mortgage deal that I go for.

In terms of the property we're looking for - we have two budgets in mind, one of which is slightly higher but would represent a house that needs minimal known spend on it - light redecorating + carpets only, or something like that. The other budget is lower, but we'll consider houses in that which require a bit more effort, such as a knock through job, new kitchen/bathroom/etc. We're not really hands-on when it comes to home stuff, so we can't get too ambitious. Obviously we'd love an opportunity to improve our LTV over a short period of time, but after the last disaster of a purchase I'd be happy to just break even





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Kyle T
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2nd Mar 18 at 16:03   View Garage View User's Profile U2U Member Reply With Quote

Broker has come back with a really good deal and an agreement in principal, so happy days

The initial deal was distinctly average and came with the arrangement fees etc, but I was still considering it - as nobody else would touch me for another two years until I had more company accounts.

This deal still has the fees, but it's right towards the front of what the high street banks are offering right now to full time salaried people which is great news.

Aside from the fees, they will only do it with an 85% LTV so deposit is a bit higher than we hoped (aimed for 10%) but I suppose I'll thank them for that later in life

We're looking to buy well within our ultimate budget, mainly because of stamp duty. It just scales up stupidly above our "soft ceiling" that we've applied to ourselves and I dislike the thought of paying it.

Got some properties short listed, some we've viewed already - got some second viewings booked. Things are looking good, but let's see how Brexit halves the value of whatever I buy 20mins after I move in.


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3CorsaMeal
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21st Mar 18 at 10:37   View User's Profile U2U Member Reply With Quote

Free bump!

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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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8th Apr 18 at 14:27   View Garage View User's Profile U2U Member Reply With Quote

3CM, was it you that designed/worked for someone who designed timber framed houses?
3CorsaMeal
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9th Apr 18 at 15:00   View User's Profile U2U Member Reply With Quote

yeah, that's me
RichR
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11th Apr 18 at 11:40   View Garage View User's Profile U2U Member Reply With Quote

Could you please hit me up a link? We're considering a timber framed new build at the moment and I remember yours being really well designed.
3CorsaMeal
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21st May 18 at 13:15   View User's Profile U2U Member Reply With Quote

We have decided not to have customers anymore We are now building the houses and then selling them, instead of getting people involved that change their mind throughout designing and building them.

Do you have some land to build on etc?
RichR
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Registered: 17th Oct 01
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27th May 18 at 22:23   View Garage View User's Profile U2U Member Reply With Quote

Yeah; just shy of 1 acre with an old stone barn on it. I was looking to build a timber frame on there but planning have told us not to bother even applying for permission as it'll be rejected. Instead, we're now going back to plan A which is to renovate/rebuild/extend the barn instead. I've got planning coming out a week on Tuesday for a pre-application meeting.
3CorsaMeal
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31st May 18 at 17:11   View User's Profile U2U Member Reply With Quote

Nice i always think saving a building is better in the long run. If it's a nice barn etc

 
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