Don’t let the costs of a Dream Home become a Nightmare
Buying your first home can be as scary as it can be exciting, and sometimes there can be more things to pay for than you anticipate and therefore building this into you budget is very important. Here are few things to keep in mind budget wise as you embark on your first home buying journey...
While saving your deposit for your first home is one of the biggest things budget wise to consider, there are various other fees which also come into play…
Mortgage Brokers
If you are purchasing with a mortgage and arranging your mortgage through a broker this can ensure you have a better deal with your chosen lender but there will be a fee payable to your broker for arranging the loan. While this may often be in the region of couple of hundred pounds it is always a good idea to check with your broker what their fees would be and what it covers before instructing them.
Surveyors
It is always advisable to have the best survey you can afford, which is different to the lender’s valuation. You need to know the property you are buying is worth what you are paying and there are no major issues to be dealt with. There are different types of surveys that can be done, each with different depth of report and fees to match. You should research the type of survey you wish to have done and what the fee would be for it.
Agents
Estate Agents are usually paid a fee by the seller to sell their home. However, as a purchaser there may be a very small fee that may be payable by you to the agent for carrying out ID checks. Once again this can be in the region of £50.00-£100.00. When you are interested in a property you should check with the estate AGENTS.
Buildings Insurance
Now while this may be something that we think needs to be put into place after your purchase has completed, it is in fact something you need to have in place on the day of exchange of contracts, not after you have bought the house. Therefore, it is a good idea to have a few quotes on your radar as you progress further into you Conveyancing transaction.
Conveyancing Fees
Instructing an experienced Conveyancer is really important in this process. When purchasing your first home, you will need a conveyancer to deal with the legal aspect of your purchase. When you are viewing houses, it is a good idea to obtain fee estimates from a few firms for dealing with your purchase.
The fees can vary depending on the type of property you are buying, the tenure etc. It is also a good idea to check the experience of the person who would act for you, the level of caseload they have and whether they work in teams, or you would have one main contact. Also check if there are any hidden costs as the initial fees may have lots of extras that might add to the overall cost.
We would say to all new/first time buyers that as you will be dealing with a lot of different parties i.e. agents, brokers, conveyancers etc it is always a good idea to hold on to all the documents in one safe place and to review all documents thoroughly. You should also keep them for when you sell the property in the future.
Having the right Conveyancer to assist with our purchase made all the difference and is extremely important as we were guided through the whole process which made the experience a lot smoother and less daunting.
Our expert Conveyancing Team at Lawson-West will be delighted to provide you with a fee estimate for your purchase and we are fully transparent as all our fees and anticipated disbursements are listed on our website. Call us on 0116 212 1000
View all
