The Costs of Buying a Home in Sunderland

How Much Does Moving Home Cost?

One of the more frequent questions we find that aspiring homebuyers ask us on a regular basis, is “how much will this all cost?”

To answer this, we have put together a list of the fees that homebuyers can expect to pay when you are considering taking out a mortgage as a First Time Buyer in Sunderland or are moving home (and when they become payable).

Estate Agency Fees

This type of fee is only applicable if you have a home to sell, which means you only need to know about this one if you’re Moving Home in Sunderland.

With the rise of the online estate agent, if you have a basic Rightmove listing, you could be selling your home for as low as £500.

On the other hand, if you are looking for a more personalised local service and a dedicated sales negotiator, your fee will be somewhere within the realm of 1-2%.

Valuation Fees

Your mortgage lender will require that you have a valuation carried out on the property you’re looking to buy. This will be to make sure that they are lending against adequate security.

Prices can vary from nil (for a basic valuation with some lenders) up to a few hundred pounds for a home buyers report that is much more detailed.

A full building survey can cost even more than that, so if you’re a First Time Buyer in Sunderland, it’s best to be prepared ahead of times so that you can avoid any issues in the future.

The key is being able to choose whether you want a more detailed report or not. Your decision will likely be dependant on the age or type of property in question, along with any concerns you have about the property.

Mortgage Arrangement Fees

Some mortgage products will offer comparatively cheap rates, though this benefit can sometimes be greatly outweighed by the arrangement fees you could be paying on them.

Not every product will have one of these fees, so the cost can sometimes be none, though it can also be a lot, for example around £999 or even more depending upon the lender and type of product.

Oftentimes these are to be paid upfront or you can choose to add these onto the balance of your mortgage, though doing so would potentially incur additional interest charges.

As a trusted and experienced mortgage expert, we are able to compare mortgage deals with all fees added, so you can accurately compare which would be best for you.

Solicitor’s Fees

You will need to hire the services of a solicitor, with the fees of these being vastly different in quotes, depending on who you enquire with. An estimation for a straightforward purchase with a local company is £600 for a low-value property.

You will need to inform them of the property address, whether it’s leasehold or freehold property. You will also need to give the purchase price in order for you to obtain any quotations.

The key points to cover when asking for a quote are:

  • Ensure the firm includes VAT.
  • Is your Solicitor on your mortgage lenders panel?
  • Ensure the firm includes the cost of any “disbursements.” These are fees such as Land Registry Fees and Local Authority Search Fees.

Stamp Duty

Depending on the price of the property you are purchasing, you will have to pay a tax of which the solicitor collects on completion of the property purchase, in addition to your Solicitor’s fees and disbursements.

Full information about the technicalities of this tax can be found here: https://www.gov.uk/stamp-duty-land-tax/

Broker Fees

Your fast & friendly mortgage broker in Sunderland will usually charge a fee for their mortgage service.  Please try to avoid any application fees where your money will be at risk.

Removal Fees

The cost of moving your furniture can be varied, depending on who you use and the level of service you are looking to obtain.

Professional services may cost a lot more than a local van for hire service, as you are generally paying for a reputable, respected service, though you may get just as good of a customer experience from those local services.

On the other hand, if you’re looking to hire just a van and do the work yourself, this can cost less than £200, as opposed to those professional services, which can sometimes be upwards of £1,000.

Mortgage Broker Services On Offer

We offer a variety of services, from mortgage advice, to finding you the best deal, matching you up with suitable insurance products to protect you and your family, and more.

To get started on your mortgage process or to further discuss the costs that may be involved in your process, book a free mortgage appointment and we’ll see how we are able to help you.

Sunderlandmoneyman.com & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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Sunderlandmoneyman – Hope Street Xchange, 1-3 Hind Street, Sunderland, SR1 3QD

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