Burger Menu

The Costs of Buying a House and Moving in York

What Are the Major Upfront Costs of Buying a House in York?

There’s no doubt that buying a home can be an expensive business. It gets even more costly when you are buying and selling at the same time. In this article, we broke down for you some of the costs and further down the line which things become due for payment, this article will benefit First-Time Buyers in York let alone anyone interested in purchasing a property or looking to Remortgage in York to a new property.

Estate Agency Fees

You only need to pay for an Estate Agent if you are planning on selling a property. The fees vary widely from Agent to Agent. We tend to find that the cheapest agents tend to be online ones who don’t carry the expense of maintaining offices. If you are not as sensitive to fees and you would prefer a more personalised local service, then that might cost 1-2% of your selling price. The charges are usually negotiable, especially in a “seller’s market” – that means when Agents are fighting to get your instruction because there aren’t many houses on the market.

Valuation Fees

If you are taking out a mortgage, then the lender needs to know the property is worth what you re paying for it. Some Lenders offer this for free, although they may not send you a copy of the report. If the Lender is not offering a free valuation, then this could cost a few hundred pounds.

You can expect to pay roughly double that if you want to upgrade that to a more in-depth HomeBuyer’s Report. The top of the range survey is the most expensive option, and you can expect to pay a four-figure sum for one of those.

Your Mortgage Advisor in York can explain what each different survey consists of so you can make an informed choice. The older/worse condition the house is in, the more likely you should consider upgrading the survey. Whilst a useful review is indeed expensive, and it’s a fraction of the cost of buying a property blind and having to spend much money on repairs over the years.

Mortgage Arrangement Fees

By rule of thumb, the mortgages with the lowest interest rates tend to come with the highest fees. Fees to set up mortgages can range from zero to a few thousand pounds. Your Mortgage Advisor will recommend the cheapest product to meet your needs, calculating the total amount to pay over the product term, including all fees.

The higher the amount you are borrowing, the more likely it is that you will want to keep the interest rate as low as possible. If you are borrowing a small amount, then it’s usually cheaper to take out a mortgage without fees as a rule. Lender arrangement fees can often get added to your mortgage. If you elect to add a fee, then interest will be charged on the fee, and this can add up over the term of the mortgage. Being an expert Mortgage Broker in York, we compare mortgage deals with all prices added so we could compare on a like for like basis.

Solicitor’s Fees

You’ll need to engage the services of a solicitor, the fees quoted by various firms can differ enormously. Estimation for a straightforward purchase with a local company is £600 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. Again your Mortgage Advisor in York can help you decide whom to go for 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 which the Solicitor collects on completion of the property purchase. Full details can get found here: – a residential purchase of £180000, the Stamp Duty would be £1100.

Mortgage Broker Fees

Most Mortgage Brokers charge fees for their work, the amount that you will pay will often depend on how much the Lender pays the Broker for the work they do on their behalf. Most Brokers will only charge a fee if they are successful in obtaining a formal mortgage offer for you. Check your Mortgage Brokers in York online reviews to see what other customers are saying about them.

Removal Fees

The cost of moving your furniture can vary significantly and will depend on the level of service you are expecting. If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200. On the other hand, if you are looking for a company that provides the full service, this can be £1,000 plus.

First-Time Buyer Mortgage Advice in York

Yorkmoneyman.com & Yorkmoneyman 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

© 2022 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

Moneyman Logo

Moneyman Logo

Moneyman Logo

Ask Your Question

    Moneyman Logo

    Moneyman Logo

    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo