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Costs of Buying a Home in Manchester

First Time Buyer Mortgage Advice in Manchester

Buying a home, whether you’re a first time buyer in Manchester or have experience already in the property market, can be a rather stressful and an expensive process. The cost of all this only goes up even more when you are looking to buy and sell at the same time. Here is a helpful breakdown of some of the expenditures you will have to consider when buying a home in Manchester.

The Break Down of Costs

Estate Agency Fees

You should know that you only need to deal with estate agent fees when it comes to selling a property. The prices of their services can vary between companies, so make sure you try to find the best price and leading service before diving into anything concrete. The cheapest agents tend to be online ones who don’t have to worry about the costs of maintaining offices.

If you aren’t too sensitive to how much something is going to cost and you would prefer a more personalised service, you may have to pay an extra 1-2% of your properties selling price.

The fees usually have room for negotiations, especially in a “seller’s market”. A seller’s market is where agents are fighting to get your instruction, because of lack of houses on the market.

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Property Survey Fees

If you are thinking of taking out a mortgage, then a lender will need to be certain of whether the property is worth what you’re actually going to be paying for it. If you are lucky, your lender may offer you this service for free, although they may not send you a copy of the report in return.

From time to time, we have seen that lenders may not offer a free valuation. When this is the case case, you may need to pay a few hundred pounds for one to be undertaken. You can expect to pay roughly double that price if you would like to upgrade to a more in-depth Homebuyers Report.

Whether you wish to elect for a more detailed report or not, is entirely up to your choice. Your decision will likely depend upon the age and type of property you are purchasing. This will be along with any fears/concerns you have about the property in question.

Mortgage Arrangement Fees

Some mortgage products offer comparatively cheap rates. Although this benefit can be outweighed by an arrangement fee made payable to the lender. Not every product will have one, so the cost, for example, could either be nothing at all, or as much as £999, possibly even more than that, depending upon the lender or product you have gone with.

Sometimes these are to be paid as upfront costs or, as some choose to do, you can opt for these to be added to the balance of your mortgage. Although because of this, you would then incur further interest charges. As an experienced and hard working Mortgage Broker in Manchester, we are able to compare mortgage deals factoring in these costs, to give you a more general overview of what your costs may be.

Solicitor Fees

You’ll need to take up the services of a solicitor, wherein the fees quoted by various firms can differ by huge amounts. A very rough estimation for a straightforward purchase with a company, is probably around £600 for a low-value property. You will need to give the property address, as well as give the purchase price to obtain quotations on what you’ll have to pay. This is the case whether freehold or leasehold.

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

Stamp Duty

The solicitor collects on completion of the property purchase, in addition to your Solicitor’s fees and disbursements. You will be required to pay this fee. Full details can be found on the stamp duty land tax. An example would be if a residential purchase was £180,000, the Stamp Duty would be £1,100.

Broker Fees

Your Mortgage Broker in Manchester will usually charge a fee for their dedicated mortgage advice service. Please try to use a company that charges on mortgage offer only, and doesn’t request any payment upfront, as this means if things happen to fall through, you walk away without a payable fee. Avoid any application fees where your money will be at risk too.

Removal Fees

The cost of moving your furniture can vary by large amounts, depending on the service undertaken. It will depend on the level of service you are looking for.  If you are quite happy to hire a van and roll your sleeves up, or even hire the services of a local man with a van, 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 well over £1,000.

If you would like to discuss the costs involved in obtaining a mortgage in more detail then please don’t hesitate to get in touch and speak with a Mortgage Advisor in Manchester today.

Date Last Edited: April 22, 2024

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