New buyers

[Unicorn234]

So me and my partner are going to be first time buyers. We have been very lucky to have been gifted our deposit by our parents. We've not looked into it but I'm just wondering how much money would we have to save roughly for the fees and other things?

Congratulations.

So you will need to factor in any stamp duty, solicitors, removal company and any immediate improvements such as new carpets plus obviously what the mortgage payments would be roughly.

We're in the middle of buying our first home. We're going to be paying about £1500 for solicitors and extensive surveyors. We're in the north east so not sure if this will vary depending on where you are in the country. Don't have to pay stamp duty as we're first time buyers. Then it's paying for the things that need done first like new roof/boiler/carpets etc. Also removal men if you have a lot of things to move in.

Happy house hunting 🏡

Our solicitors cost for buying only were roughly £1000. £550 for a full survey. Then you have removal costs, any broker or mortgage product fees, and it’s a good idea to have to small cushion to replace minging carpets or broken taps straight away.

We bought for the first time in December.
Off the top of my head

Solicitors fees £1500
Survey £400
One month's notice on rental £450
First mortgage payment had additional interest approx £60
Van hire for the weekend £200
Boiler service £120
Boiler repair £320
Changing address for insurance on 4 vehicles £200
House insurance (we needed this in order to complete) £200
Life insurance £200
Change address for pet insurance £25
Fuel for vehicles, two cars and long wheel base van £100
Replacement carpet for living room £300ish

Thats all I can think of atm.

Depending where you move you may have higher council tax, water rates, gas and electric charges.

That did not appear the way I had typed it out. It was all on sperate lines. Sorry.

most of those costs are real life costs anyway - the one month notice on the rental is the last months rent, you have to have insurance, (although you were well ripped off on the change fees!) and boiler service etc is part of housekeeping.

actual move costs plus the purchase price:

• stamp duty at whatever per cent

- solicitor fees at usually a percentage but shop around. Don't go to bodyshop conveyancers and don't go to high street dinosaurs.

• survey fee (again, shop around)
• moving costs - ditto, shop around. If you are in a rental, you could have an overlap so you could do repeated trips in a van. you'll only do this for one move.
• post office redirect - trivial

good luck!

Currently in the process of buying:
Solicitors - £1040
Survey - £450
Mortgage advisor - £300 (try and find one that doesn't cost, wish we had of)
Mortgage application - £1000 (you can add to mortgage)
Costs for furniture etc - at least £5000 for us (unless you already have this)

Also as a FTB you will likely not have to pay stamp duty (we don't) depending on cost of house

If you still need to save there are saving schemes LISA - it gives you 25% extra if you purchase a home