hidden fees

[dogsdogsdogs1234]

hi all thinking of buying a house through an auction and was wondering what hidden fees there are, if anyone has any advice please, first house so no stamp duty, just things like estate agents fees etc i need to know about. ty

You need to ask for the legal pack of the particular house to find out what fees are.
For an example, a house we were considering bidding on was up for £440,000. The fees were £20,000 (on top of the price) so we were going to take this into consideration when bidding.

I bought a House at auction in August 2023. The following are what 'extra' I paid on top of the £116,500 I bid;
7k Auction fees
£350 Auction Admin fees
£500 Survey
1.5k My Solicitor fees
£700 Sellers fees ( stated in legal pack)
3.5k Stamp duty ( already owned property)
£600 Broker fees
So in total a property which I bought for £116,500 cost me £130,600! The property wasn't much of a bargain after costs. But hoping with House prices increasing it will be worth it as not planning on selling it any time soon.

If you are buying in England through standard estate agents you need to think about stamp duty, solicitors fees, searches, survey and possible specialist reports ( electrics etc).

Are you buying through a traditional auction or modern auction?

Traditional auction - ok if you know what you are doing. Modern auction - don’t touch with a barge pole.

You usually can't buy at a traditional auction unless you are a cash only buyer because you usually have to complete within a month of the auction so no time for surveys.

thank you all, its a traditional auction

The costs should all be laid out in the legal pack. The main thing to be aware of is the deadline - if you are not using a cash then you almost certainly won't get a regular mortgage in time and will need to use bridging finance.

Happy to help you arrange any finance you do need, I'm a mortgage broker who doesn't charge broker fees.

One note, depending property value and when you complete you may need to pay Stamp Duty even as a FTB. The Gov page for the bands is here:

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

It depends, don't be lazy and read the docs.

I have read all I can but the legal documents are not available yet. You dont need to reply to the thread if you dont want to, there is an option to not reply.

To everyone else ty so much