House selling and purchase costs, am I in the right ball park?

[Cherriesandapples1]

Trying to work out how much it will cost me to sell a house and buy another but worried my figures might be wildly out and I wanted someone to sense check please
Current property worth around £225k I want to buy a £280k house

Estate agent fee I'm working out around 2.5% of £225k - £5625
Solicitors fees for buying and selling and survey - £6.5k
Stamp duty - £4k
Renting a van for move - £1k
Total - £17125

Does this seem right?
No lease hold involved or shared ownership
Not including any early repayment charges or remortgaging fees

Can I use some of the equity from house sale to pay for estate agent fees and stamp duty and mortgage for the extra, so that I only need the money in savings to pay for the solicitors fees and van rental?

You should be able to get 1 or 1.5% for estate agent ?

solicitor fees seem high too / I would expect nearer 3k

van - ball park - depends on distance and if you need packing help

Would £3k be for buying and selling including searches and surveys?

Where in the UK are you ? Homebuyers report was in the sales particulars here

England

You can push most estate agents below 2.5 percent

6 is quite a lot for solicitors. There are some good conveyancing firms that do a lot of it online now and they are cheaper.

survey depends what level you want

Selling a house of similar value
estate agent fees 0.8%
buying/selling solicitors 4k
Surveys £650

Just bog basic survey to make sure nothing obviously wrong with structure of the property, not planning on purchasing anything listed or particularly old. Looking at 1960s and newer but probably not new build

How much do you think you could get solicitors fees for everything for buying and selling roughly?

Does anyone know if I can take the money out of the house sale for the stamp duty and estate agents fees and add it to the mortgage on the new house or do I need to pay for it all out of savings?

You can get estimates for the conveyancing online to give you a ball park figure to help you.
Use the stamp duty calculator too.
Homebuyers survey is also £500 onwards? This is the one I’m not sure about and yes agree lower with EA fees.

To answer your questions yes the equity can be used for EA fees and stamp duty. Once deductions are made on the sale file the rest will be transferred to the purchase file. It’s straightforward when using the same conveyancer. If you use different conveyancers one for each transaction there will be fees relating to that.

Thank you that's really helpful
I have some savings to allow me to pay for the solicitors fees , but I would have to wait a few years to get to afford the full £17k ish if I couldn't add some to the mortgage. Although it sounds like I may have over estimated the estate agent fees so hopefully that figure would be a little lower anyway

Usually the solicitor fees are paid on completion - well they are where I work not sure if high street firms are different.
All the best!

Yes you can take any and all fees out of sale, it simply reduces the deposit for the next property.

Thank you 😊
I have enough equity in this house that I could afford to take a little out to pay for some of the fees and reduce the deposit for the next house without going below the 60% LTV so that could be useful to allow me to keep some savings back in case of problems with the next property and it could mean I don't have to wait quite so long to make the move

You are not ‘adding it to the mortgage’ but you can take a new mortgage which allows you to pay for the SDLT and the solicitors fees from the funds from sale of your existing property iyswim.

You may need to make small payments on account to the solicitors for searches but it’s not a lot of money, the main bill is settled at completion.

I think when I bought this house I had to pay for some stuff, maybe searches, I'd checks and things as and when they did those and then got the rest charged in a lump sum at the end, but I didn't know if that was normal

Yes sorry that's what I meant.
So if I sold the house for £225k and had £160k in equity. I would need a mortgage on the new house of £120k but if I need to use money out of the house sale of £10k to pay towards stamp duty, solicitors etc, I would only be using £150k of that equity to pay for the new property and would need £130k mortgage
I just wasn't sure if there would be any problems with doing that, but sounds like it's fine

Exactly!

That makes me feel a lot better that it's not something that would be a problem. House moves are so expensive, makes it feel a little more achievable by moving some of the moving costs onto the new mortgage

Does this look more realistic ?

Estate agent fee I'm working out around 1.5% of £225k - £3375
Solicitors fees for buying and selling and survey - £5k
Stamp duty - £4k
Renting a van for move - £1k
Total - £13375

I'm selling a 245k house and buying a 400k house.

Estate agent fee is 1% + VAT.
Solicitors is normally based on the value of the properties you're buying/selling. We're paying £3200 all in.
Stamp duty is right, moving costs get some quotes!

Very helpful, thank you

Yes, you can use the equity for the estate agent and stamp duty, your solicitor will just subtract those from the cash you get from the sale on completion day.

There is this tool called Helena.Finance that I found a bit ago that could help? You can just talk to it about the worries you have and it will walk you though it

Yes search fees are upfront and usually the initial file opening fee is upfront. The rest is on completion.

We moved in October last year. We paid 1% estate agent fees, £1850 legal costs to sell and £2908 to buy. We had a management agency to deal with and that increased the legal costs.

Did that include surveys and searches?