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The Costs of Buying a Home in Sheffield

Mortgage Advice in Sheffield

A question we hear quite often from customers is “How much will this all cost?”.

Here we will provide a full list of the fees that you will likely have to pay when you are looking into home buying, as well as when they will become payable.

Estate agency fees

Estate agency fees only become a factor if you are selling a home. With online estate agents becoming ever popular, the required fees can be as low as £500 to create a listing on sites such as Rightmove or Zoopla. That being said, if you would prefer a more personalised service in the local area, along with a dedicated sales negotiator, your fees will usually be around 1-2% of the sale price.

Valuation fees

It will be required by the mortgage lender that a valuation be undertaken on your chosen home, in order to ensure they’re lending against acceptable security.

Some basic valuations can cost nothing, with more detailed reports going up to the hundreds; Full building surveys can cost even more than that.

The key to this is having the ability to choose. Whether you obtain a more detailed report or not is completely up to you. Factors that will likely come into play for you are the age or type of the property, as well as any fears you may have in regard to its condition.

Mortgage arrangement fees

Depending on the mortgage products, you may find yourself with cheaper rates. This can outweighed though by the amount you pay the lender in arrangement fees. This isn’t always included with a product, so it could cost nothing at all. However, some can also be from £999 to even more, depending on who you go with.

It may be required that you pay these upfront, though you can also choose to have these added to the balance of your mortgage. The latter though would also mean incurring further interest charges. As an experienced mortgage expert in Sheffield, we are able to compare mortgage deals with all fees added.

Solicitor’s fees

You will need to take advantage of the services of a solicitor, though the fees for these can vary enormously. An estimation for a purchase that has gone ahead smoothly and with a local company, is about £600 for a low-value property. Whether the property is leasehold or freehold, you will need to give the properties address. You will also need to give the purchase price to be able to obtain quotations.

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

Stamp duty will be required, of which the solicitor will collect on completion of the property purchase, in addition to your solicitor’s fees and disbursements. Full details can be found here: https://www.gov.uk/stamp-duty-land-tax/

Broker fees

A mortgage broker in Sheffield will often charge a fee for their service. We recommend that you please try to avoid any application fees where your money will be at risk.

Removal fees

Furniture moving costs can vary depending on the level of service you are looking for. If you are happy to hire a van and do the work, this can cost less than £200.  On the flip side, if you are looking for a company that provides the full service this can be 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 contact us.

Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2020 Sheffieldmoneyman

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