Moving Home Hull
There are many different things to consider before moving home; one of them is the costs involved. Whether you’ve moved home before or this is your first time on the market, you need to be fully aware of all the costs of buying a home in Hull.
The Costs Involved in Buying a Home
Estate Agency Fees
You will only have to converse with an estate agent when you are looking to sell a property. If you are down the purchase route, your Mortgage Broker in Hull/Bank/Building Society can sort these things out.
Estate agency prices can vary. If you end up dealing with one, you need to make sure you get the best price and service. Make yourself certain before committing to anything. Sometimes the cheapest real estate agents can have the poorest service.
If you are not too fussed about the costs and just want a personalised, simple, and secure service, you will likely have to pay an extra 1-2% of your selling price. As a rule, these fees are negotiable; especially in a seller’s market where agents fight for your instruction because of the lack of homes on the market.
Property Survey Fees
During your mortgage application, the lender needs to know if the property you buy is worth what you pay for it. They calculate this by conducting a property survey. In some cases, your lender may offer this service free of charge, but they cannot send you a copy of the report.
If you do not get a free valuation, you may have to pay a couple of hundred depending on the condition and size of the property. If you want to take it another step further, you can upgrade to an in-depth Homebuyer’s Report. This survey is at the top of the range, and again you should expect to pay a four-figure sum for them depending on the size and condition of the property.
A great thing about going to a Mortgage Broker in Hull like us is that we will break down each survey and help you decide on which one is the best for you. If the property that you are buying is old or not in the greatest condition, you should consider switching to a more detailed property survey, just to make sure that you know exactly what you are paying for. Once you move in, you’ll also know what you need to replace/repair.
As a Mortgage Broker in Hull, we have often found that the cost to upgrade a property survey is a fraction of what it would cost you for repairs over the years. So, rather than buying a property blind, you could upgrade and save yourself a fortune in the future.
Mortgage Arrangement Fees
Usually, mortgages that come with lower interest rates often come with high set-up fees. Some lenders charge you a mortgage fee for arranging your mortgage and helping you throughout the process.
This fee can range anywhere from any number, there is no set or average fee because each company is different. If you choose to speak with a Mortgage Advisor in Hull, they will work with you and recommend to you the most suitable product that will meet your mortgage needs. They will consider all the other costs associated with getting a mortgage and do their best to save you time and money.
When you are taking out a mortgage, you will always want to try and get the lowest interest rate possible. If you know how interest rates work, your payments will only rise at an exponential rate.
Lenders can also add an arrangement fee to your mortgage. If this happens, you should know that this is now a part of your mortgage so it will also start receiving interest and add up over your mortgage term.
Solicitor Fees
A solicitor will be needed to help your mortgage application progress through the legal parts of the process. They will check things like whether the seller actually owns the property you buy, who is responsible for maintaining adjacent fences, walls etc. and whether anyone has filed any plans (for example to build future transport links).
Such things need to be confirmed as if there is something wrong with the property, it could affect your ability to sell it in the future.
Prices for each lawyer vary, some can be expensive, others may be more, and others less. You must also be sure to check if the offer includes VAT and local searches.
As a Mortgage Broker in Hull, we always advise that you be careful when selecting a solicitor as not all of them will work with every single lender. You want to choose the best lender that will save you time and money, let us help you find them!
Stamp Duty
Stamp duty is a tax that comes with purchasing a home within a certain price range. The way it usually works is that the more you pay for your home, the more stamp duty tax you will receive.
The stamp duty guidelines and property price thresholds change from time to time, so if you are wanting to find out whether you will have to pay it or not, you should check the stamp duty government page.
If you fall into a stamp duty tax bracket, it is likely that you will pay it upon completion to your solicitor. They will then make the payment to the government on your behalf.
Mortgage broker fees
A Mortgage Broker in Hull will charge you for their services. Most of them will not charge you an upfront cost and we offer all new and existing customers a chance to book themselves for a free mortgage appointment for a time and date of their choosing (subject to availability).
When they charge you for their work, the cost of the fee will typically be a percentage of what the lender pays the broker for the work they do on their behalf. Most Mortgage Brokers will only charge you if your mortgage application is successful and you receive a formal offer.
Removal Fees
Moving Home can be stressful enough, so do not make it even worse! Have you thought about how you will transfer your furniture and household items between properties?
In our experience, we can tell you that hiring a removal van can cost a bit more but will make your Moving Home process ten times easier. They are experts by the end of the day, and they will help you move everything from A to B.
Moving Home Advice in Hull
For moving home advice in Hull or first time buyer mortgage advice in Hull, make sure to get in touch with our team. Book your free mortgage appointment today to speak with one expert Mortgage Advisors in Hull.
Date Last Edited: 11/13/2024
