deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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So my sister managed to get her own place with a £10k deposit loan from my Grandma. My sisters flat is up for re-mortgage in 2 years and the plan is to pay Grandma back.
I'm then hoping I get given the £10k and the cycle begins again - with me paying the Grandma back.
Based on having a circa 10% deposit, what other fees are associated with moving into your first property and what do they amount to? i.e. what do I need to look at saving?
Stamp duty?
Solicitor fees?
Agent fees?
Initial council tax?
Utilities set up fees?
Any help would be great - so I can have a target to save towards 
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AndyKent
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Registered: 3rd Sep 05
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How has she managed a 10% deposit? Absolute best I found was what I went with at 15%
Other than that:
Stamp duty doesn't apply if you're a FTB or below a certain purchase threshold - can't remember what but I didn't have to pay anything (less than £100k?). Not sure tbh.
Agent fees come out of the sale proceeds so doesn't matter to you.
My solicitors was about a £1200 though being leasehold he had to read a bit more than a freehold purchase apparently.
Council tax only applies for when you live there, so depends on the property. Nothing up front.
Utilities nothing up front.
By far my biggest costs was furnishings (£2k, easy what with sofas, curtains, bed and bedding and all sorts), cooking stuff, cleaning stuff, decorating stuff. I've smashed through £4k in total without even thinking about it. Its taken me 3 months just to stabilise my spending - so easy to run out and buy the little things then realise the state of your credit card balance 
[Edited on 07-02-2011 by AndyKent]
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John
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Registered: 30th Jun 03
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Loads of 10% mortgages about now, obviously get better rates with 15% though.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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this was on a brand new flat which was actually £87k, including a £5k builder discount so was worth more.
Furnishings doesn't matter too much, we have most, including sofa at the misses' house - but I wouldn't obviously bare this in mind.
So I reckon about £5k easy all in. Nice to know.
I won't presume anything though
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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Bag of sand for the sols. Then you move in and get on your way 
Based on 100k.
Corsa 2.0 16v Vegas - Sold
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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John
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Registered: 30th Jun 03
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Will the 10k be saved up to repay your gran or will it be relying on re-mortgaging?
The flat most likely won't be worth any extra in 2 years, maybe even less.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Sister is relying on re-mortgaging I believe. Will certainly put a spanner in the works for me
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Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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quote:
Originally posted by deano87
Stamp duty - First time buyers don't pay
Solicitor fees - £500 - £1000
Agent fees - Seller should cover all agent fee's
Initial council tax - Depends on band £100 - £200
Utilities set up fees - Start from scratch so depends on usage upto £50pm (Gas / Electric) £30 (Water)
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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drunkenfool
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Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
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First time buyers do pay stamp duty but only over two hundred and something thousand. Also if it's a new build property then you cannot get a 90% mortgage - the majority of companies will only do an 80% but after lots of searching we have found one that will do an 85%.
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John
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Registered: 30th Jun 03
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You can get 90%, just not from many.
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ed
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Registered: 10th Sep 03
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Don't buy a flat.
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ed
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Registered: 10th Sep 03
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Unless you're really really sure that it wont get filled up with pikeys, chavs and poor people.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by John
You can get 90%, just not from many.
most of the banks i looked at offered 90% mortgages, that was 9 months ago.
i wouldn't buy a flat myself. mainly because i don't like the idea of not being able to park right outside and going straight into your home and also because of noise other people make.
you'd probably spend about 3k getting everything sorted, then more to add your own touches to the place.
our sofa's, fridge/freezer, dishwasher, washing machine, bed, dining table and wardrobes/drawers were gifts but if we had to buy those we'd have been looking at another 3.5k on top of about 2k we spent on decorating.
life insurance is £20.77 for both of us and home insurance (B+C) is £27.91, TV license is £12.50 or more (for a few months) depending on when you move in.
my council tax is £138.00 a month for 10 months, not sure if you get discounts on flats?
gas, electric and water shouldn't be too bad in a flat, especially if you're in the middle of other's.
0% on purchases credit cards are your friend when you move in
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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quote:
Originally posted by John
You can get 90%, just not from many.
yorkshire bank offer me a 5% deposit mortgage every time I go in to cash up
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John
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Registered: 30th Jun 03
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In was talking about 90% in reply to drunkenfool about new houses. There are loads of 90% mortgagest available in general, and as matt says, the odd 5% one.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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All the info is great thanks.
Believe me I'd love a house but not sure I could actually afford it. If I bought a flat believe me it'd be the right sort. Where my sister moved is alright.
There is a small build of flats that could be ready in time that overlooks the river. Could be good.
This is all way way off though. Costs are handy though.
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drunkenfool
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Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
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quote:
Originally posted by ed
Unless you're really really sure that it wont get filled up with pikeys, chavs and poor people.
I've just put in an offer for a two floor duplex penthouse apartment. No chavs in sight
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ed
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Registered: 10th Sep 03
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You still have to live in the same building as them.
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AndyKent
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Registered: 3rd Sep 05
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My flats great. There is a risk arseholes could move in, but thats the same if you buy a semi - loud music is loud music whether you're attached to them or not.
That said, I wouldn't buy (or rent) anything but top floor unless you are 100% sure you don't have timber joists between floors. The noise carries straight through.
I'd rather be walking around over someone elses head, than them walking over mine.
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pow
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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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87k? Fuck me if I could get a flat round here for that I'l be gone by now.
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
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Same. 87k gets you a run down flat that needs 40k spending on it round here
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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This was news with white goods also.
Saying that it's a 1 bed and so small there isn't 1 storage cupboard. Not even 1 for shoes and coats in the entrance.
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ed
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Registered: 10th Sep 03
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You'd be happy getting yourself into ~£80k's worth of debt for something like that? Why not rent somewhere for a few years until you have a sizeable deposit and can buy something you're really happy with that wont put you in hardship.
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