Moving Home Mortgage Advice in Coventry

As a Mortgage Broker in Coventry, we have had the opportunity to help many first time buyer in Coventry and those looking at moving home. Through this time we have found that the most common question we get asked is ‘How much will this all cost?’.

In this article, we have collated a list of the fees you can expect to pay to help you organise the costs accordingly when buying a new home (and when they become payable).

Estate Agency Fees

This cost is one for people who are looking at selling their house. These days, we have found a growing interest in online estate agencies with the price of a basic Rightmove listing being as low as £500. On the other hand, for a more tailored and local service with a dedicated sales negotiator, the fee will be roughly around 1-2% of the property price.

Valuation Fees

Having a valuation carried out on your chosen property will be something your mortgage lender will want you to do. The reason for those is so they know they are lending against adequate security.

When it comes to the price of a property surveys can differ starting from nil (for a basic valuation with some lenders) up to a few hundred pounds for a more in-depth homebuyers’ report. It could be even more for a Full Building Survey.

The importance of working around the cost is that you always have an element of choice when it comes to the level of detail your survey goes into. This is likely down to the age and the type of property you are looking to buy along with any fears/concerns you have about it.

For more information about property surveys, which survey is best for you and how we can help as a Mortgage Broker in Coventry, check our article on ‘what is a property survey’.

Mortgage Arrangement Fees

You might find that some mortgage products offer cheaper rates, however, keep in mind that this would come with an arrangement fee which could end up outweighing the benefit. This doesn’t apply to all mortgage lenders, so you may not need to pay anything.

In some cases, you may need to pay these fees upfront or you may be able to add these onto the balance of your mortgage. Keep in mind, that it would mean further interest charges.

Our Mortgage Advisors in Coventry have access to a panel of lenders all offering a range of mortgage products. From this, they will be able to compare mortgage deals with all fees added so we can compare on a like for like basis.

Solicitor’s Fees

You will need to factor in the services of a solicitor with their fees varying between firms and largely differ. As an estimate, a straightforward purchase with a local company is £600 for a low-value property.

This will involve you to provide the property address if it’s leasehold or freehold and the amount you are purchasing for it to get accurate 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

Along with the costs and disbursements that come with paying your solicitor, depending on your situation, you may need to pay this tax that the solicitor collects on the completion of the property purchase. Full details can be found on the gov.co.uk stamp duty page.

Broker Fees

Normally, a mortgage broker in Coventry will charge for their service. The amount you pay varies from company to company. Here at Coventrymoneyman where we provide open and honest Mortgage Advice in Coventry, your dedicated advisor will explain these in more detail within our free initial mortgage appointment.

We would suggest you approach a local company like ourselves instead of a big organisation. Usually, they will charge only on completion instead of any application fees and further costs that could be incurred.

Removal Fees

If you are moving home in Coventry, the cost of moving your furniture can differ significantly and still can be pretty costly. A cheaper alternative is to hire a van and carry out the work yourself. Finding a local man with a van could be slightly more in price than hiring your own van. On the flip side, a professional van service could cost you high hundreds, early thousands.

Date Last Edited: December 6, 2023