Are you interested in buying, selling or renting property in Lancing or Sompting?
Neville Scott Estate Agents are an independent local Estate Agent in Lancing specialising in residential sales and investment lettings. We pride ourselves on offering a friendly and professional service where the client ... Read more
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Disbursements. These are fees for extras that are charged by your solicitor. There is usually a fund transfer fee to pay as well.
Estate Agent's Commission. If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price, around 1.5 – 2 per cent on average.
Removal Fees. Ask for quotes from at least 3 different removal firms, as prices vary. Remember you will need to give tips. You can do the removal yourself, but this is much more time-consuming and inconvenient. If you are DIY-ing it, costs will include van hire (+VAT and insurance), petrol, and return travel from the van hire company when you return it. You will also need about £25 for insurance.
MIG Fees (mortgage indemnity guarantee). This is an insurance premium charged by some lenders where your loan amount is more than 75% of the price of the property – in other words, where the loan to value (LTV) is greater than 75%. Other lenders do not charge an MIG, while some only charge when the LTV is more than 80 or 90%. This is charged in case you default on your mortgage repayments and the mortgage lender cannot recover its money. Note that this protects the lender, not you. Costs vary from lender to lender.
A few other Costs to bear in mind:
• Buildings insurance premiums
• Contents insurance premiums
• Additional removal insurance
• Disconnection of services (water, gas, electricity, telephone)
• Reconnection of services
• Installation of new equipment
• Refurbishments
• Kenneling of animals
• Mail redirection
• Change of address notices
Contingency Fund.
Leave a decent-sized contingency fund for emergencies. You do not want to be left completely penniless in case you have unexpected extra costs.
Estate Agent's Commission. If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price, around 1.5 – 2 per cent on average.
Removal Fees. Ask for quotes from at least 3 different removal firms, as prices vary. Remember you will need to give tips. You can do the removal yourself, but this is much more time-
MIG Fees (mortgage indemnity guarantee). This is an insurance premium charged by some lenders where your loan amount is more than 75% of the price of the property – in other words, where the loan to value (LTV) is greater than 75%. Other lenders do not charge an MIG, while some only charge when the LTV is more than 80 or 90%. This is charged in case you default on your mortgage repayments and the mortgage lender cannot recover its money. Note that this protects the lender, not you. Costs vary from lender to lender.
A few other Costs to bear in mind:
• Buildings insurance premiums
• Contents insurance premiums
• Additional removal insurance
• Disconnection of services (water, gas, electricity, telephone)
• Reconnection of services
• Installation of new equipment
• Refurbishments
• Kenneling of animals
• Mail redirection
• Change of address notices
Contingency Fund.
Leave a decent-