Property Knowledge Legal Questions & Answers
Q
We are first time buyers looking at a property in Roath priced at £180,000.
We know we will not have to pay Stamp Duty, but my boyfriend’s mother says we still have to take into account lots of other expenses. A quote that we received from the solicitor that was recommended from the estate agent, just gives his fee and refers to adding on disbursements. In addition to the solicitor’s fee and the price of the property, what kind of other expenses will we be facing?
you mention above. In most cases, if you require a mortgage to help fund the purchase, you may need to pay a mortgage arrangement and valuation fee. It is prudent to obtain a survey of the property you are buying unless it is a new build and has the benefit of a building warranty. Accordingly you may have a surveyors fee to pay. Check if the lender’s valuer can carry out a survey for you, which may be a less expensive option than employing a separate surveyor. You should as the solicitor that provided you with a fee quote to revise it, so it lists all the anticipated disbursements you are likely to incur. Tese are such expenses
A
Tere are various costs that you will have to meet in addition to those
as Land Registry fees and search fees. Remember that you will need buildings insurance as a condition of any mortgage you have, and it would be sensible to have your contents insurance. You may have removal costs and you will need to furnish your home.
Q
My friend owns a flat in Te Vale of Glamorgan and she has recently
had to pay out about £3,000 towards the cost of roof repairs. I would like to buy a flat myself but I would never be able to pay out lump sums like that. Is there anything I could do to try and avoid ending up in that sort of situation other than buying a new build flat?
works have been done or will need doing, and the costs for which you would be responsible under the terms of the lease for maintenance and repairs. Tese costs are typically paid for through the service charge, so you should fully understand your future obligations and the service charge provisions contained in the lease. As part of the conveyancing process the seller’s solicitor should provide your solicitor with a completed Leasehold
A Multi-Award Winning Conveyancing Please call us or freephone 0808 178 2773 or email
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Check how the building in which the flat is situated is managed, whether
Property Enquiries form. Tese should indicate when the building was last decorated internally and externally, if the seller knows of any expense likely to be shown in the service charge accounts within the next three years not normally incurred annually, if the seller has received notice regarding the condition, repair or maintenance of the building, and proposals to carry out works in the next two years, if contributions from the lessee towards the cost of the works are anticipated etc. Even if you buy a new build flat you are likely to contribute towards maintenance and repair costs at some stage during the term of the lease.
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