You can discuss this with your broker and ask how much do you need to buy a house and the brokers response may be different from when you ask the same questions how much do you need to buy a house to the estate agent or Solicitor, the reason being there is no exact formula and this will constantly change.

There are many factors for the change of that answer some of which are the types of mortgages available, different government policies or schemes and whether the seller is assisting with some of the cost as is common with the developers paying for legal fees and stamp duty on some new build properties.

How much do you need to buy a house as I am eligible for the 5% first time buyer mortgage

With the interest rates at a historically low rate of the 1% mark and below the question of How much do you need to buy a house is becoming less and less if we consider the low monthly repayments and the lower upfront deposits needed as the government is pushing policies to make these 5% mortgages available.

As a first time buyer you do not have to pay for stamp duty for properties up to £500,000.00 so another massive saving that normally gets overlooked.

So let’s say you have a 5% mortgage and are buying for under £500,000. You will need to budget for the following:

Your 5% deposit, Your mortgage arrangement fee anywhere between £500.00 to £2,500.00, a valuation fee depending on the level of valuation you go for these can range from £500.00 to £4,000.00, Conveyancing fees around £2,000.00, removal cost ranging from £300.00 if you decide to do it yourself to £5,000.00 depending on the type and amount of items you have.

You should definitely have money set aside to cover the first repayment of the mortgage as this can kick in straight away, council tax will become payable, and all utilise such as gas electric water telephone broadband and subscription tv.

What is a conveyancing paralegal?

Aconveyancing paralegal is legally trained and educated in the area of conveyancing which can include sales, purchases, remortgages and transfer of equities.

For instance, AVRillo is the top conveyancing solicitor in London who can help you move to your home faster and in a hassle free manner. They are also the leading residential property solicitors in York.

A conveyancing paralegal is dealing with the majority of my case.

A conveyancing paralegal is an important member of the team to assist with your matter, they are great as they will have an in-depth understanding of the process and your case, the conveyancing paralegal will be able to give you sound advice and guide you on your next steps.

A conveyancing paralegal will keep the cost of your conveyancing down as if you was to request for your conveyancing to be dealt with by just a Solicitor it is unlikely a firm would accept your instructions on the fixed fees that are normally offered but charge you the Solicitors hourly rate.

It is important to remember a conveyancing paralegal will not be doing work on your case independently and all the work will be reviewed and the ultimate responsibility of the Conveyancer so you need to trust the process and have confidence that both the conveyancing paralegal and the Conveyancer will only undertake the parts of the transaction they are trained to do.

Conveyancing paralegal will help your transaction move much faster as they allow the conveyancers to deal with the complex legal issues at hand and think of the solutions and possible outcomes for you in your transaction.