My exact costs of buying a flat in London | A first time buyer story

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Buying a flat as a first time buyer is likely to be one your most expensive purchases. It sure was for me when I bought my first flat in London. I saved for my deposits plus some extra (thank God!) - because sure I needed it all. I didn't quite appreciate how much all the little fees would add up to this big number. And I totally recall what an anxious process it was and you can never me enough prepared. So in this video I wanted to share the true costs of buying a house or flat in London as a first time buyer.
I share bit of my story behind buying my first home and the exact numbers as was quoted in a letter sent by my solicitor. This should help you get a grip on fees related to mortgage, legal and third party such as how much will stamp duty tax be?
My flat was new built and I am thinking of doing a future video on my personal experience in buying a new build flat - but before that I'd love to hear from you and your opinions on new builds! Do share them in the comments section below.
With hope,
Subtle Investor
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Опубликовано:

11 сен 2024

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Комментарии : 49

@Mehdital89 Год назад

Small update: it seems that the stamp duty tax for first time buyers has changed. You now pay nothing as first time buyer up to 425000 pounds

@TheSubtleInvestor Год назад

Thanks for the update.

@InvestingNerd 3 года назад

Very important topic. When I bought my home two years ago it cost me wayyy more than I expected. Great video!

@PrinciplesPersonalFinance 3 года назад

Enjoyed this video Sejuty! No one seems to talk this stuff through so good to hear your experience 👍

@TheSubtleInvestor 3 года назад

Hello….thanks for the feedback and a watch. Appreciate it. And yep thought of doing something more applicable/useful for the first time buyers.

@PrettyPennyClub 3 года назад

Lol. Very good. Enjoyed this. Have to say London prices would break my heart if I had to shell out for this. You did well to take a bit of a gamble 👍

@TheSubtleInvestor 3 года назад

Yes painful as it feels…just happy to pay the price to a bank than a landlord lol. It was a gamble…i was way too brave back then 🤣

@TheSubtleInvestor 3 года назад

😭

@savelikeabear 3 года назад

Oof same I moved out of London to buy. Found a house £20k below asking that only needed £5k of work to add £20k back onto the value. My third party fees were nothing like Sejuty's.

@TheSubtleInvestor 3 года назад

@@savelikeabear you are wise bear. I’d probably move out of London at some point to be honest.

@viclucy-personalfinanceinv7533 3 года назад

Thanks for breaking down the exactly cost of buying a place in London! Did not know about the Stamp Duty tax.. Congrats on the new place :)

@TheSubtleInvestor 3 года назад

Hey….thank you. Yeppp government has to find ways for taking money i guess lol

@CebiGreen Год назад

Very nice and real life video. Couple friends are interested in purchasing an apartment in London as foreigners so the info becomes really handy.

@robertmartin4957 3 года назад

Good to learn the cost of ownership of a flat in London

@TheSubtleInvestor 3 года назад

Yeh too much lol

@briggittebuchanan9786 Год назад

Very useful information. I purchased my new build in 2020 for 545K now worth 857K in just two years. Despite the expensive surprises, I have no regrets, especially at a 2.25% on a 30 year mortgage in America's finest { San Diego, CA }. I would like to have a flat in he UK maybe in 5 years. Your fee's sound sort of like mine just different name.

@TheSubtleInvestor Год назад

Wow house price growth has been astonishing in the states - especially where you’ve bought. I always thought buyers were lucky to be able to fix mortgages at longer maturities across the Atlantic - vs in the UK. Mine was fixed for 5 years & will need to remortgage next Sept (which will bite)

@briggittebuchanan9786 Год назад

@@TheSubtleInvestor I agree, we have a variety of mortgage options; especially for first time buyers to purchase homes... property taxes, and insurance can be included. And, interest rates can be reduce which allows buyer to pay off home sooner.

@FinanceDee 3 года назад

Great video! I personally would never buy a new build unless I am building the house myself lol

@TheSubtleInvestor 3 года назад

Thanks Dee…yep i feel that now too. Just gave in to builders’ profits.

@savelikeabear 3 года назад

Not even for a £50-70k discount? 😄 A bit better than a tk maxx discount

@sidneyoutlaw39 Год назад

In the example you used at the end of the video, what would the monthly mortgage payments be?

@alexisc93 Год назад

Congratulations! Do you mind sharing which part of London you purchased in? SE, SW, N, W etc

@MrSebastianBlake 2 года назад

Sejuty I’m sorry if I sound blunt by saying this but as a person who’s lived in the new build I’m telling you it’s the worst thing you could do the service charge your paying is now 120 quid a month if you do the maths after 10 years you’ve paid almost £15,000 just to live in your own property and that’s if the service charge doesn’t go up from now in which I’m pretty sure it has or will do in the next years. But I do hope you the flexibility to rent it too 😤 It’s just profit for a builders. At least you’ll be a millionaire when you sell it

@TheSubtleInvestor 2 года назад

Hi Sebastian, I agree with you completely. It is definitely not a long term solution. Its really a big problem with living in flats, especially new ones - service charge is eye watering. However, as you say this place is not my ‘forever home’ - hoping to rent out some point in the future.

@InvestwithDarren 3 года назад

Great insights! Enjoyed it 😎

@marielismoros9018 2 года назад

thank you so much! this info is so usefull

@TheSubtleInvestor 2 года назад

Thanks for watching :)

@dreamsdesires 10 месяцев назад

As an Indian,living in India,can I buy a flat in London.?

@has4tis 3 года назад

💯

@dipeshmistry8797 3 года назад

Smashed it ;)

@TheSubtleInvestor 3 года назад

😊😊

@hsli9003tube 3 года назад

Very informative video👍

@TheSubtleInvestor 3 года назад

😊

@zcharged8294 Год назад

aren't leasehold flats a depreciating asset though, due to the lease time length? at some point somebody will have to pay to extend the lease on the flat which can make it a less attractive option compared to a house, as it will lose value with time

@TheSubtleInvestor Год назад

You are right to say that in terms of ownership freeholds are better as you wont have to carry on paying extra for ground rent or future lease extension. However, it doesnt make it a depreciating asset though because that would mean that prices of those flats would fall in value over time. Also, not all houses are freehold. These days its hard to find new houses that are not on lease.

@zcharged8294 Год назад

@@TheSubtleInvestor i guess this means it’s only depreciating if you do not extend the lease or leave the place early? so in reality we need to budget for the lease extension as well when buying one? also is buying a flat cheaper than renting? thanks for the info I’ve found your video helpful

@salmazaman615 3 года назад

Great video

@TheSubtleInvestor 3 года назад

Thanks 😊

@ninadmore5073 3 года назад

Hey mam i just started watching your video it's really nice content and really help me for that but i had just one short query " I am complete my graduation as Engg but I have hug interest in stock market so I do some research and I got some of intuition they cover all syllabus and also got get placement facility so is that GOOD for me Or NOT. " Please let me know

@TheSubtleInvestor 3 года назад

Hey ..if you can get a placement that will be good of course.