Shopping for a mortgage

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TODAY Fair Play investigates the basic costs of buying a property.

Our survey reveals that if you shop around you could save as much a £2,000 on legal fees, which could be the cost of a new bathroom.

When we looked at bank fees, we found that a zero charge does not necessarily mean you are getting a good deal. Remember to compare the rate that goes with the fee and work out what is best for you. The legal fees below are estimates for a flying freehold / freehold / share transfer £200,000 flat in town.

This is just a starting point as certain factors – such as if the law firm has dealt with the property before – will affect the price.

Other factors to take into consideration include: the three per cent goods and services tax, stamp duty, whether or not you are first-time buyer, how many people are buying, whether there is an additional charge for a loan/mortgage, if you are married and how quickly you want the information.

But it would be fair to estimate that each person buying a home would have to pay lawyers fees and bank fees to secure the loan.

Legal fees for £200,000 flat

Ogier: 0.5% to 0.75%

(£1,000 to £1,500)

BoisBois: 0.6% (£1,200)

Appleby: 0.625% (£1,250)

Benest and Syvret: 0.625% (£1,250)

Blakeley: 0.65% (£1,300)

Advocate A P Begg: 0.75% (£1,500)

Carey Olsen: 0.75% (£1,500 but minimum charge of £2,000)

Viberts: 0.75% (£1,500) or 1% for share transfer (£2,000)

Walkers: 0.95% (£1,900)

Backhurst Dorey & Crane: 1% (£1,500 to £2,000)

Hanson Renouf: 1.5% (£3,000)

Mourant: 0.75% (£1,500)

Booking fees

Standard Variable Rate

HSBC: £0

Skipton: £0

Barclays: £995

NatWest/RBSI: £0

Lloyds TSB: £0

Newcastle: £499

Tracker Rate

HSBC: Between £0 and £995

Skipton: £899

Barclays: £995

NatWest/RBSI: £999

Lloyds TSB: Between £699 and £999

Newcastle: N/A

Fixed Rate

HSBC: Between £0 and £999

Skipton: £499

Barclays: £595

NatWest/RBSI: Between £599 and £999

Lloyds TSB: £699

Newcastle: £529

• Remember to check the rate as well as the booking fee to find the best overall price

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