Wondering how much it costs to move house? There are a number of fees to consider when buying a new house, including the cost of moving home, your deposit and solicitor fees. We’ve put together a list of things you’ll need to consider and make provision for in your budget when moving.
This is by no means a complete list but here are some of the major upfront costs:
- Deposit – This is the amount you put towards the cost of the property when you buy your home. On average, you need at least 5% to 20% of the purchase price.
- Stamp Duty –Stamp duty is a government tax paid on homes costing £125,001 or more.
- Valuation fee –The mortgage lender will assess the value of the property to establish how much they are prepared to lend you. The cost can be £150-£1,500 based on the property’s value.
- Surveyor fees –Before you buy a property, get it checked by a surveyor. This is vital so you understand if there are any problems before you buy.
- Legal fees –You’ll normally need a solicitor or licensed conveyor to carry out all the legal work when buying and selling your home. Legal fees are typically £850-£1,500 including VAT. They will also do local searches, which will cost you £250-£300, to check whether there are any local plans or problems.
- Electronic transfer fee –It covers the lenders cost of transferring the mortgage money from the lender to the solicitor and is typically around £40-£50.
- Estate agent fee –This is only paid by the seller, not the buyer, for the estate agent’s services.
- Removal Costs –The average removal cost range from £300-£600 depending on size of property and how far you’re moving – although you could rent a van do it yourself!
We recognise that moving home is one of the most stressful, and expensive things you do, that’s why we advise you take as much advice as possible from people you trust and who know their stuff. If you’d like our help and advice call any of our offices we’ll do our very best.