Moving Costs
Date Published 13 April 2018
The Costs of Moving House
If you are thinking of moving house, here are some tips to help you out when you are considering buying a house and thinking about some costs that may get overlooked.
Conveyancing fees – A solicitor or conveyancer will carry out this work, this is the legal process involved when buying a property. When budgeting for this it depends on the value of the home you are buying and the level of expertise required. A solicitor or conveyancer will carry out this work. 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- This often costs £40-£50 and it covers the lenders cost of transferring the mortgage money from the lender to the solicitor.
Mortgage fees- often overlooked when you think of moving these costs might include: a booking fee, an arrangement fee and a mortgage valuation fee.
Survey Costs - There are different types of survey for you to choose from, speaking to a Surveyor will help you to decide which one is right for you. It is a good idea not to let the cost cloud your judgement, they can cost anything from a few hundred pounds to over a thousand pounds but getting the wrong survey done can end up costing you a lot more in the long run.
Stamp duty – Stamp Duty Land Tax (SDLT) is a tax on properties bought in England and Northern Ireland. The good news is if you are first time buyer then there is no Stamp Duty on the first £300,000 for properties worth up to £500,000. For the rest of the market stamp duty is applied in bands and is based on the purchase price with no duty on the first £125,000.
Purchase price of property
Rate of Stamp Duty
Buy to Let/ Additional Home Rate*
£0 - £125,000
0% *3%
£125,001 - £250,000
2% *5%
£250,001 - £925,000
5% *8%
£925,001 - £1,500,000
10% *13%
However, as you see there is a 3% increase on top of current rates if you're buying an additional residential property above £40,000 such as a second home or buy-to-let property. There are many stamp duty calculators available online that will help you work out the amount due.
Home insurance- another cost that many buyers overlook. Not a large amount of money in the grand scheme of moving but not something you can overlook either.
Estate agent fee – Most estate agents will look to charge between 1.8% and 2.4% of the property price for selling your home, Novahomes sole agency selling fee is just 0.9%. It is always a good idea to get a good range of quotes before deciding who to go with.
Finally, when it comes to the moving day you'll most likely need a removal company. Although if you are fit and able it is possible to save money by hiring a van and moving the furniture yourself.
For more information or for an estimate of the value of your home call Matthew or Sarah Novahomes on 01752 206040,
