Average moving costs – what to expect
Thinking about moving house? It’s easy to overlook the costs involved in buying, selling and moving house. It is important that you have factored in all the necessary costs of moving house and whether or not your budget can cover the costs before putting your home on the market. We’ve put together the most common additional costs that occur when moving that you may not have factored into your budget.
Conveyancing
This is when you hire a solicitor to act on your behalf when buying or selling a property and will, on average, cost between £500 and £1,500 (including VAT at 20%) depending on the type of property you are buying. They will also conduct local searches, which will cost you between £250 and £300.
If you’re selling a house at the same time, you may be able to negotiate a package deal with the solicitor; this can be a big saving. If you’re hunting for a solicitor yourself, make sure they are accredited by the Solicitors Regulation Authority.
Stamp duty
Stamp duty is the tax payable to the government for changing the documents that specify who owns a particular property. You must pay Stamp Duty Land Tax (SDLT) if you buy property or land over the current £125,000 threshold for residential properties (both freehold and leasehold and when buying a property through a shared ownership scheme).
Here’s a handy guide for typical Leicester properties – £0 to £125,000 = 0% Stamp Duty, £125,001 to £250,000 = 2% Stamp Duty and £250,001 to £925,000 = 5% Stamp Duty.
Surveyor’s fee
Before the sale goes through, you need to have your property checked by a surveyor. This flags up if there are any structural issues with the property. You can pay anything from £250 to £600 plus for different surveys, which differ in detail. The most basic – and cheapest – is called a home condition survey. Paying for a good survey could save you money on repairs further down the line.
Electronic transfer fee
This covers the cost of moving the mortgage money from the bank to the solicitor. Expect to pay around £50 for this.
Removal costs
When using a removal company, there are many factors that will affect the overall cost, including the distance you are moving, the time of year and the amount of stuff you have. Removal firms charge more at weekends and at the end of the month. Make sure you book your removal van as early as possible as costs do go up nearer to the date and declutter. Removal quotes are based on volume so the more you take with you the more you’ll pay.
Valuation fee
Depending on the mortgage you go for, you may have to pay the bank a valuation fee for them to assess how much they are prepared to lend you for the property. This can vary from £150 to £1,500 depending on your mortgage product.
Make sure that when you’re looking to move you have your finances in order and if possible, already have the necessary money put to one side. It’ll make moving a whole lot easier!
Talk to one of our property managers today to find out how Open House Leicester can help you when looking to sell your property. Call 0116 243 7938 or email info@openhouseleicester.co.uk
