Expenses To Consider When Moving House

Stamp Duty

Stamp Duty

Paying out thousands of pounds on stamp duty is always a bitter pill to swallow. With a house value under 125,000 you pay no duty, but between 125,000 and 500,000 this rises from 1-4% of the purchase price.

Estate Agency fees

These are unregulated, although most adhere to National Association of Estate Agents codes. Costs vary between 1-3% but an average estate agent fee would be 1.75% of the purchase price of your property.

Solicitor's costs

A property conveyance costs between 400 and 1000 plus an extra 200 for searches to check the seller owns the property, for flooding, pollution and other such items; there will also be a land registration fee of 70-500; and another of 300-700 if you are selling as well.

Mortgage costs

Fees on a new mortgage can cost up to a 1000 or more, plus around 175 for a property valuation fee.

Detailed Survey

For peace of mind a homebuyer's survey will reveal any serious defects and will cost around 300 for a basic check or 500 for a structural survey.

Hidden costs

Other hidden costs include increased buildings insurance for a larger property. Council tax will probably rise if you are moving to a larger house in a more prestigious area. Mail redirection costs 37 for a year; plus any reconnections of utilities although most usually don't charge for changeovers.

Money saving tips

Although moving house usually involves paying out large sums of money there are also ways in which you can save significant costs. Moving during the week is always cheaper than moving on a Friday; plus moving yourself rather than getting in a removal company, and downsizing contents before you move saves the trouble and added effort of taking items that you don't want with you. Using a no commission estate agent will save you hundreds or even thousands of pounds and is one of the largest savings you can make.

Expenses To Consider When Moving House

By: John Holland

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