Costs to move house

Costs to move house -

I always try my best to answer any questions that come in, I deal with moving every day, most people rarely deal with it. Even if you move regularly things change.

There are different costs and fees involved in buying and selling property in the UK.

The main costs are for buying:

Deposit – If you need a mortgage have you a 5% deposit or more saved? Or are you using the equity in your home as a deposit?

Mortgage admin costs and mortgage survey around £500+

Survey fees – This is around £500

Legal costs – This can vary according to location and leasehold or freehold, it could be in the region of £1000 inc dispersements (searches/land registry etc)

Stamp duty – This is on a sliding scale. Up to £125,000 it is ZERO rising to 12% for the portion above £1.5M. For the exact amount click here: www.cooper-adams.com/stamp-duty-calculatorIf buying a second home there is an extra 3% stamp duty to be paid on top.

The main costs are for selling:

Legal costs – This can vary according to location and leasehold or freehold, it could be in the region of £1000 inc dispersements (searches/land registry etc)

Energy performance certificate – Around £80-£100 depending on property size

Estate Agents fees in the UK they range for a budget DIY low service call centre agent at under £1000 fixed fees upfront whether you sell or not and for a percentage fee paid after it's sold – from 1% – 3% + VAT depending on service levels and how hard they work for you.

The no-frills cheap and cheerful call centre agents are paid whether you sell or not (no incentive), they offer a basic service and normally achieve selling prices around 5% lower than 'FULL SERVICE' traditional high street agents.

An agents fee should be good value, if higher than others ask why, do they spend more of marketing and do they get higher prices with high service levels? If they can't answer this walk away. Also make sure all viewings are accompanied as is the cost of pro photography, floor plans and luxury brochures.

Average fees from: www.hoa.org.uk

Removal costs – This can vary a lot but many are in the region of £500 – £1000

Some of the hidden costs moving-

Insurance costs, Make sure you solicitor is charging a fixed fee not per hour, land registry office copies £8, bank transfer fees £25, Chancel Repair Liability Search (£10) + VAT This is to check whether you are liable to pay a contribution to the upkeep of the local parish church. Conveyancing quotes: Always check the small print and always calculate the real total price when comparing one quote against another. Often what at first looks like a cheap conveyancing quote can end-up being much more expensive.

For more information or if you would like an exact calculation done please ask the team at Cooper Adams 01903 770055

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