Most people will take note of solicitors’ fees, mortgage deposits, estate agent and search fees, surveys and Stamp Duty when planning to move house. However, there are other costs to remember.
Depending on how the property is being bought, there could be transaction costs and finders fees to bear in mind, and these charges can add up. So how much does it cost to move house?
Solicitors’ fees
On average, solicitors’ fees are between £500-£1,500. It is advised that buyers instruct their solicitor to conduct a local search on the property to ensure it is not under threat of being destroyed. These searches can cost £200 or more.
Estate agent fees
These charges are only paid by the vendor and range between 1-3% of the sale price plus VAT at 20%.
Stamp Duty
Stamp Duty is only payable on properties worth over £125,000 and it is added into the overall cost of the purchase.
For buyers in Scotland, the new Land and Building Transaction Tax (LBTT) applies as of April 2015, which affects homes worth £145,000 and over.
Read more about Stamp Duty here: /stamp-duty-revamp-benefits-investors/.
Surveys
Most mortgage lenders insist on the buyer having the house surveyed. This is beneficial to all as it ensures the home is structurally safe and sound. Surveys cost from £150 to £1,000 or more, depending on the type of survey conducted.
The above costs apply to those buying and selling a home. But for some people, moving house may not include these steps.
Moving house
Some people will inherit a property from family. If they plan to move here from rental accommodation, then they do not need to sell or buy. However, moving to a new house still costs money.
It may be wise to have the new home surveyed for peace of mind.
In terms of moving, the amount of belongings a person is taking to a new property can alter the costs. If they do not have much furniture, they may only need a small van for one day. This costs around £150.
If there is a large amount to move, then a professional removal company is advisable. The amount of furniture and the distance between the houses can see the cost range from £600-£1,500.
If someone moving home is buying and selling, the cost could add up to thousands of pounds. However, when a move doesn’t include these steps, it can cost a few hundred pounds.
Moving house can be cheap, but buying and selling can become expensive.