As many of us know, moving home is not a cheap decision to make. You have to account for plenty of extra expenses on top of the stress of sorting and packing all your personal belongings, ready to move to the next place.
That’s why we’ve decided to create a comprehensive guide on the true costs of moving home, from settling your deposit to all of the various fees:
Deposit: 5% to 20% of property value.
Stamp Duty: A tax recently updated by the Government, which must be paid if your property is worth £125,001 or more. For example, if you buy a property worth £180,000 you will need to pay 0.6% Stamp Duty, of £1,100.
Surveyor fee: £250 for a basic home survey to £600 for a full structural survey.
Valuation fee: £150 – £1,500 for the mortgage lender to access the value of your property and then decide on how much to lend you.
Electronic transfer fee: This usually costs £40 – £50 and covers the transfer of money from your lender to your solicitor.
Legal fees: £250 – £300 for local searches, plus £500 – £1000 legal fees on top. These are fees paid to a solicitor for managing all the paper and legal work that goes into buying and moving home.
Moving costs: Here’s where we can help, we stock high quality packing materials ranging from £1.62 for a marker pen to ensure you know which boxes are fragile to £178.43 for a home moving box pack featuring bubble wrap and 52 high quality packing boxes, in varying sizes.
We even have packaging sleeves for your plasma TV, sofa and mattress wraps and wardrobe boxes, so your clothes remain upright in transit.
Storage costs: You might need to move some bigger items into storage whilst you make your move, either because your new home doesn’t have room for them or you are swapping them for something new and intend to sell them once you’re settled.
Contact us today for a quote and then use one of our storage pods, which we deliver to your home, you fill up and then we take away again to store in our secure facility.
So let’s say your fees were all at maximum level, for a £180,000 property, your total costs therefore would be: £22,728, plus the cost for one of our storage pods if necessary, which depends on your pod size and length of usage time).
The minimum costs would amount to: £19,968.43.
In conclusion, moving house is an expensive business, but if you shop around when it comes to mortgage lenders and solicitors you could find a good deal. Some lenders don’t charge for valuation fees and schemes such as Help to Buy can help first time buyers or second time owners pay only 5% deposit.