Moving home is an exciting time, yet the process requires a lot of effort and preparation – and that starts with the financial considerations you will need to make before, during and after the move.
The numerous costs involved in the moving process is something you will need to be ready for. As top estate agents in South London, Croydon and parts of Kent, we believe we are in the best position to offer advice.
Below, we list the important financial matters you will need to budget and prepare for when moving home.
The vast majority of home movers typically employ a solicitor to ensure the paperwork is in order and the legal completion runs smoothly.
Local searches are done by your solicitor – which involves researching plans and locating any issues that you will need to be aware of – can cost between £250-£300. However, different solicitors will offer different fees.
Generally, legal fees are between £500-£1,500 including VAT at 20%, so ensure that you shop around to get the best possible price. Alternatively, we promote a range of different conveyancing options, which you can contact us for more information on.
Stamp duty costs
As a homebuyer, you will need to pay stamp duty when the sale of the property goes through, with up to 30 days to pay the bill. The tax is charged on houses worth more than £125,000, with the rate charged depending on what price your house is valued at. The different bands are as follows:
• Up to £125,000 – 0%
• £125,001 to £250,000 – 2%
• £251,000 to £925,000 – 5%
• £925,001 to £1.5 million – 10%
• Over £1.5 million – 12%
If you are a first-time buyer, however, there is no stamp duty required on the first £300,000 for properties priced up to £500,000.
Valuation and survey costs
A mortgage valuation is usually included in your mortgage plan, with the cost varying depending on your lender (between £150-£1,500). Some, though, will offer it for free.
A survey, however, will go into more depth to establish any potential repair or maintenance issues. This can cost you between £250-£600 but can be more depending on who conducts it.
You can opt for the more comprehensive Building Survey which could cost anything up to £1,000. We can help you to arrange a survey, so contact us for more info.
This is a fee charged by your lender to cover the cost of setting up the mortgage. This may include a booking fee of between £99-£250 and an arrangement fee of up to £2,000.
It’s possible to add the mortgage fees to your monthly mortgage repayments, but you may be charged an interest rate on repayments for the life of the mortgage. It’s advisable that you pay it before you move in to avoid such charges.
Our partners would be pleased to provide you with a free, no-obligation consultation on what mortgage options are available to you, as well as the associated costs.
On average, removal companies can charge £50-£60 per hour, with a two-hour minimum charge for a local move. Long distances, however, are charged at a fixed price depending on the location and type of property; this could be anywhere between £450-£1,000.
You needn’t look far, though. At Key Property Consultants, we can put you in touch with a local reputable removal firm. Contact us for more information.
Change of address
It’s worth changing your address on a host of documents before the chaos of the move begins. Royal Mail’s Post Redirection service will allow you to redirect all bills or other mail, costing £34 for three months, £47 for six months or £67 for 12 months.
Other paperwork that will require a change of address include:
• Driving license
• VSC vehicle registration certificate (log book)
• Credit card
• Council tax
• Insurance companies
• TV licence
All in all, while there are many aspects of the moving process, having a strict budget will allow you to better break down all costs and fees, effectively limiting the stress and headache.
Here at Key Property Consultants, we can assist you with all aspects of the selling, buying and moving process. We recently provided an in-depth moving guide for home movers.
For more information on the services we provide, please contact us on 0203 739 2033. You can also request a free and instant online valuation to see how much your property could be worth on the current market.
Join our list
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.