How Much Does It Cost To Move House?

28 Apr 2016

How Much Does It Cost To Move House?

When you decide to buy a house, it is a huge milestone in your life and a massive step towards your own full independence. However, once the dust begins to settle you are then left with a pen and paper trying to calculate and predict your expenses across this process. 

Stuck wondering how much you should factor in outside of your purchase price? Or just how much does it cost to buy a house nowadays? Well thankfully for you, we’ve got all the answers you need right here. And considering we’ve got over 165 years of experience in removals, we’ve learnt a thing or two when it comes to moving home. 
We’ll break down the different terms that you would be expected to pay, and give you a good idea of just how much purchasing a property will cost you. 

Mortgage Fees - Despite paying a fee each month for your current mortgage, there will be additional fees that you will incur. These additional fees will be based solely on independent valuations – something that would be carried out by your lender. These fees can be anywhere from £400 up to £850. 
These types of fees can vary when it comes to your payment, for instance, you can usually choose between either paying the amount upfront or adding the sum onto your current mortgage, however, this will eventually result in you paying a higher amount as you will end up paying interest on this figure. 

Stamp Duty – If you will be purchasing a property that costs more than the total of £125,000, you will be required to pay the government tax on top of your initial purchase.  The fee you will be required to pay is due to tax on land and property transactions. This obligatory fee will depend on the worth of your property. However, you will most likely be looking at a fee of 5%, something that is charged on all houses that are valued from £250,001-£925,000; however if your house is valued above this you are required to pay a percentage of up to 12%.

If you are in the process of purchasing your new main property, but you haven’t sold your last home yet, you will be required to pay a higher rate of Stamp Duty, due to technically owning two properties.  However, you might be able to get a refund if:

- You sell the other property within three years of moving out…

- And you claim for the refund within three months of selling your old residence, or in the 12 months of the filing date on your self-assessed tax return.

Building Survey – When contemplating purchasing your own property you should consider having your own structural survey carried out, this is done to ensure there are no major issues with the property and infrastructure.  Despite getting your own house valuation from your lenders, it is always beneficial to get your own independent survey, just to be sure. These surveys can cost anywhere up to £1,300. 
It may be another additional cost added onto the fee, but it is better to pay this and know before purchasing, instead of moving in to find any defects.

Land Registry
– This is a department within the government which keeps records of all registered properties within England and Wales. Each time a new property is purchased; there will be a fee for the new owner to register this property in their name. This is not a massive fee to pay as it is from £90-£140; however, it is still an additional expense for you to be aware of. 

Removal Cost
 – When relocating you are most likely going to need professional assistance, unless of course you are moving extremely locally to your current property, or you have a great team of friends or family willing to help. 
The costs for removals will vary on not only the distance travelled but also the amount you wish to take with you and any other services you may require. These costs will vary; you are looking at paying from £300-£600 for the services of a removals company. 

If you are currently on a relatively tight budget, it may be in your best interest to hold off on purchasing right now and continue to save up, as with all the additional charges and fees they could end up pushing you beyond your limits, therefore it may be better to consider all these extra fees in advance of making a decision on your potential new home.