Moving home is often said to be one of the most stressful things you can do in life and a lot of that stress revolves around the financial burden involved. To assist, we set out below the costs of moving home that you might not have considered; Mail redirection Unless you’re extremely organized, its unlikely that you’ll be able to notify all of the relevant parties that your address has changed overnight. To make sure that your mail makes it to your new home you may want to consider redirecting your mail. |  |
Removals and storage
Your removal costs will be dependent on how much you have to move, how far you are moving and when you want to move. You might find that you need your movers to store your possessions for you overnight to make the move smoother and there will be additional costs to do so. Likewise, if you have any unusual or especially valuable items that need to be moved, this may also increase your bill.
You may also need to factor in additional child and pet care to make the move transition smoothly and this may then increase your moving costs.
Its key to find a removals company that you trust and obtain quotes early.
Management pack
If you’re selling a leasehold property or a freehold property with a management company, you will need to provide a management pack from your landlord and often your management company in order to sell the property. The pack will include information about the ground rent, service, insurance and proposed works to the building and other vital information.
Management packs tend to average between £150 to £500 per pack.
Agent fees
Most estate agents will charge commission on the final sale price of the property, be sure to check your agent’s charges before placing your property on the market to avoid any unwanted surprises at completion.
Mortgage fees
If you’re selling with a mortgage you should find out whether you will incur an early repayment charge for redeeming your mortgage. If for example you are selling your home within your fixed term period and you are not porting your mortgage, you will likely incur an early repayment charge.
If you’re buying with a mortgage, there are likely to be valuation, product and transfer fees to pay to your lender, all of which will be set out in your mortgage offer.
Also consider whether you will be using an independent mortgage broker and their associated fees.
Searches
Conveyancing searches provide information about the property that you would not ordinarily know, such as any planning permissions in place for the property, the drainage and water arrangements and any concerns regarding the ground stability, environmental contamination and radon exposure.
Whilst legal fees are typically payable on completion, searches need to be ordered at the outset of a purchase and your conveyancer will ask for these funds upfront.
Searches typically cost between £300 - £500 depending on the searches needed.
Survey
Surveys are always recommended when buying a property to highlight any defects which are not immediately obvious when viewing a property.
Surveys tend to range from £400 to £1,000 depending on the value of the property, the location and the type of survey required.
Insurance
If you’re buying a leasehold property, the buildings insurance will more than likely be arranged by your landlord or management company and you will contribute to the cost via your service charge. If your seller has already made this contribution, you will need to compensate them on completion.
If however you’re buying a freehold property or in unusual circumstances, a leasehold where you are responsible for the insurance, you will need to make sure that you have your home insurance is in place from the day of exchange.
Ground rent and service charge
You are probably aware that if you buy a leasehold property, for example, a flat, you will need to pay service charge and often ground rent to your landlord. What you might not expect is that these are paid in advance and so your seller has more than likely paid for a period that you will actually own the property. On completion, apportionments will be calculated by the seller’s conveyancer, so that you repay the seller for part of the cost that they have paid. You will therefore need to factor this into your budget if you’re buying a leasehold property.
SDLT
Stamp Duty is usually payable when buying a property and is determined by the purchase price. There are certain exemptions and reliefs which can apply and so to work out how much you will pay, use the SDLT calculator.
If you are interested in our conveyancing services in the wider Ipswich and Felixstowe areas, we offer an instant free online quote. Alternatively, give us a call on 01394277941, or fill out our contact form, and we would be happy to discuss your requirements in further detail.
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