Costs to Consider when Moving House

Over the past few years, the upward trajectory of house prices has been fairly relentless. When they’ll start to come down again is difficult to predict. Since the start of the pandemic in early 2020, house prices have gone up by an incredible 20%. For the average home in the UK, this amounts to around £40,000.

For buyers, the cost of moving comes not just from the asking price of the property itself, but from the hidden fees involved in the process of actually making the purchase.

So, exactly what shape do these additional fees take? Let’s look at a few of them.

Stamp Duty

For every purchase of property, the buyer will need to pay a tax, called stamp duty. During the pandemic, this tax was lifted – but it’s back to its normal level, now. You’ll pay zero up to the first £125,000 of the property’s value, and upwards of 2% thereafter. There are several stamp duty bands, so if you’re spending more than this, it’s worth investigating.

Valuation fee

Having a property valued independently is essential if you want to avoid paying over the odds. You don’t have to offer the price that the valuation suggests, but it’ll allow you to make your offer in full light of its actual value. The valuation will be arrived at based on the condition, location, and features of the property.

Conveyancing solicitor fee

Your conveyancing solicitors are the ones who ensure that the transaction is legally above board. They’ll handle all of your dealings with the other side, and help you to deal with any snags that come up along the way. While it’s possible for an individual to handle their conveyancing themselves, it’s extremely rare – since it will put off potential sellers. No-one wants to risk a transaction falling through because of a lack of legal expertise.

You can find quotes for competent conveyancing solicitors online, or, you can go with a trusted solicitor in your vicinity, if knowledge of the location is valuable to you.

Removal costs

Once you’ve made the purchase, and it’s been processed through to completion, you’ll be left with the challenge of getting your possessions into your new home. You can either hire a professional removal company to take care of this, or you can do it yourself with the help of a van, and a few volounteers. Your decision may depend on the distance you’re travelling and the amount you’re willing to spend – which, depending on your location, could be upwards of a thousand pounds.

Bear in mind that you might not be insured if you damage your stuff while it’s in transit – which is a good reason to favour a professional removal.