Article submitted by our friends at propertyhelp.uk – Property Help Website
This is how much you’re going to spend on relocation and some ways you can make it cheaper!
Are you thinking about moving house? It’s important to understand the actual cost of moving home and what you need to budget for. The average cost of moving home is about £10,000, which may come as a surprise if you’ve never considered it before.
And, to make sure you don’t get any unexpected surprises, we’ve come up with this important guide, and have covered all the things you need to know about legal fees, conveyancing, stamp duty and surveyor prices. We’ve also found some clever ways to reduce your cost of moving. Let’s start by taking a look at some of the main things you can expect to pay for.
Conveyancing is when you employ a lawyer to work for you as you buy or sell a property that will, on average, cost between £ 500 that £1,500 (including 20% VAT) depending on the type of property you buy. The conveyors will also conduct local searches, which will cost you between£250 and £300.
If you sell a house at the same time, you may be able to negotiate a package deal with the lawyer. When you’re looking for a lawyer, personal recommendations go a long way – so ask around, speak with friends and family members to see if they can put you in touch with a firm from which they enjoyed good service. If you are hunting for a lawyer yourself, make sure they are accredited by the Solicitors Regulation Authority.
Agents work on commission, and you should expect them to charge between 1% and 3% of the selling price of your house (this is only charged by sellers, not buyers). Please remember to add 20% of VAT to this number. Choosing a single agent will reduce the amount of commission you pay, but it may limit the number of people looking at your home.
As far as fees are concerned, estate agents charge a percentage fee which can be anywhere between 0.75% and 3% plus VAT on the agreed sale price for your home, depending on the type of contract you choose.
To save cash, some sellers want to advertise their home through independent websites, but you’re going to have to put the work in and arrange the viewing, and there’s going to be a small charge to access the platform. Don’t be shy about discussing fees – most agents are happy to be flexible.
The dreaded stamp duty is the tax payable to the government to change the documents specifying who owns a particular property. You must pay the Stamp Duty Land Tax (SDLT) if you purchase property or land at a certain cost in the United Kingdom.
Today, the current threshold SDLT is £125,000 for residential properties (both freeholders and leaseholders and when purchasing properties through a shared ownership scheme) and, as a result of changes announced by the government, the rates will now apply only to that part of the property price that falls within each band.
First-time buyers will not have to pay until the SDLT is up to £300,000, and instead, they will pay 5 percent on the property value from £301k to £500k.
Based on the mortgage you’re applying for, you can have to pay the bank a valuation fee to determine how much they’re willing to lend you for the house. It can range from £150 to £1,500 depending on your mortgage product.
You’ll need to have your property checked over by a surveyor before the sale goes through. A survey will flag up any structural issues with the house. You will pay anything from £250 to £600 plus for a number of surveys that vary in depth. The most common – and cheapest – is the home condition survey. You could wound up saving money on repairs further down the line thanks to a good property survey.
Electronic transfer fee
This includes the cost of transferring mortgage money from the bank to the lawyer. You expect to pay around £ 50 for that.
By hiring a removal service, there are several variables that can influence the total cost, including the distance you’re going, the time of year and the amount of stuff you’ve got. Removal firms charge more on weekends and at the end of the month.
For a rough estimate of the cost, the Compare My Move report found that the total cost of moving a house in the United Kingdom amounted to £1,761 plus extra costs for packing supplies, special care products and access problems.
How to save on the cost of moving home
If you’ve stretched your budget to the limit in order to get your dream house, you’re going to want to keep any moving costs to a minimum. Luckily, there are a lot of ways you can get those bills down.
Declutter your home
Removal quotes are based on quantity, and the more you take with you, the more you pay. Be ruthless – if you haven’t utilised something in the last two years, you’re unlikely to do so in the future.
Book as early as you can
Companies often charge more for late bookings, as they know you have less room for manoeuvre. Book moving services in a fair amount of time, particularly conveyances, as the full process may take between eight and twelve weeks from the time you instruct the Property Solicitor to complete.
Find three quotes from removal companies at the best price and choose one that is a registered member of the British Association of Removers, they would be covered for the content and abide by the strict code of practice.
DIY removals would certainly be cheaper, but much more difficult, and the cost of hire and petrol are also to be taken into account.
Eat all your food beforehand
Bringing food from your old home isn’t just a transport expense. Moving fresh and frozen food is at risk of spoiling, or leaking, and damaging your stuff, leading to you having to fork out on replacements. So it makes a lot more financial sense to eat everything up in advance!
Organise packing & boxes for your move in advance
You could just go to the closest self-storage facility and buy all the boxes and bubble wrap you need… but that’s going to cost you. Alternatively, go to your nearest store and ask if they have any boxes they can give you free of charge. As they get deliveries every day, they’re more than likely to have some extra.
Use freezer bag for nuts and bolts
Disassembling furniture to move it might sound like a smart idea. Until it comes to the other end and you remember you’ve lost a vital nut or bolt, and you can’t put it back together again!
You can, therefore, save yourself from buying new furniture by popping every screw or pin or bolt in a freezer bag. Then tape the bag to the appropriate piece of furniture. You’re going to have just what you need to hand when you come to rebuild it.
Redirect your post
Avoid late payment charges and prevent your personal details from falling into the wrong hands by redirecting your mail.
Prices start at £33.99 per last name, and you can have your mail redirected either short term or for periods of 12 months+.