House Moving Costs
Inevitably, moving house involves plenty of costs, some instantly recognisable, some hidden. Therefore it’s best to do some research into the cost of moving house before you delve into the sometimes confusing world of the property market. To learn more about the potential costs of moving house, read this guide.
House Costs Checklist
• Broadly, costs will fall into two categories. One source of costs will be stamp duty tax; other costs will come from expert fees.
• Stamp duty tax is the major cost when it comes to moving house. Stamp duty accounts for roughly half the money during a property transaction. The amount will differ depending on the average price of the property. As the value of a property, increases the higher the stamp duty land tax charge becomes. Houses valued under £125,000 are currently exempt from stamp duty, a move designed to help first time buyers get a foothold in the market. In some cases, stamp duty rules may vary, so it’s essential to clarify the amount you will need to pay before agreeing a transaction.
• Another (somewhat controversial) cost incurred when moving house is a Home Information Pack or HIP. These property guidance packs detail copies of title deeds, planning permission and an energy performance certificate, and cost around £300 to produce. Occasionally, an estate agent may help cover the cost of the HIP, but practice can vary. It remains to be seen whether the HIP will remain a part of property legislation under a prospective Conservative government.
• Further house moving costs are incurred in the many fees and payments that help smooth the transition between properties. Depending on the reputation of estate agents and solicitors and the amount of advice required, costs can vary dramatically. In order to get the best value for money, obtain a quote from a number of different sources before coming to a decision. The recommendations of friends and family can prove invaluable if you are struggling to locate the right solicitor.
• More fees will need to be paid to surveyors analysing the structural quality of a property, and extra moving costs may be incurred by mortgage lender charges; these can vary depending on the terms and conditions of your previous agreement. Be sure to carry out appropriate checks to ensure you are not being overcharged.
• Finally, relocation fees may top up your house moving costs. Hiring removal vans, redirecting post, and setting up utilities and council tax payments at your new property all need to be included in your budgeting as you plan the big move.
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