The Cost Of Moving.
The Cost Of Moving.
What Is The Cost Of Moving?
Home movers usually expect to pay out large sums of money on stamp duty, Estate agent commission, conveyancing and deposits but other costs can add up to as much as £9,500.
Some movers can expect to factor in the costs of new furniture, removal companies, insurance, decorating or improving their new property on top of what they’re already paying. On top of this, the average mover spends approximately £1,500 on unforeseen costs.
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Deposits.
Deposits.
Deposits for residential property can vary between around 5% and 20%, so for an average priced house in the UK of £280,000, buyers would need to have saved between £14,000 and £56,000 to put down up front. As a general rule, the greater the deposit, the better interest rates you can enjoy. There are several schemes offering help when buying a residential property, especially for first-time buyers looking to begin their way up the property ladder.
Surveyor’s Fees.
Surveyor’s Fees.
There are three main types of survey to choose from: a basic survey or a full structural survey:
A Condition Report – Assesses the property’s condition, including any risks, potential legal issues and urgent defects. – £400-£950
Homebuyer Report/ Home Condition Survey – Includes all the features of a Condition Report, plus defects that might affect the property, and advice on repairs and maintenance. It can also include a market valuation and how much it would cost to rebuild the property – £450-£1,000
Building Survey – An in-depth look at the property’s condition, with advice on defects, repairs and how to maintain the property – £600-£1,500
Conveyancing Fees.
Conveyancing Fees.
It is essential to employ the services of a conveyancing solicitor to oversee the legal process of property transfer. Legal fees are typically £850-£1,500 including VAT at 20%. Your conveyancer will also order local searches, which will cost you around £250-£300. These check whether there are any local plans or problems. Compare Conveyancing Costs with our conveyancing quote comparison service.
Estate Agents Commission.
Although homebuyers do not have to pay an estate agent when searching for a property, sellers do have to pay the agent. Therefore, there are no estate agents charges for first-time buyers but those selling their house to buy another will generally need to use an estate agent.
Removal Costs.
Storage.
Legal delays, being unable to get the keys to your new home on time or any other number of reasons means that you may have to put your belongings into storage for a while. For the contents of the average 3 bedroom house you can expect to be charged about £100 a week. Add to that insurance cover of around £75-£130 for £10,000 worth of cover and £40-£100 for £5,000 worth of cover.