How much does it cost to move home?
A guide to the various costs involved when moving home.
Here we look at the various procedures in moving home that you are charged for. You can then look at what segments would apply to you.
Stamp Duty Land Tax
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland.
Property or lease premium or transfer value SDLT rate
Up to £500,000 Zero
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
From 1st April 2021
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
Higher rates for additional properties
You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.You will not pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.
Estate Agents fee for selling a property
If you are selling a home as well as buying and using an estate agent you will have a fee to pay for their services. If you are using a traditional estate agent, they will offer a no sale no fee service and their fee is payable upon exchange of contracts and taken on completion. This means if you don't go ahead with the move before exchanging contracts no fee is due. You can use an online agent but they will be due a fee upfront regardless if you sell your home or not. It is important to ask your estate agent if there are any extra costs such as professional photography, video tours and accompanied viewings.
Solicitor (Conveyancing)
You will need a solicitor/conveyancer to act on your property purchase and property sale. If you are buying and selling these are treated as two separate transactions. They will charge a fee for their service and there will be disbursements on top to cover local searches, identity checks and bank transfers.
Mortgage fees
If you are taking a mortgage for your purchase check with your mortgage adviser if they charge a fee. It is quite common your mortgage lender will charge an arrangement fee, which can be added to the loan and there is usually a charge for a mortgage valuation.This is where the lender will ask a surveyor to inspect the property.
Surveys
When purchasing a property, it is advisable to have a survey. If you are taking a mortgage, the lender will carry out their inspection but you can instruct a more in-depth independent survey. You can instruct a Homebuyers report or a Building survey. The Homebuyers report isn't as in depth and cheaper than a Building survey.
Removals
Depending on how much you have to move and far away you are moving you may wish to use a removal firm.