13 Home Moving Costs to Consider on Top of the Mortgage
Now that the property market seems to be emerging from its slump, here's some information on the costs involved in a home move. The good news is
that you'll be able to nab that home you've got your eye on for considerably less than it would have cost a few years back. The bad news is, if you
think a mortgage is your only major expense - think again.
So to avoid a nasty shock when it comes time to move, here's an outline of the other major costs involved in moving home.
1. Legal Fees - You need to hire a solicitor or licensed conveyancer to deal with all the legal red tape associated with the move - searches, transfer of
ownership/funds etc. Legal fees typically cost anything between Â£500 and Â£1,000. Ask around for a good, word-of-mouth referral, or check out
these solicitor and licensed conveyancer databases, and then ring around for quotes.
2. HIPs (Home Information Packs) - HIPs first appeared in August 2007 with the intention of making the buying and selling process faster, simpler
and easier to understand. They contain essential information about the property, including: an energy performance certificate; sale statement;
standard searches; evidence of title; and additional information if the property is leasehold. If you're about to move into your first home then you don't
need to buy a HIP as it's the seller's duty to provide one to potential buyers, but if you're selling a home, then you'll need to factor in this cost (typically
3. Stamp Duty - Most homebuyers have to pay Stamp Duty Land Tax (SDLT) on home or land purchases over a certain value. SDLT is charged at
different rates according to the price of the home or land. Currently the rates are:
Residential Property Purchase Price
Stamp Duty %
Â£0 - Â£125,000
Â£125,001 - Â£250,000
Â£250,001 - Â£500,000
Â£500,001 or more
Exceptions: you may be exempt from SDLT if your new home costs less than Â£150,000 and is situated in a government designated disadvantaged