How much will it cost to move home?

It’s great to be getting ahead in life and moving up the property ladder is always an exciting time. Of course, there are a number of finances involved and it’s important to have a broad and reliable overview of what needs to be considered. Here’s a list to keep you well-informed as you prepare to take the next steps into your future.

Mortgage

Moving home means either transferring your existing mortgage over to your new property, known as porting, or searching for a new deal altogether by remortgaging with your existing lender or a new one. It's worth talking to your current mortgage provider or a mortgage broker who can advise on which is the best option for you. Talk to our mortgage broker or check out our mortgage calculator.

Selling your current property

You can choose one estate agent or a number of agents to put your property on the market. The sole-agency option incurs a lower cost, whereas using multiple-agencies usually works out a little more expensive.

Solicitor conveyancing fees

You will need to pay for the preparation of all the legal documents associated with the sale of your current property and the purchase of your new home – all conducted on your behalf by your solicitor. This helps with the settlement and title transfer process, ensuring that all legal obligations are met and your rights are protected during the transaction.

Stamp duty

On the successful purchase of your new home, you’ll be required to pay stamp duty which is a government tax levied on property transactions. This is calculated based on the value of the property and typically ranges from 3-10% of the total value. 

Removal Company

When the big day arrives, you’ll need to have a good removal company on board to get all your home contents safely from A to B. It’s a good idea to shop around for quotes, but bear in mind the average removal cost is around £1,000.

Mail redirection costs 

One of the most cost-effective ways to make sure you continue to receive your mail at your new address is to use the Royal Mail’s Redirection service. It’s available for periods of up to twelve months and you can redirect to any UK or overseas address.

Ongoing costs

Just a quick reminder of all the usual outgoings that you’ll most likely be well aware of like buildings insurance, contents insurance, council tax, utility charges, TV license and not forgetting those all-important mortgage payments! It’s worth taking a look at our complimentary concierge service.

Little extras

It’s important to think ahead to the day itself. You may need to pay for extra childcare or accommodation for pets as well as food takeaways while you sort out cooking and kitchen facilities in your new home. These costs can build up so it helps to make sure you include them in your total budget.

Good luck with the move – we’d love to come on board as your agent!