The Cost Of Moving

In addition to the deposit you choose to make, there are additional lump-sum costs associated with buying or selling a property. Below is a list of items, a brief description and an estimate of the amount you should be budgeting.

Buying a property

Stamp Duty

A government tax applicable to property purchases. Exemptions often apply up to certain limits but will vary according to policy changes. For an accurate understanding of your potential Stamp Duty liability please refer to this calculator. https://www.stampdutycalculator.org.uk/

Solicitors Fees

The charges levied by a solicitor at the end of your transaction to cover their time in dealing with the purchase of your property. Some Solicitors work on an hourly rate, but most charge on a flat-fee basis. It is worth checking out whether you will be charged abortive costs should your intended purchase not proceed to completion as this could make a difference to your final bill. Some Solicitors have a policy of not charging abortive costs, others can provide an insurance policy against them (usually about £50.00). Expect to pay no more than £600 (VAT inclusive) on Remortgage and £850 on House Purchase for a flat-fee charging Solicitor with a no-abortive fee policy.

Additional Disbursements

In addition to the solicitors costs you will also have the following disbursements.

• Office Copies of Title Documents - Provides details of the property you intend to purchase, its boundaries and current owners.
• Local Searches - Provides details of the local area and amenities and highlights any planned alterations.
• Land Registry Fees - The cost of registering you as the new owner of the property.
• The total cost for these additional disbursements will vary but allow £300. The cost of the Local Search (usually around £150) will be requested up front by your Solicitor.

Higher Lending Charge

A fee levied by the lender to insure themselves against the financial consequences of bad-debt should they have to repossess your house due to non-payment. Increasingly nowadays, lenders will pay this bill themselves should you be able to make a 10% deposit. If you have less than 10% the bill could be upwards of £1500. Some lenders will add this to the mortgage, others will not so it is quite an important issue. As your Financial Advisers we will make clear any such costs when we produce mortgage illustrations on your behalf.

Survey Fees

An up-front fee which will cover (as a minimum) the valuation of your intended purchase. There are three levels of survey ranging from the basic to in-depth. The cost will vary according to the value of your new home but typical prices would be as follows:

• Basic Valuation £300
• Homebuyers Report £600
• Full Structural Survey £800

Which survey is best for you will depend on a number of factors including your budget and the age of the property you intend to purchase, we will be happy to offer advice and guidance on this issue.

Removals

If you would like to be professionally moved then you ought to budget for between £400 and £800 depending upon the level of service you require.

Don't forget to leave some money left over to help with the furnishing and redecorating of your new home!

Selling a Property

Solicitors Costs

The charges levied by a solicitor to cover their time in dealing with the sale of your property. Please refer to previous solicitors notes in the buying a property section above.

Estate Agents

A fee levied by Estate Agents at the end of the transaction for the work involved in selling your property.

When choosing an Estate Agent one should consider the following issues:

• Should you market your property under a sole or multiple agency basis
• How long should you sign up to an Estate Agent for
• How do they advertise and market their properties for sale
• Generally you should allow 1.5% +Vat as an Estate Agents fee so, if you were selling a property for £120,000 you could expect to pay £2115.00