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07 Nov, 2023/ by Homeward Legal /Buyer, First Time Buyer, Sale & Purchase

As exciting as a move to a new home can be, it's also acknowledged as one of the most stressful events in your life. 

This is not only because of the upheaval but the whole procedure of putting your current home up for sale, finding a new place, the viewings at both ends and so on, but it's also because this takes place over so many weeks. It's not a cheap adventure either, constraining finances at a time when many are suffering as a consequence of the cost-of-living crisis.

According to the most recent research by reallymoving, the cost of moving has fallen in the last year, largely down to the fall in stamp duty and surveying fees during that period.

Not including the deposit required to help secure a new home, there are several aspects of the process which come at a fee and need to be factored into any estimate of the overall costs.

A handy article by Compare My Move neatly breaks these down into these categories :

Buying a house:

  • Stamp duty - this is a tax levied on the purchase of a property (only for England and Northern Ireland), and the rate that is applied depends on the property, its price and whether it is a second (or more) home. 

As of 23 September 2022, the zero rate threshold has been £250,000. From there, rates are applied as follows

  • up to £950,000 (5%)
  • from £925,001 to £1,500,000 (10%) 
  • from £1,500,001 and above (12%). 

This is for first homes only.

You have 14 days to pay the tax from completion, although this is usually handled by your conveyancer. 

  • Surveyors - It is always wise to appoint a qualified Chartered Surveyor to carry out an inspection of your property, so that you understand the maintenance requirements, in addition to any areas of concern or immediate remedial action.
  • Valuation fee - if you are taking out a loan to finance your property purchase, you'll have a valuation fee levied on you by your lender. This is the process of giving your property a value to match its worth with the risk of lending the loan.
  • Conveyancing - although this can be done by you - there is no legal imperative for you to appoint a solicitor for the purpose - it is very unwise since the legal process of conveyancing is very time-consuming and complex. It's better to appoint a respected conveyancer so that you can concentrate on the other parts of the moving process.

Selling a house:

  • Estate agent fees - the estate agent may charge for putting your property on the market, with the attendant publicity brochures and advertising in the press and online, as well as physically showing prospective buyers around your property. Even if they don't, they will take a percentage of the eventual selling price.
  • Conveyancing - as with buying, it's wise to involve a qualified and experienced conveyancer to perform all the legal tasks associated with transferring ownership from your seller to you.
  • EPC - each property being sold now needs to have an Energy Performance Certificate, which shows the grade of efficiency in energy use (covering utilities, loft and wall insulation, and effectiveness of external doors and windows).

General costs:

  • Removal firm - by now, it's obvious that moving costs mean more than the simple process of getting a van or two, stuffing your belongings into them and carting it off to the new property. In reality, whether you employ a firm or hire a vehicle for yourself, you will need to factor in the cost (if you are doing it yourself, you'll need to understand how many trips you need to make, the number of days you'll need to hire a van for, and the cost of the van for the duration and its fuel requirements). In some instances, you might need to put your things into storage, which the removals firm might arrange for you.
  • Postal redirection - it's easy to think that sending everyone you know plus those in officialdom a change of address card will ensure everyone knows where to send mail to you. But there will almost certainly be a number of mail pieces that slip through the net. It's best to be safe and arrange for mail redirection to your new address to catch any such outcome.
  • Other items - this might sound strange, but there may be some residual costs from your old property, such as utilities use up to the point that you leave that need to be factored into the final bill. Take readings, dates and times at the old and new properties and send them to the utilities suppliers so that they know where your financial responsibilities end and start.

The Compare My Move article also estimates an average cost of each of these to understand the overall outlay that will need to be planned into the process.

Reallymoving suggest that the average moving cost is in the region of £14,000, so that undertaking is something to manage with a forensic focus.

Worried about the spiralling cost of moving? Need a conveyancing process that not only endeavours to shorten the period until completion, but also maintains a steady hand on the costs?

That's where Homeward Legal can really help with affordable but quality conveyancing services! 

They will start work on your planned purchase and/or sale as soon as you agree to the quotation and appoint them to represent you, and will work hard to complete the process in as short a time as possible. 

Homeward Legal will also provide a quote that will not change - what you are quoted is what you pay for standard conveyancing process.

There are some unforeseen items that might arise during the purchase and/or sale, but the solicitor discusses these and their cost as they come up. 

In addition, to protect the homebuyer further, Homeward Legal operates a ‘no completion, no fee' promise, which ensures that, should the purchase or sale not go through as planned to completion status, no payment is required.

Call  to get your conveyancing quote started, or to discuss your concerns with your plans to move.

Or you can get a quick quote, using Homeward Legal's easy-to-use quote generator.

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