How much does it cost to move house? (hidden costs etc)

SideWinder

SideWinder

SideWinder

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So using an example...and showing off my knowledge of houses and the world!

Value of house to be sold: £500,000
Price of new house: £350,000

So obviously £150,000 isn't transfered into my account - i know that much! :p

- How does does the legal part cost?
- Stamp duty? Unsure totally what that is but know that is a cost?
- Removal company...£500?

What else am i missing?

How much of the £150,000 would be taken up by hidden costs?

Thank you. :)
 
Depends when it goes through with regards to SDLT, you could get lucky and get that for nothing if you complete fairly soon.

Legal Costs i think mine was about £1200 when i moved (Purchase), i think my selling fees were £600. Can send over my quotes if you want? Alhough will depend on certain factors, freehold vs leasehold etc too.



Removal costs i think you might be a little low, although depends whether you get them to pack or just transport. I'm cheap so did it myself.
 
Is there a rough figure for SDLT? (i had to google this :o)

What i am after is a rough estimate so £2k for legal side?

Quotes may be too detailed for me but thank you for the offer!

Maybe £1k for removal then if they were involved from start to finish?
 
Yeah maybe thats more likely, also suppose it depends on how far you're moving/if they're packing up Thursday and delivering Friday or whether you get them to do it all in a day.

Stamp Duty works in brackets depending on purchase price. Here's a calculator.

https://www.stampdutycalculator.org.uk/

If you complete before March then it'd be free. This would also apply for your buyers so if you act fast then that's a pretty hefty saving for any potential buyers and may speed up selling times.
 
The GOV.uk website has a SDLT calculator - put the purchase price in and it'll tell you what the stamp duty payable will be - but as long of the purchase price of your next house is less than £500k and is your primary residence then the current rate of stamp duty is 0% until 31st March 2021.

Currently going through the process - solicitors for me for both purchase and selling is £1.7k

Haven't sorted out moving company yet - but only going 10 mins up the road, we'll be packing ourselves but need help shifting the stuff, so probably not going to be very expensive.

Don't forget estate agent fees to add - mine is charging 1.2% of the sale price (including VAT), plus cost of an EPC certifcate (approx £50)

Mortgage costs - from your example, if you have enough equity from selling the current house at £500 and buying a house at £350k then you may not need a mortgage, but if you do there will be some fees that will be added (survey of the new house and/or fixed deal one off payment etc).
 
Always worth haggling with your estate agent on selling fees.

They'll always want to have a percentage of the sale price, typically between 1 and 2% depending on the amount but almost all will do a deal on a fixed price of say £1000-£1500 if you tell them firmly that's the deal to list your house.
 
@roge8014 - Okay thank you. So with my example, it would cost approx £10k give or take?

Just trying to wrap all the costs together into a topline overview but aware there are a lot of variables. :)
 
Cost us about 10k all in. Missed the stamp duty holiday by a matter of days. Was a real slap in the face after struggling through lock down to get our purchase over the line.
 
Liquid_Entity said:
Just make sure you get a structural survey. Paid £800 and glad I did, the report was damming.
Click to expand...

As above, this is another biggish expensive when purchasing.

I think the following are pretty much all there is
- SDLT (if applicable)
- Legal fees (buying/selling + land registry fees)
- Survey fees
- Removal fees

There's obviously the cost of building insurance added on from the point that you've exchanged.

Another one that gets overlooked is decorating/furnishing fees. Obviously depending on the condition of the house, you may need/want to do some decorating.
 
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