What Does Moving House Really Cost?
What Does Moving House Really Cost?
If you’ve been thinking about buying a house in Dorset, you’ll be daydreaming about how many bedrooms you may need, what the garden could be like, whether it’s in the right school catchment area, and if it has a garage.
These are all important factors when deciding on a new home, and it’s probably the case that the emotional heart will rule.
But, sit back and work out the financial implications of moving house – it may be the head rather than the heart in this case, but it’s important as you plan the next chapter in your life.
Here at Dorset Property we have the expertise to take you through some of the critical factors involved when moving house in Dorset.
The Legal Fees
Aside from the actual cost of the house and the mortgage repayments, one of the first things to do is consider the legal fees. Conveyancing companies and solicitors will focus on the property transaction itself. At Dorset Property we can provide you with an almost instantaneous quotation for their services. You will need to key in basic financial figures, and the quote will tell you how much you can expect to spend on the legal fees.
Solicitors and conveyancers will also look at searches that are required for your property purchase, such as local authority searches, existing planning permissions and specific information such as mining reports and building regulations. They will also highlight other costs such as the Land Registry fee which comes in when the property is registered in your name.
Estate Agent Costs
If you’re selling your house, then your estate agents’ costs will need to be factored in. The fee varies, depending on the level of service that will be delivered to you or whether you choose an internet-based agent, but you can expect to pay between one per cent and three per cent of the sale price plus VAT which is a further 20 percent. Call us on 01305257357 for our competitive fees.
Removal Companies
The chances are that you will need a removal company to help you, particularly with the big items. The cost of this will vary because companies will calculate such things as how many bedrooms, the distance between houses, and whether specialist services are required. It could be as little as £400 to well over £1,000. Our advice is that you decide precisely what you need and then shop around to get quotes and see what the customer service is like. Have a look at online review sites too as these could give you a good indication of how good a company is. At Dorset Property we work closely with removal firms and would be happy to put you in touch.
Stamp Duty
If you buy a property or land in England that’s over a certain price, you have to pay Stamp Duty. How much you pay depends on several factors, but you should expect to pay a certain percentage of the value of the property. For example, a £255,000 property would mean a Stamp Duty payable of £2,750. There are a number of websites that offer a Stamp Duty Calculator, and the Government website (www.gov.uk) will advise you of your stamp duty obligations. If you need help, we can help you work out how much to “set aside”.
Mortgage Fees
Realistically, most people require a mortgage to buy a house. Rates and payments will vary depending on the lender, but there are a number of typical costs associated with a mortgage. There will be booking fees and arrangement fees, and because the lender will need to know the value of a property, you’ll need to arrange for an independent valuation too. Booking fees can be between £150 and £300, arrangement fees might be around £2,000, and a mortgage valuation fee could be anywhere between £150 and £1,500 depending on the lender and the property. It’s worth noting that low rates might not mean low fees, so be careful to look at the details. At Dorset Property we can put you in touch with a trusted mortgage advisor who can advise of your costs, specific to your situation.
Insurance
When you’ve completed, chances are you’ll quickly get the keys. It’s an exciting time, and you’ll have packed everything, the removal van will be ready, and you probably can’t wait to get in. Something you need to do straight away though is the insurance. Once the property is yours, it needs to be insured. You’ll need buildings insurance to cover the bricks and mortar, and contents insurance too as this will cover your belongings and possessions. The cost of this will vary because no two properties are the same, and you will have different possessions. The key is to do your research and get everything in place before the day, and then it should be a case of pressing the button.
For no-obligation advice on buying or selling a home in Dorset please contact our expert property team at Dorset Property on 01305257357. We look forward to assisting you.
Added: 25th August 2022
