Stoke on Trent, Biddulph and Leek
In this three-minute read, we outline the costs and fees associated with buying a property so that you can budget for your next move.
Buying a new home can be an exciting prospect, but often in the thrill of the search, buyers fail to budget for some of the costs that are part and parcel of the process.
Consumer champion Which? estimates moving costs on average of £10,000 (that’s excluding deposit), although this figure varies depending on the value of the new property.
By starting with a clear picture of all the fees you’re likely to incur, you can avoid any last-minute surprises and the indignity of raiding your toddler’s moneybox to pay the removal crew on moving day.
Here’s a checklist of moving-related costs.
Stamp Duty – This is a tiered tax – the more expensive the property, the more you pay. Due to the pandemic, temporary changes are in place, meaning Stamp Duty does not apply to the first £500,000 of a property purchase. This rule ends on 31 March 2021.
Legal fees – The cost of conveyancing – that’s the paperwork that secures the legal transfer of property – varies depending on whether you’re buying a freehold or leasehold property (expect leasehold to cost you more). Tip: When you’re getting conveyancing quotes, check the final price includes VAT, search fees and Land Registry fees. In Stoke-on-Trent, fees can range from £500 – £1500 + VAT and disbursements. Remember that cheapest does not mean best. It’s important to check if it’s a solicitor or licenced conveyancer handling the case. Very cheap may mean you have a paralegal or non-qualified person in a volume conveyancing centre handling your matter. We recommend several local solicitors like Charltons, Knights, Beeston Shenton, Move Home Faster or Mcquades Conveyancing. Give them a ring to get a quote.
Valuation fee – If you’re taking out a mortgage, your lender will insist on a valuation to ensure that you’re not paying over the odds for your new home.
Mortgage fees – Some mortgage deals include an arrangement fee or an application fee (or both). Some are payable upon application. Others can be included in the loan. Make sure to ask your bank or mortgage broker for these details. We recommend using a mortgage broker to get the best deal, such as Mortgage Advice Bureau broker Caris Bayley or other local brokers such as Caroline Brunt of Signature Financial Services or Karl Lawton from GHL Direct.
Survey fees – Different types of surveys are available from valuation surveys, homebuyers surveys or full structural surveys. The most basic option should be a few hundred quid, while the most comprehensive survey can cost thousands of pounds. We recommend checking with Forge Property Surveyors for a quote.
Insurance – Most lenders insist on buildings insurance as part of the terms of the mortgage. It covers the cost of repairing your home in the event of a disaster such as a flood, fire, or falling tree. Insurance must normally be taken out on exchange of properties, not later on completion. A local broker like JSW Insurance or Mercer Jones Insurance Brokers will be able to find you the best deal at the best price.
Removals – Removal costs vary depending on how far you’re going and how much stuff you have (are you a minimalist or a hoarder?). The website comparemymove.com estimates it costs £800 to move belongings from a three-bed house to a property 50 miles away. Throw in another £250 for packing and materials. In Stoke on Trent, we have used Move my Stuff based in Hanley so feel free to give them a ring for a quote.
Redirecting mail – If you’re planning on redirecting your mail to your new address (not such a bad idea in this era of identity fraud), Royal Mail charges £80 for 12 months.
Cleaning costs – Some homeowners prefer to hire a cleaning company to deep clean the house they are leaving whilst they focus their energy into cleaning the house they are moving into. This can be particularly useful in chain situations when movers sell and buy on the same day. Cleaning costs can be anywhere from £25 per hour to £250 for a day of deep cleaning.
The team at Stoke-on-Trent can ensure your move goes smoothly. If you need advice or have any questions about the moving process, please get in touch. We’re here to help.
