What other costs are involved with moving?

Mortgage fee: Expect to pay your lender an arrangement fee for getting the mortgage. Allow £1,000 which is the average. It’s possible to find deals where the fees are waived, but you’ll sometimes end up paying a higher interest rate as a result.

Surveys: To protect yourself from buying a house with defects, you should always have a home survey done. These are another costly aspect to any purchase, with a typical survey costing £350 to £1,000.

Valuation fee: This is the fee lenders charge for a valuation to check the property exists and that it also offers sufficient security for the loan ie. the value of the property. The cost varies according to lender and purchase price, but budget for around £300.

Conveyancing fees: You’ll need to hire a property solicitor or licensed conveyancer to handle the legal aspects of buying a property, known as conveyancing. Your legal adviser will either charge you a flat fee or a percentage of the value of the property. You can expect to pay between £500 and £1,500 depending on the type of property, its location and how complex the transaction is. Click here to get quotes

Stamp duty: Stamp duty is a tax on land and property transactions that you’ll have to pay if your house or flat is worth more than £125,000.

The amount of stamp duty you’ll pay depends on the value of the property you’re buying. See below:

Property valueSDLT rate
Up to £125,000Zero
The next £125,000 (the portion from £125,001 to £250,000)2%
The next £675,000 (the portion from £250,001 to £925,000)5%
The next £575,000 (the portion from £925,001 to £1.5 million)10%
The remaining amount (the portion above £1.5 million)12%

Please note that under policy which was introduced in April 2016, anyone buying a second home or buy-to-let property must pay an extra 3 per cent in stamp duty on top of ordinary stamp duty.

Removal costs: Moving costs can vary depending on how difficult your move is likely to be. If you can do it yourself, either in your own vehicle or by hiring a van, it’ll be cheaper but more time consuming. If you own a lot of things or are travelling a long distance, you’re probably better off paying to use a removals firm.

Repairs & Redecoration: If you are buying a new home then you could be lucky and get away with very little here, especially if the builder has allowed you to pick colour schemes etc. If you are moving into an older house then you could be redecorating, re-flooring and carrying our repairs. This can quickly add up and you should try to stick to a budget or maybe even do one room at a time.

Furniture: This can be a significant cost if you are starting from scratch. Decide which rooms are the most important to fit out ie. kitchen, living room, one bedroom. Again, try to stick to a budget or stick to basics at start and build up as you go along.

Home Insurance: You’ll need to have buildings insurance for your new home from the moment you exchange contracts. It’s a good idea to get home contents insurance once you’ve moved in, to protect your belongings.