Wednesday 30 September 2020
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Moving Home Is More Expensive Than Ever

Property inflation is closely monitored in the UK, but there a number of other issues which can make moving home ever more expensive.

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A recent survey suggests that the cost of selling and buying a property has seen a 2% increase to over £10,000. Fees are more can double in London. Even first-time buyers, who do not have the costs associated with a sale, have seen their charges increasing by a similar percentage.

Costs and Location

Legal fees play a significant part of these costs, and as they are often calculated as a percentage of the property value and will be affected by house prices and location. When choosing a conveyancer it is essential that they are members of either the Law Society of England and Wales, Law Society of Scotland or the Council for Licensed Conveyancers.

In addition to the conveyancer’s charges, you will incur further costs such as Land Registry Fees, Search Fees, Stamp Duty costs and where appropriate Telegraphic Transfer costs on financial transactions online.

If you are selling a house then the estate agent’s fees, normally around 2%, will also apply and should be added to your calculations of your overall costs. Shop around for a good deal and note that online agents may offer a better deal if you are happy to do viewings yourself. In the case of the latter, there may be a simple flat fee of around £600.

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You will want to undertake a survey of the property you are purchasing. If you are looking in the Home Counties, there are a number of options. When you are looking for a homebuyers report Hertfordshire has many options. You will find information is readily available about a homebuyers report Hertfordshire.

When negotiating a mortgage, you will need to be clear on any fees which attach to it. Lenders often charge a fee of around 1% of the loan, and these can be added to the mortgage in some cases. These costs can increase if you use the services of a mortgage broker to get you the best deal in the market. Although this may seem an added cost, a good broker can save you money in the long run.

Finally, although a “man and van” firm is a cheap option, you may prefer an established removal firm experienced in transporting treasured items.