Buying & selling what are the costs?

VLT

Hello, we are looking at the possiblility of selling our house and buying a bigger one in a better area with the childrens futures in mind.
Could anyone whose in the same situation give me a run down of the costs involved as this may have an impact on our decision depending how much we have to factor in.
regards vlt

00ec25

strange question? we can list topics but can hardly give you a realitic idea of the actual costs you will incur as we don't know your details:

- estate agency commission on your sale (could be up to 3% - get quotes from your local EAs)
- conveyancing fees on your sale and purchase (£hundreds)
- removal company costs (£hundreds depending on distance moved)
- higher council tax on the bigger property

moneybunny123

Stamp duty.

1% of purchase price (if property being bought is under £250k)
3% if £250,001 - £500,000
4% of £500,001 - £1million
5% if over a million (which I'm guessing it wont be if you need to ask questions about what costs will be incurred)

womble12345

Given the very vague question with no information I will give a similarly vague response.... £20,000

superbabe612

OK, so it would help to know an estimated price for the houses you'd be selling/buying, but it would also help to not have such sarcastic (and spamming!) responses.

We just sold a house for c. £100k and our estimated costs are as follows:
£150 professional house clean (upfront)
£700 marketing fees (upfront)
£800 conveyancing fees
£1500 estate agents commission (1.5%)

We're buying a house for c. £200k and our estimated costs are as follows:
£545 homebuyers survey (upfront) - standard valuation would have been £350
£294 local authority searches (upfront)
£2000 stamp duty
£1000 conveyancing fees

£300 removal costs

Add to this extra costs incurred for higher council tax (like OOec25 said), extra buildings insurance, extra life insurance/income protection, which could be paid annually/monthly.

We budgeted for £10k in fees and costs but what we didn't expect was to have to reduce our selling price by a further £7.5k on top of the £10k we originally intended to negotiate. Whatever your contingency 'pot' is, double it!

Hope this helps, and good luck!

VLT

Thank you to all of you who had something helpful to say it has been very informative, especially to superbabe for the breakdown,
I appreciate my question was a little vague but not sure on accurate figures as house is only being valued tomorrow.
We are hopeing for somewhere around the 125k mark for ours and the one we have seen is on at 140K.
At least it gives us some food for thought, I didn't realise it was quite so expensive.
Thanks again VLT

Sally_A

We sold our house (£167.5k) through a local estate agent @ 1% + VAT, I think solicitors were around £600 on top. We weren't buying another property so that is the price purely for a no chain ahead sale.

mizzbiz

We paid:

Buying
£680 & Disbursements - Solicitor, house value £250k.
£200 Mortgaqge fee & Homebuyers Survey (No need for full survey as we have a structural engineer and builders in the family)
Moving in - Free as I have a lovely dad with a fleet of transits! Otherwise would have been about £100.
Extra £2k deposit as the bank decided to undervalue or retain (we chose undervalue!)
£35 CHAPS Fee
Searches (about £200)


Selling

Solicitors - £300 + VAT for 1 bedroom flat worth £120k
Managing Agent - £168 (Only because leasehold)
Nominal Amount fo rland reg fee
Estate Agent = 1% plus VAT plus advertising costs (aorund £100)

neverdespairgirl

There will be other costs, too, that you won't know about until they arrive. Such as a leaking pipe or mounds of rubbish left behind when you move in.

johnno71

The average cost according to Abbey mortgages (2007 survey before they became Santander) was £16,000 covering estate agents, mortgage and legal fees, stamp duty and miscellaneous upfront costs.

They also said people spend an average of £6,289 in the year after moving on DIY, furniture and white goods.

jahudson72

We're in London so we're paying 2.5% agency, £1.5K legal and 3% stamp duty. It's beans on toast and a camping holiday next year (in the back garden) for us. We're moving out of London so actually quite excited.