Moving house - buying and selling fees

PrincessLou

We're looking to move house in a couple of years time. This will be the first time we've both bought and sold at the same time as we are currently living in our first home. I've been making overpayments to build up the equity in the house for the deposit on the new house so that's sorted, but just wondering what costs/fees are involved in moving when you are buying and selling at the same time?

How do people pay for the fees and stamp duty etc for the new house as I can imagine it can all be very expensive. Do I need to start saving for these separately or can you pay for all these fees as part of your mortgage?

Any figures or advice would be great thanks! Feeling pretty clueless about the whole thing at the moment but want to start getting prepared in advance!

Better_Days

First well done on making overpayments. We did this when we first purchased and it made a big difference to our flexibility when we moved on.

Roughly how much will you be buying and selling for, and will you be buying and/or selling a leasehold property? Conveyancing for leasehold is often a bit more expensive. Conveyancing varies a lot, but at least get some recommendations from family/friends. I prefer to use a local solicitor on a no sale/no fee basis, bit more expensive, but worth it for convenience and they have a local reputation to maintain. I just emailed some local solicitors to get a ball park figure so I knew where I was starting from.

EA fees vary a lot - and the level of service varies enormously. Try to avoid the corportates who tend to be more expensive and pushy to boot. A good local independent EA is likely to be cheaper too. EA's round here start at 0.95% of the final selling price.

Don't forget to factor in the cost of at least a homebuyers survey. I speak from experience. My homebuyers survey cost £400 but it was the best £400 I ever spent - the surveyor identified the property was non standard construction (just looked like a 1950's rendered bungalow) and as a result saved us tens of thousands of pounds. We pulled out of the purchase as resale would have been too difficult.

Also removal fees - we paid just over £600 for a 3 bed bungalow.

I would advise you not to stretch yourself to the max - have a contingency fund of at least a few thousand - just in case the boiler packs up or the like just after you move in.

GL

ladymagpie

Just to give you an idea, me and my partner are FTBs, we complete tomorrow and we spent around £1300 on fees alone, however that included £500 on a mortgage broker. However they were really worth the money.

mrsmchapman

I believe it really does depend on your area. Our fees were approx £850 selling and £1400 to purchase.

Removal is silly price for example the house I'm buying the owner is moving next door and downsizing she was quoted £1100!!!!!! We have hired a van at £170 for two days and have friends to help. Majority of our stuff is in storage so it's quite an easy move this time round.

We had to pay survey cost upfront and also £300 towards solicitor searches. You would need to work out your figures in regards to solicitor fees and stamp duty, whether you use equity or whether you pay them desperately as we did.

Old_Git

Selling
Estate agent fees
Solicitor
Mortgage redemption fee

+ VAT

Buying
stamp duty
survey
Solicitor
Mortgage fee
Insurance
Removal
+ VAT

To many variables ,it depends on the area you live in and local costs.


I moved recently no mortgage required ,so costs where less .
Survey was £100 mortgage lenders tend to charge £275 upwards .My solicitor cost me £546 ,but if I had a mortgage it would have been more.

DRP

Old_Git wrote: »

Selling
Estate agent fees 2800(inc vat)
Solicitor ~1200 buy&sell
Mortgage redemption fee NA

+ VAT

Buying
stamp duty ~8000
survey ~400
Solicitor see above
Mortgage fee 1000
Insurance
Removal 1000
+ VAT

To many variables ,it depends on the area you live in and local costs.


I moved recently no mortgage required ,so costs where less .
Survey was £100 mortgage lenders tend to charge £275 upwards .My solicitor cost me £546 ,but if I had a mortgage it would have been more.

My approx costs in red.

Basically anywhere over the 250k sd thrreshold , you're looking at around 15k.