Financing when moving house...

LeShark

Hi all

I'm wondering if anyone can give me a break down of the costs involved in moving house? I'm not looking for exact figures just who will need paying and when! (EG do you pay EA fees upfront or on completion?)
EG.
Company X - xxx pay up front
Company Y - xxx pay on completion
Company Z - xxx pay on completion
I'm looking to sell my Flat for about 160k and buying at about 200k.

Thanks in advance

Amarillo

I'm a bit rusty at this so I'll put what I think and someone much more knowledgable than me can come along and correct the bits I've done wrong !

EA's fees are paid when you complete. Here the fees for sole agency are 1% plus VAT and I've had 1.5% for multi, but they do vary and don't forget to haggle.

Solicitors fees also paid on completion. You do need to pay for searches up front, this is a guess now, but I reckon somewhere in the region of £150 for the local authority, environmental, mining searches. Then I last paid approx £600 for the sale of my property and a similar amount for the one I was buying.

Stamp duty payable on completion, 1% for your purchase.

Mortage & surveys. Depends greatly on who you go with and what deal you get. Eg. my current remortgage has an arrangement fee of £999 which will be added to my mortgage, no charge for legal work or valuation. In the past I have had a survey included on a purchase but it was only a basic one. You may well want a more in depth one, the last home buyers one I had was just over £400 I think, structural are obviously more.

Deposit - due at exchange. I think the solicitor passes the deposit up the line ie your buyers deposit that they pay you gets passed up as the deposit on the one you buy. Have a feeling that you might need to top this up if as your purchase price is more, someone else can hopefully say more on this.

The only other thing I can think of at the moment are removal fees. Hope I've got this right, I'm sure someone else will be along shortly to correct me. Good luck with the move.