Please help me understand costs of moving and options?

Dan-Dan

Morning

I wonder if I could pick some brains please

I am considering moving, but want to try to get as many opinions as possible and see if I am missing anything

I am 19 months into a 5 year Halifax fixed rate mortgage of 67k @ 3.19% , and I can port the mortgage according to my offer details , what I am trying to do is work out what cash I need for moving and what I can roll into , or pay out of , any sale proceeds

I have worked out that my house could possibly sell for £210k, maybe a tad more; perhaps low as 200k, my intention is to try to move to a house in the region of £275-295k

Does this sound about right for UPFRONT (or at least payable before completion) costs

Mortgage Valuation – approx £300-400?
Any Survey Fee on proposed Purchase - £400-600?
Solicitors Search Fees - £250?


And costs that can be paid from sale monies?

Any Estate Agent fee – Aiming for a fixed cost of hopefully 1.5 or maximum 2k
Remaining Solicitor fees --? £400-600 region?
Moving Costs - £300 (same town)

I can see that my early repayment cost would be £2596 if we moved before 30/09/15, so what I am trying to understand is, is it cheaper to pay off that within the sale price and apply elsewhere for the best mortgage I can get, or is it better to port and borrow the extra £20-30k from existing provider, what are the likely costs of this, I am assuming a product fee, which could be rolled into the mortgage?

What sort of sale price must I aim for , to be able to satisfy these costs , in turn , how do I manage what I need to borrow for the new property (assume sale price of £285k)

Any and all advice is welcome, I did use a broker last time out, and he was excellent, but costs are a major factor this time out so I need to try to DIY as much as I can, if at all possible , I am very aware that this would all be dependant on sale/purchase not breaking down but as I cant control that , I just want to have a handle on numbers

Thanks

Dan-Dan

Sorry , forgot about SD!! , obviously i need to take that into account when working out what i can accept as an offer on my house ..

pinkteapot

Dan-Dan wrote: »

Sorry , forgot about SD!! , obviously i need to take that into account when working out what i can accept as an offer on my house ..

This is a really bad way to approach it. Get valuations and look at Rightmove and recent sold prices to work out what your house is likely to sell for. Price your house based on what someone will pay, not on what you need. Then see if you can get what you want with that price and therefore whether you can afford to move at the moment.

EA fee - unless you use an online EA, you're unlikely to get it for less than 1% of the sale price and you'd be doing well to beat them down that far.