The cost of moving house.. TBC!

TheJP

dealio123 said:

Valid point re. the deposit, thank you. I guess this isn’t classed as a “moving cost”, but I added it anyway based on the fact I wasn’t aware I would need 15% instead of the standard 10%. 
Similarly the ERC is a bit of an anomoly. 

Totally appreciate this is not a common case! But I guess with these things there’s no one size fits all. 

Agree with someone else saying res fee and optional extras aren't normal costs, also could you not have ported your mortgage to avoid the ERC?

dealio123

Regarding the solicitor, I previously used them to buy my current property (which i’m selling) so thought it would help as they already have all the info on file, and they were spot on last time. I did get another quote but the other company were more expensive! 

For the ERC, I will be porting my mortgage, but long story short I am breaking the chain, and I need to move out of my property before my new build is complete (in order to retain my buyers). Therefore have to pay the ERC, as it’s not a buy/sell same day.  However provided I complete on my new purchase within a certain window the ERC should get refunded. Really hoping that’s the case otherwise i also lose my current rate which is 2%. All down to the new build date not slipping (again!)

Honestly i could write a book about my buying/selling journey 🤣 feels like hurdle after hurdle!

jonnydeppiwish!

hazyjo said:

That's a pricey solicitor!

Totally agree - it cost me £2.4k last year selling at £650k and buying at £330k.

Are there much more associated costs due to HTB etc?

YoungBlueEyes

Agree re solicitor. My last 2 moves the EA’s bill was bigger than sol’s…. 

dealio123

Oh wow! Thanks for sharing, just looking at the quote they’ve provided. No mention of anything HTB related i’ve had to do that all myself, aswell as paying for my leasehold mgmt pack. Does any of the below seem unreasonable? Or isit just the fees they charge for their services are very high? 

Fees on my sale - £1650 

Telegraphic transfer fee on sale - £30

Fees on my purchase £1800 

Telegraphic transfer fee on purchase - £30

SD form completion - £48

Bankruptcy search - £2

ID check - £17.94

Land registry fee on purchase - £330

Land registry search fee on purchase - £3

Land registry title & plan info on sale - £15

Local env and drainage searches - £194

fourmarks

hazyjo said:

That's a pricey solicitor!

I agree. I can only assume he/she's driving the removal van and laying on the post move drinkies.

housebuyer143

My recent sale and purchase.

Legal fees - £1200 to buy and £800 to sell. Would have been less ( £1200 all in) but chains break and costs mount.

Agent -£60. Did it myself online. 

Movers - £400

Stamp duty - £8000.

£995 product fee added to the loan. 


Your costs I don't think are normal and mine are of course lower than most..

MrCarrot

I agree it's expensive.  For someone as tight fisted as myself, I just have to tell myself that all these fees are effectively part of the purchase price of a house.

I kept a spreadsheet of costs from the very start, and I updated it as I went along.  Some things I over budgeted for or they became cheaper, which was a nice bonus.  Here are my costs:

▪️ Estate agent fee: £3,600

▪️ Legal Fees (buying, selling, searches): £2,260

▪️ Stamp Duty: £12,500  £10,000

▪️ Mortgage Fees (valuation, product fee, etc): £0

▪️ Broker Fees: £400

▪️ RICS survey: £500

▪️ Removals: £1,000   £700

Total £17,460

Noneforit999

Over £4k for solicitor fees? That seems a lot.

I realise mileage varies and from personal experience, you generally get what you pay for but that seems a lot. 

dealio123

thanks for sharing @housebuyer143 & @MrCarrot, really interesting to see others costs, i too will be keeping a spreadsheet!

@Noneforit999 when you say mileage do you mean the distance between sold house and purchase house? I am moving 150 miles away, and really trying to work out why my fees are alot more expensive than most, again might be with the fact i’m selling a leasehold and purchasing a new build but it’s not mentioned anywhere explicitly in the quote so unable to tell. next time i move i will 100% get multiple quotes, and would love to save on EA fees and do online as they’re always a big portion!