In this two-minute read,
we outline the costs and fees associated with buying a property so that you can
budget for your next move.

Buying a new home can be an exciting prospect, but
often in the thrill of the search, buyers fail to budget for some of the costs
that are part and parcel of the process.

Consumer champion Which? estimates moving costs on
average of £10,000 (that’s excluding deposit), although this figure varies
depending on the value of the new property.

By starting with a clear picture of all the fees
you’re likely to incur, you can avoid any last-minute surprises and the
indignity of raiding your toddler’s moneybox to pay the removal crew on moving
day.

Here’s a checklist of moving-related costs.

Stamp Duty –This is a tiered tax – the more expensive the property, the more
you pay. Due to the pandemic, temporary changes are in place, meaningStamp Duty does not apply
to the first £500,000 of a property purchase. This rule ends on 31 March 2021.

Legal fees –
The cost of conveyancing – that’s the paperwork that secures the legal transfer
of property – varies depending on whether you’re buying a freehold or leasehold
property (expect leasehold to cost you more). Tip: When you’re getting
conveyancing quotes, check the final price includes VAT, search fees and Land
Registry fees.

Valuation fee –
If you’re taking out a mortgage, your lender will insist on a valuation to
ensure that you’re not paying over the odds for your new home.

Mortgage fees –
Some mortgage deals include an arrangement fee or an application fee (or both).

Survey fees– Different types of surveys are available. The most basic
option should be a few hundred quid, while the most comprehensive survey can
cost thousands of pounds.

Insurance –
Most lenders insist on buildings insurance as part of the terms of the
mortgage. It covers the cost of repairing your home in the event of a disaster
such as a flood, fire, or falling tree.

Removals – Removal
costs vary depending on how far you’re going and how much stuff you have (are
you a minimalist or a hoarder?). The website comparemymove.com estimates it
costs £800 to move belongings from a three-bed house to a property 50 miles
away. Throw in another £250 for packing and materials.

Redirecting mail– If you’re planning on redirecting your mail to your new
address (not such a bad idea in this era of identity fraud), Royal Mail charges
£80 for 12 months.

The team at CWB Property can ensure
your move goes smoothly. If you need advice or have any questions about the
moving process, please get in touch. We’re here to help.