How much does it cost to move house?
How much does it cost to move house? When deciding whether to move house the first step for everyone should be to make sure the numbers work out, but if you're already a homeowner how much is your current home worth? Do you have any redemption figures due to your lender if you move now? And when is the best time to sell?
A good estate agent doesn't just sell houses, they should be a property expert too and able to offer valuable advice on the whole of the moving process including the cost, whether its the right time for you to sell and a timeline of what you can expect to happen and when. So don't be scared to use an Estate Agent for exactly that purpose; a cost of moving appointment in your own home, perfect! At M&M we're all property experts so would gladly take the time to come and give you some no pressure advice without the "hard sell". If you're a little unsure (you don't know what you don't know!) and you need some idea of what questions you should ask, then perhaps the below is a good place to start.
There are three main expenses when it comes to selling and buying; Estate Agency Fees, Conveyancing Fees and Stamp Duty Land Tax. The estate agency fee is paid to the agent to "introduce a buyer" but what else do you get for that fee, what's included in the service and what you have to pay extra for will all vary from agent to agent but they should always be clear and transparent.
Conveyancing fees are what you pay to a solicitor or conveyancer to transfer the ownership of the property from one party to another ensuing your best interests are taken care of and you know exactly what you're buying.....and selling. But what is the difference between a solicitor and a conveyancer and who is best to use? The Law Society has some advice of what you should expect and what to look for in a solicitor; https://www.lawsociety.org.uk/for-the-public/using-a-solicitor/quality-marks/conveyancing/ They say that the best advice will always come from your local estate agent who has been progressing sales in your area and has experienced their clients highs and lows when it comes to the conveyancing process, so make sure you instruct an agent with that experience!
Stamp Duty Land Tax is paid on the purchase of your new home and not on the one that you are selling. This tax is staggered according to the value of the property that you are purchasing and how many other properties you may own. At Gov.uk they have a good page setting out in clear, non-jargon fashion who pays what and when, https://www.gov.uk/stamp-duty-land-tax
Other expenditure to be wary of relates to your finances and again the best person to give you advise here would be an expert Financial Advisor. Most estate agents can put you in touch with a Mortgage Advisor but what you really need is a Financial Advisor who can look at all of your finances including your insurances, pensions and investments to make sure you're maximising your financial opportunities and covering your liabilities. Just as a starting point, you may want to consider if your current mortgage is a "portable" product, can you take it with you when you move? Do you have any penalty charges to pay for repaying your mortgage early? How much can you afford to borrow for your new home? Our expert Financial Advisor Rob Winter offers free no obligation advice over the phone and in person if you need a hand negotiating the financial minefield!
So in short an Estate Agent isn't just a pretty face, make use of our expertise and find out the cost of your dream move; I look forward to hearing from you!