Moving home

What is the real cost of moving house

Congrats! You’ve passed on many an after-work drink or weekend piss up to save for this moment and the last three years of taking lunch every day to work have paid off and you’ve finally got the deposit together for your first house.

But, on top of the deposit and the mortgage you’re taking on for at least 25 years, there’s a few payments that are going to come up in order to secure the house of your dreams.

Check out what they are below before you start really moving house.

Stamp duty

No, this has nothing to do with sending post but actually a leverage on the duty of the cost of your home. With the price of the average two bed home in the capital setting you back over half a million then it’s safe to say that there will be a stamp duty of around £15,000 being added on and only another 30 days after buying your new place to pay it back, I’d probably get saving a few more thousand.

If you are a first-time buyer, you are exempt from paying stamp duty on properties valued at up to £300,000 but if you take into consideration the information above, you’re not going to qualify for this. The good thing is though that you will only pay stamp duty on the remaining value over £300,000 and up to £500,000 (once you exceed that you pay stamp duty on the whole lot).

Valuation Fees

When you go to apply for a mortgage the mortgage lender will value the property to determine how much mortgage they can lend you and what your monthly costs will be. This can cost you anywhere from around £150 - £1,500.

Legal Fees

To help with all the legal requirements and any negotiations that need to be had, it is recommended that you hire a solicitor to help you with the proceedings. On average, these cost around £800 - £1500. They can also conduct searches to see what planning permission and works are in the pipeline in the surrounding immediate area, these may cost slightly more but could be worth doing if someone is planning a two-year renovation next door.

Electronic Transfer Fees

This is the (ridiculous) cost of the mortgage lender transferring the money over to the solicitor so that the sale can go through. It’s not going to set you back too much, but you can probably expect around £50 for this transfer.

Mortgage Costs

Don’t jump ship on the whole thing just yet, there’s only a couple more costs left! So, before actually having to pay your mortgage back to the lender each month there are a couple of fees that you might need to settle. First of all, there is obviously your deposit that you’ve got together (generally 10% of the asking price, or 5% if you’ve gone with the help to buy scheme). There is also a small booking fee of around £100 - £250 and an arrangement fee of up to £2000.

So, if you’re still with us after all that, we’ll finally stop telling you about all the money you’re going to have to pull out and start talking about how STORED can save you some cash. Sound good?

If you’re lucky enough to have the dates you have to be out of your rented accommodation and into your own place lined up, then we charge £79 an hour for the move. This is from when we start at one place until we have finished at the new house, as always this will include a two-man team to help lift and move as well as use of our crates if you need them.

But if you have found yourself with a couple of weeks in between contracts and moving house and need somewhere to store your stuff then we would be happy to do so! Simply tell us how much stuff you are needing to store and when you need to store it and we’ll get the rest sorted and our drivers on the way to you!

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