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How Much Money to Move House?

(18 Posts)
MyGoldenNotebook Wed 19-Feb-14 09:01:14

We are planning to put the house on the market in two years. By that point I will have paid off the bulk of our debt in CCs and overdrafts (£8000 worth sad) If I deal with our debt at my current rate I should only have £2K of it left by Christmas 2016.

We currently have £28K in equity in the house (assuming we will get back what we paid for it seven years ago - I am not expecting to make a profit!) so I won't need a deposit - but I was wondering about moving costs. I was thinking 4K should be enough to cover lawyer fees and surveys etc. Is this realistic?

Want to save this money in cash as so determined to not get into debt again when saving is possible. I'm lurking on the support thread for those in debt and getting lots of tips and inspiration from there.

MyGoldenNotebook Wed 19-Feb-14 09:03:28

That should have red Christmas 2015! I want to be in a new house by Christmas 2016! Have two small children and a tiny house with no room for a dining table - or, well, anything really.

Jenijena Wed 19-Feb-14 09:05:09

Have you thought about stamp duty and estate agent fees?

Rootvegetables Wed 19-Feb-14 09:10:10

We are just looking at selling not buying yet but our estate agent charges 1.5% then about£900 in legal fees. Then if your buying you need to pay stamp duty and then legal fees again.

specialsubject Wed 19-Feb-14 11:19:15

survey about £400. Lawyer fee about £300 if you shop around (don't use conveyancing shops or antediluvian high street places). BUT: stamp duty, estate agent fees, searches all bump it up.

bought a no-chain house for £1000 all-in for survey and legal fees. But to transfer ourselves from south to north, with EA fees and stamp duty cost £20k and that was with a 1% agent and doing everything else on the cheap. Well worth it in the big scheme of things but do you sums.

rpitchfo Wed 19-Feb-14 13:10:43

based on a property of about £250k (seeing as this was given as the average house price yesterday)

Selling costs:

EA Fees: £3400 ( sometimes negotiable)
Legal fee selling: £695

Purchasing costs:

Valuation/ survery fee: £365
Arrangement fee: £0-999 (add to mortgage sometimes)
Searches £400

Exchange:

Mortgage advisor fee: £250?
Legal fees: £1100
Stamp duty: £2500
removals: £300ish

anywhere between 9k and 10k based on a 250k home imo.

rpitchfo Wed 19-Feb-14 13:12:04

i'm hoping to move soon and will be budgeting 30-40k just for the move sigh

BackforGood Wed 19-Feb-14 13:15:48

Thanks for that breakdown rpitchfo - really helpful to me, and I'm not the OP grin

INeedSomeHelp Wed 19-Feb-14 13:19:01

I am in the process of buying and selling just now. I'm in Scotland so I think it's slightly different as solicitor acts as estate agent as well as doing legal side.
Total fees are about £4500 including the home report. My mortgage is on a no fees basis so I'm not paying anything there.
The actual removal firm is about £600 - I'm getting them to do all the packing but the new house is only five minutes away so no long dstance travel!
No stamp duty - and based on the average house price quoted above I am well below that.
Unless you have complicated personal circumstances I wouldn't bother paying for a mortgage broker. You can find deals online yourself and if you use one of the comparison sites you'll get loads of well known and not so well known companies giving you quotes.

Freyathecatt Wed 19-Feb-14 13:24:51

If you use an online agent like Hatched or House Network, you'll pay a flat fee rather than a commission based on the sale value of your property (plus VAT). We paid £800 instead of £5,500.

rpitchfo Wed 19-Feb-14 13:27:07

Yes, i'm trying to show average costs but there's a lot of scope to do things on the cheap.

If you can sell without an estate agent, not use a mortgage broker and haggle with solicitors and rent a van you can save some good money.

MyGoldenNotebook Wed 19-Feb-14 15:51:42

Thanks for all the replies.. The in laws 'popped in' so couldn't check earlier. So some think 5k will be enough others budgeting 40k ... yikes!

rpitchfo Wed 19-Feb-14 17:14:24

Mine includes deposit and furniture. I think 10k is the max if you don't shop atound

specialsubject Wed 19-Feb-14 18:01:54

40k will be for someone paying big stamp duty on their purchase.

Preciousbane Wed 19-Feb-14 19:13:15

We are moving
Full survey 585
Moving fees 200
Mortgage arrangement fee 99
Conveyancing 400
Stamp duty 5200

Estate agents fees are 1.5% I was ballsy enough to ask the agent if he would do it at 1% he won't but will for 1.25%

RuddyDuck Thu 20-Feb-14 04:15:59

I agree that it depends a lot on house prices as stamp duty will be your biggest outlay (assuming you're buying rather than moving into rented). You might be able to haggle with an estate agent over fees, or if you're in an area where property sells very quickly, do without an estate agent.

If you hire a van and move yourselves it will be much cheaper but you need to make sure this is doable - we moved from a standard 4 bed house a few years ago and needed a large removal lorry plus a smaller one. If we had tried doing it with a transit van we would have made possibly 8 or 9 journeys, which wouldn't have been possible.

Our move 8 years ago cost about £15k, most of that was stamp duty.

JeanSeberg Thu 20-Feb-14 04:52:37

Have you included stamp duty and estate agent fee in your 4K? What's the approximate value of the properties you'll be looking at?

MyGoldenNotebook Thu 20-Feb-14 08:37:15

I'm looking at buying a property around the £200k mark with around a £25k deposit. We are in the north (Wirral) and houses are starting to sell quicker but we'd still be needing an estate agent I imagine. So £1,750 stamp duty plus £1.750 estate agent fee plus £350 survey, plus £500 conveyancing plus mortgage fee. Hmm ... now thinking £6k more reasonable x

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