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 ) 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.
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.
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.
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 Â£15k, most of that was stamp duty.
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