How much does it cost to move house?

[Rubyonthetown]

I want to reduce my mortgage and include the cost of moving. Including all taxes and fees, how much will it cost?

The house I'm in is worth about £320k with £50k left on the mortgage.

Anyone?

Or, at least move without increasing my mortgage but covering moving costs.

Ruby it depends on the value of the new house, as some of the costs are percentages.

Are you saying you want to move into a house with similar value to your own?

D

Delia, thanks for reply. Yes, but slightly cheaper to cover the cost of the move, so, maybe what I'm asking is how much will I have left??

Can somebody please do the maaaths for me. I don't know about capital gains tax etc etc.

Assuming you sell yours for £320k and buy for £300k you will pay -

Estate agents fees of say 1% on sale price = £3.2k
Stamp duty of 3% on £300k = £9k
Solicitors fees/search costs say £750
Moving costs say £750
No capital gains if this is your main home.
Any charge on porting your mortgage - you may have none, check.

so around £13-14k.

hope that helps a bit..

Patricia thank you so much for your succinct post, I really apppreciate it.

I had a ball park figure of 20k moving costs in my head but I said this to someone and they laughed at me.

It should be do-able then if I look hard enough.

Thanks again :)

I would love to find an agent who sells for 1%! 2-3% is the norm in E.Midlands.

Don't forget to add VAT to the estate agents fees.

You will Solicitors fees both for selling and buying so they may be a little higher than £ 750. Will also have VAT on those.

HollyBolly - for once we gain in the South East - don't often pay much more than 1% here :) Must be one of the fewer cheaper costs we get!

To that list you need to add :

Cost of survey
Mortgage co will charge soething - usually their own solicitors and / or admin fees
Sundry costs such as re-direction of post, setting up new phone contracts etc, getting gas cooker installed.

And the risk that if one sale falls through you may have shelled out on one lot of surveys and searches and sols fees to no avail...

It's expensive, but look at other potential long-term savings;
A house with a lower council tax band
Smaller house = lower energy bills (if well insulated)
Cheaper house possible insurance savings
Move somewhere which would save you any tansport costs in commuting or school runs?
Somewhere with a garden big enough to grow own veg?

etc etc.

I'm thinking about these things myself too - am aiming to move sometime this year, and the figures are quite similar for me. But - how much of this money will need to be paid upfront / out of savings and how much can be paid once the current house is sold? It's all very to think it can come out of the new mortgage, but might I not need to borrow some more from the existing mortgage first if you see what I mean?

Probably would need 20k then :(

Solicitors costs will need to be partly paid upfront. Depending on how long it take you may need to pay some more as you go along and then the rest at the end. Survey fees etc will be included within those costs.

Estate agents fees are normally paid by your solicitor once you have sold the property. They pay any costs for you and then let you the balance.

If you are buying as well, then the stamp duty is paid by your solicitor at the end.

So a lot is handled by the solicitor. And they sort it out for you. Make sure the deposit (on exchange) for your new place is linked to the sale of your old property so that you do not have to find that money on exchange. It is normally linked.

You will also have to pay removal costs upfront if you are using a company.

If you are transferring your current mortgage check if there is a fee, there isn't always. I know we don't have to pay one. If you are getting a new mortgage check the arrangement costs for those and if there is any redemption costs on your current mortgage. Should state this on your mortgage statement you receive each year.

Shushi - that's really useful information. Thank you, and thanks again to everyone for posting, it's all very helpful information.