Moving costs... help me think this through please

[Doryhunky]

I need to move to a more expensive area for schools. I can’t afford to increase my mortgage. I think I need to buy at the same price that I am selling to get anywhere decent and big enough in catchment area. I used a property moving calculator which was suggesting costs of around 30 k.
Do most people increase their mortgage or get a cheaper property when moving to afford the costs of moving?

Is it relevant what other people do? It's just a choice isn't it? Are you absolutely positive the schools round you really that bad that you'd start again in a new smaller home and spend £30k? I'd have had to hear a lot of bad stories from multiple people whose children are presently at the school to consider moving just because of it.

I am interested in other people’s experiences having never bought and sold before.

You've got legal fees (c.£2k for buying, selling, searches, bank transfer fees etc. You might have an application fee from the mortgage company (many don't) which is almost always less than £2k. You've got estate agent fees to pay for selling (her usually 1% but varies across the country), I'm suggesting here £3k for a £300k house. You've then got stamp duty which again on a £300k house is currently nothing. Removal fees could be a couple of hundred or a couple of thousand but let's say £1k for ease.

So that's £8k.

And in answer to your actual question, no, most people upgrade and spend more on their next house (even at retirement most people don't downsize the way they say they will). We moved this year - we had the money in the bank for funding the move and took on a bigger mortgage for the house price itself.

We moved a 2bed household plus cats to another EU country (including them packing) for less than 7k. Plus fees and stuff total costs were well under 20k. Internal moves should be less than that is hope.

We moved 2 months ago to a bigger house because of space. The lady I bought from downsized because of the cost to maintain the house as her kids are all grown up and have moved out of the house.

The major cost will buying/replacing things in the new house which can set you back around £20 to 30k depending on the state of the house

Stamp duty is nil under £500,000.

How much are you buying for?

Equity from our sale paid moving costs, but yes we did increase mortgage too because it was a significant upsize.

Stamp duty normally makes up the bulk of moving costs, so you’ve got a window until 31/3/21 to make the most of the nil rate (so on a £300k purchase you’ll save £5k, on a £450k purchase you’ll save £12.5k etc in England).