House move costs

[anonyrat39]

We are currently in our first "owned" home, having always rented before.
We may want to move in a couple of years, but I don't feel confident that I know all of the costs involved or how it all works.

We paid a £22k deposit when buying the house, and have since repaid a further £20k.

Assuming we sell at the same price we bought and the new house incurs £4,000 stamp duty, we now have £38k for a deposit, but... How much of this should be put aside for estate agent fees, other moving related costs, repair fund for potential broken bits in next house, etc...

Edited by anonyrat39 on Monday 20th November 10:09

[rsbmw]

If you budget 1 - 1.5% for estate agent, £1k for solicitor, £1k for movers, and then stamp duty on the new property.

Repairs etc obviously depends on what you're buying.

[Too Late]

Stamp duty as well

[GR_TVR]

rsbmw said:

If you budget 1 - 1.5% for estate agent, £1k for solicitor, £1k for movers, and then stamp duty on the new property.

Repairs etc obviously depends on what you're buying.

I'd allow more like £1.5-2k for the solicitor when you're selling & buying at the same time.
Also don't forget any mortgage product fees and valuations.

Repairs is too subjective as above.

[anonyrat39]

Thanks for that. I never really added it up before, but it's not cheap
£2k solicitor, £5k stamp duty, £3k estate agent, another couple of thousand for moving and setup costs... Hmm, turns out I'm really happy in my current house, thanks.

[LittleBigPlanet]

anonyrat39 said:

Thanks for that. I never really added it up before, but it's not cheap
£2k solicitor, £5k stamp duty, £3k estate agent, another couple of thousand for moving and setup costs... Hmm, turns out I'm really happy in my current house, thanks.

We've recently paid (sale and purchase):
-Solicitors - £2,200
-Estate agent (online) - £995
-Moving - £700
-Stamp duty - £11,250
-Mortgage product fee - £999 (added to new mortgage)

Remember, the equity you have accrued is the difference between the sale price and what you have left to pay on the mortgage. All of the above (bar removal fees) can be paid from the equity.

[Jockman]

Nobody do a Survey any more?

[Classy6]

Currently paying/paid:

£600 house buyers survey
£1750 solicitors selling & buying
£1800 negotiated cost with agent for selling - most will charge between 1-1.5% around my area.
£6500 stamp
£100 - Moving cost, £50 renting a LWB Sprinter through Enterprise for 1 day and £50 fuel/biscuits/beer plenty of mates to help out.

[Jockman]

Lol. At last. A Survey !!!

[Classy6]

Jockman said:

Lol. At last. A Survey !!!

Waste of time IMO, I can see why most don't bother with them!

[Womble6]

brickwall said:

I was looking at moving recently, and the numbers worked out approximately:

Estate agents on sale: £6.5k
Stamp duty on new purchase: ~£27.5k
Solicitors fees, searches, etc. £2k
Surveys: £1k
Moving: £1.5k
Mortgage fee: £1k
Total: ~£40k

I could run a very nice 911 for 5 years on that...

Could you live in it though?

[LittleBigPlanet]

Womble6 said:

brickwall said:

I was looking at moving recently, and the numbers worked out approximately:

Estate agents on sale: £6.5k
Stamp duty on new purchase: ~£27.5k
Solicitors fees, searches, etc. £2k
Surveys: £1k
Moving: £1.5k
Mortgage fee: £1k
Total: ~£40k

I could run a very nice 911 for 5 years on that...

Could you live in it though?

"You can live in a car but you can't drive a house"