Conveyancing fees & moving costs.

Conveyancing fees & moving costs.

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When deciding on your budget for moving home, it's  important consider all the fees as these will need to be met on completion. Conveyancing fees and other moving costs can vary tremendously, and will depend on the complexity of the purchase, stamp duty thresholds and levels of finance.

Conveyancing fees and stamp duty.
When moving house, legal costs will typically include Stamp Duty, Conveyancing Fees and Search Fees. These legal costs can often be substantial,  increase inline with property value and will vary depending on the property location. Stamp duty rates have changed recently and are set to increase for the most expensive homes, using an online stamp duty calculator will help you budget accordingly.

The table below will help you identify some of the most common legal costs when moving home. The figures are based on a property valued at £245000 with a postcode of EX15. Stamp duty rates are currently 1% of property value above £125,000, 3% of property value from £250,000 to £500,000 and 4% of property value above £500,000. It has been assumed that the purchaser is not a first time buyer.

 

Lenders fees.
Mortgage Lenders will normally charge an arrangement fee, a booking fee and a valuation fee. It is not normally possible to indicate typical costs for these items as they vary considerably between lenders and between mortgage products. Lenders often introduce incentives where these costs have been reduced, some lenders will also offer to pay an amount towards the legal costs of the purchase.

The Lender's arrangement fee is normally expressed as a percentage of the loan (for example 1% of a £100,000 mortgage = £1000 fee) and is payable on completion. Some lenders will allow you to add their fees to the mortgage, so you have a longer period to pay them back

Mortgage broker fees.
For regulated mortgage products it is now compulsory for brokers to indicate how they are paid and how much they charge for their service. Typically brokers will charge an administration fee for processing each case although again this can vary considerably, and can increase with the size of the loan.
 

In addition to the legal and financial cost of moving, you'll probably need to set aside some money for the move itself. The cost of the move will obviously depend on whether you hire a van and do it yourself, or whether you pay for someone to do the job for you. Van hire can cost as little as £150 for the weekend, whereas a full moving service starts from around £1000 , but  probably worth every penny!