Moving home - how much does it cost?
You've agreed a price for your new home. So far, so good. But
don't forget to budget for the other costs that come with buying a
new home. Solicitor's fees, stamp duty, surveys − it soon adds
This is the tax on buying a home and typically accounts for
almost half of all the moving costs on the average home. How much
you pay depends on the purchase price you've agreed.
If the purchase price is below £125,000, you'll pay no stamp duty.
For homes priced £125,001 to £250,000, the tax is two per cent or
£5,000 for the most expensive home in this band. The tax on homes
priced £250,001 to £925,000 is five per cent. And the rate keeps
increasing beyond that.
Expect your solicitor to charge you around £800 in professional
fees plus search fees − checking the home legally belongs to the
seller and other potential problems like landfill and flooding. The
solicitor's bill will also include a land registration fee of
approx. £150. The total is usually around the £1,500 mark, plus
If you are selling a home as well, you'll need to budget for
another £600 - £700. In this case, you'll also need to budget for
estate agents' costs of between one per cent and three per cent on
the selling price of your current home.
Other fees and charges
If you are taking out a new mortgage, you'll need to factor in
arrangement fees which are typically around £500. If you already
own your home, your lender may ask you to pay an exit fee.
Your mortgage lender will charge you a valuation fee of around £350
(subject to lenders criteria).
Lots of factors influence the cost of a professional removal
but, as a rule of thumb, expect to pay £450-550 if you're moving
furnishings and other belongings from a small apartment and around
twice that for a middle-sized house. DIY removal using a hired van
will cost much less − unless, of course, you accidentally smash
that top-end flat-screen TV.
It costs around £60 to have your post redirected for a year. If
you're not already a householder, make sure that you budget for
council tax, utilities, contents and buildings insurance, and other
regular household bills. If you're moving to a larger home, these
are likely to go up.