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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 up…

Stamp duty

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.

Solicitor's fees

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 VAT.

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).

Removal costs

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.