Moving house is an expensive endeavour, which means to successfully move places you’ll need to budget all of your costs effectively. To do so, you’ll need to know where all of those costs might come from, so in this month’s article we’ll be breaking down just where the charges might be coming from when you move home.
Moving Fees – Mortgages
Easily the most expensive cost you will incur when you move home, mortgages are the crux of your move. Without a good mortgage, it can be difficult to own your dream home. But not only will you have to pay money each month at a rate of interest you’ve agreed with your lender, you’ll also have to pay a number of additional fees too. These include an independent valuation that may charge you anywhere between £400 and £850. You may choose to pay this up front or add it to your monthly payments, but this will mean that you pay interest on the fee as well.
Stamp duty is a tax on the purchasing of a home. Any home that is worth more than £125,000 will be subject to this tax, which looks at taxing land and property transactions. You will have to pay stamp duty at the time of purchase. The amount you will owe varies as a percentage of the property’s worth. For homes between £250,000 and £925,000 stamp duty will be at a rate of 5%, but at 12% for homes above this value.
Owning two properties at the same time – for instance, if you haven’t yet sold your current home – will result in a higher stamp duty charge. You can have this refunded if you sell your original home within three years of purchasing the new one and if you claim the refund either within three months of selling the old property or within 12 months of submitting your self-assessed tax return.
A building survey is essential for anyone wanting to ensure that the property they are wanting to purchase is structurally sound and that there’ll be no costly surprises down the line. Granted, the estate agents will likely carry out a survey of the property themselves before trying to sell it on to anyone, but it’s worth making sure for yourself that the property is alright.
A survey can cost anywhere up to £1,300; while not exactly cheap, it’s cheaper than having to fork out for repairs to structural damage in the future.
Although it may not be an overly expensive cost, registering your name and property with the Land Registry is required by law. The Land Registry is a Government organisation that keeps track of all of the land in the country and who owns what. They charge between £90 and £140, so one of the cheapest costs on this list, but an important one to remember.
If you have a great and helpful bunch of friends and family, and if you’re moving locally, you may be able to get away without the services of a professional removals company. However, all it takes is one slip or for somebody to not know how to carry heavy objects for an injury to take place. Your friends and family won’t be helpful much longer then!
A professional removals service will ensure that all of your possessions get to your new home safely and securely. The cost of this service will vary depending on how much stuff you want to move and how far you want it to go. But employing experts is guaranteed to remove a massive stress factor when it comes to moving day, which is why you’ll need Metro Removals.
Metro Removals offer the best removals service in the Kettering, Market Harborough and Thrapston areas. Our family-run business has over 30 years of experience in the removals industry, so you can rest assured that with us you’ll be in safe hands. We are committed to providing the highest quality services (including packing all your belongings up for you too!) that ensure your move is as stress-free as possible. To discuss the requirements of your move with us and to obtain a quote, contact our friendly team today!