‘Don’t forget the boxes…?’
Ok, you got us, this isn’t going to be your usual how-to guide. We are one of Liverpool’s oldest solicitors after all.
Moving home is stressful. As conveyancing solicitors we have been helping people buy new properties for a long time. And time after time it isn’t moving home that stresses our clients out, it’s the daunting and often underestimated short term financial burden that can have rational people irrationally pulling hairs. So we have outlined a few costs that, if planned for can make moving house the exciting new adventure it should be.
First it should be made clear that costs vary between provider and often it pays to plan rather than skimp. Very often you get what you pay for… do you really want risk a setback on what, for most people, is biggest financial investment they will ever make for the sake of saving a few pounds?
- Mortgage Arrangement fees: You should plan to spend around £1,000 to your lender as an arrangement fee for providing a mortgage. This is often also a non-refundable service if the property purchase falls through.
- Valuation fee: This is the cost of checking that the property exists and that the property actually secures the loan amount required and can vary between £300-£500.
- Legal fees: Lenders will sometimes contribute towards the legal fees. However this would mean that you would have to use the solicitors that they provide. It also means that your lender may be benefiting from sending you as a referral to that solicitor and it may not be the best option for your situation. If your property has special requirements or if your situation is unique, such as the sale of a house during a divorce, it would advisable that you contact a solicitor yourself and get a second price. For an instant online no-obligation quote click here.
- Stamp duty: For many properties you will have to pay stamp duty. Our instant online quote will advise you if Stamp Duty, which is in effect a government tax is payable on your purchase.
- Surveys: These can be costly, especially if you have more than one property that you are thinking of purchasing and the survey fee is also often non-refundable if the purchase doesn’t go through. However if the sale does go through you can often negotiate the survey fee off the price of the house and is always something worth discussing with your estate agent. Often you would be expected to pay between £400-£700 per survey. Other costs that didn’t make the cut in our list but are worth mentioning include: house repairs, furniture cost, removals cost and of course the cost of all those boxes you’re going to need.
