Costing out moving home can be quite complex and differs for each individual but here’s a summary of what might be required:
- Agent Fees – the fees payable to your Estate Agent for selling your home.
- Solicitors Fees – the fees payable for your Solicitor to handle the legal details.
- Mortgage Fees – mortgage arrangement fees and broker fees could be payable
- Valuation Fees – a structural survey may be required on the home you want to buy
- Removal Fees – the cost of relocating all your belongings to the new house
- Stamp Duty Costs – tax imposed by the government on buying a home
Putting your house on the market:
The first thing to do when moving house is to get your existing home valued and subsequently sold, most people turn to an Estate Agent for help selling. Estate Agents will normally value your home free of charge and their selling fees range from 1-2% dependant on firm and support required. These fees are typically payable on completion.
Picking your next home
Each individual will have a “wish list” for their new home, it could be the number of bedrooms a property has or even the school catchment the property sits in. Either way you’ll need to have done some homework. Right Move is a good way of surveying the possibilities without leaving the house. Once you have an idea of the costs it’s key to start working on arranging a mortgage next.
When looking at properties be careful with properties that have marketed for a considerable amount of time, this could mean they have a structural defect at worst and at best have been over priced by the selling agent. Resale is an important factor to consider – the last thing you want is to buy something you can’t sell on in the future.
Property title is an area many people struggle with, despite your solicitor being on hand to advise you and make take care of the paperwork. Property title will have implication on Mortgage Lender and property costs. For example a roof on a freehold house will need to be maintained by the owner, but leasehold flat will be maintained by the managing agents.
Freehold flats can be problematic to secure lending floor due to the complexity of the title. But share of freehold is totally acceptable as long as a lease is still in place.
Instructing a Solicitor
Now for the legal bits – you’ll need a solicitor to handle the transaction in order to make sure it’s completely sound. Instructing one early on in the transaction can help keep things moving quickly as you progress through the sale. If you are unsure who to use either look for a recommendation from the Estate Agent or Mortgage Adviser/Broker working with you.
Offering a price
Conveyancing is the process used to buy a house; it’s undertaken by your Solicitor and deals with all the legal requirements of buying a house.