The True Cost of Moving House – A Breakdown of Costs Involved In Moving House in the UK

The True Cost of Moving House – A Breakdown of Costs Involved In Moving House in the UK

With the soaring rise in the property market, the cost of moving has sky rocketed with it. When you buy a new property and factor in moving, you’d be overwhelmed by the plethora of upfront fees that go beyond the obvious mortgage costs, and need to be taken in to account when working out your overall budget.

Although some of these costs could be reduced or even waivered, most of them are dictated by the price of your house and our fixed. Our essential guide would drill you with everything you need to know about the breakdown of costs involved in moving house in the UK:


The mortgage deposit is the price you put towards fulfilling the cost of the property when purchasing your house. On average, you need to pay somewhere between 5-20% of the purchase price. Generally, the bigger deposit you pay, the more likely you are to qualify for a mortgage at a modest interest rate. Remember that in most cases, if you fail to stump up a 10% deposit, your mortgage lender might impose on you to acquire costly mortgage indemnity insurance.

Stamp Duty

Stamp duty is the government tax to be paid on properties costing over £125,001, for changing the documents that specify the owner of the property. The cost is incurred by the buyer and is applicable for both freehold and leasehold property.

If the price of the property is between 125,000 and 250,000, the stamp duty tax is at 1% of the purchase price, for property costing between 250,000 to 500,000, the tax is fixed at 3% of the purchase price, for property costing between 500,000 and 1m, the tax is set at 4% of the property price, any property costing between 1m-2m, requires the buyer to pay up a tax of 5% of the purchase price, and any property figuring higher than 2m, incurs a tax of 7% of the property price.

Valuation Fee

The mortgage lender needs to evaluate the value of your property to gauge how much they would be willing to lend you. The valuation fee averages £150-£1,500, based on the value and size of your property. Depending on the type of mortgage product you opt for, your lender could overlook the fee altogether, since the survey is not an elaborate one and may not uncover all the maintenance and repairs that might be due.

Surveyor’s Fee

Before you go through with the sales, it is prudent to have the property checked by an expert surveyor to uncover any clandestine flaws and structural issues. A surveyor’s fee could be anything between £250 to £600, depending on how comprehensive a survey you demand.

Legal Fees

When purchasing a house, you need a licensed conveyancer or solicitor to handle the legal work for you. This could cost between £500 and £1,500, including a 20% VAT, depending on the type of property you are buying. They might also conduct local searches, costing around £250-£300, to discover any local issues or plans.

Electronic Transfer Fee

A mere cost of £40-£50 is incurred to cover the lender’s expense of transferring the mortgage money from the bank or lender to the solicitor.

Removal Cost

If you are looking to hire a removal firm to help you move, many factors the costs that you would be expected to pay, including the distance you are moving, amount of belongings that needs to be moved, and even the season of the year. It’s prudent to compare removal quotes from a number of firms before deciding on an option.

By | 2015-11-12T17:33:54+00:00 November 12th, 2015|Categories: Moving House Help|Tags: , , , , |0 Comments

About the Author:

Leave A Comment