Moving in the UK can be both exciting and stressful at the same time, especially financially. Whether you’re renting or buying a house, you need to consider different costs.
How much does it cost to move houses in the UK? We’ll list down the items you need to pay attention to when moving. Check them out.
Removal
Professional removers can provide professional help for a relatively small fee. Find quality removers by collecting quotes from at least five of them. You can also avail cheap van hire to help with the removal.
Estate Agent
The estate agent fee is based on the value of your home. Agents typically take a 1% to 3.5% fee plus VAT. Rates may vary. If you have a mortgage broker, speak to him/her about the estate agent’s fee. If you want to save money, you can independently advertise your home through independent websites, only you’ll have to put more work by yourself.
Stamp Duty
Stamp duty is the government tax for changing documents that has the owner of the property. In England, Wales, and Northern Ireland, you must pay Stamp Duty Land Tax (SDLT) if the property costs more than a certain price.
Deposit
You almost always have to pay a deposit to secure the property. If you’re buying the property, deposits are usually 5% to 20% of the purchase price. If you’re renting, you often need to pay four weeks’ rent. Ask for details, however, to ensure the protection of your money.
Valuation
If you’re applying for a mortgage, the lender will assess the property’s value. The valuation fee will depend on the property’s value, though it tends to be between £100 and £600. Other lenders do not charge any fees at all.
Conveyancing
Conveyancers handle the legal details of changing the ownership of your property. Expect to pay more than £600 in conveyance fees. Be sure to collect quotes from local conveyancers to find the best rates for your budget.
Utility Providers
Utilities include your gas, internet, electricity, and water service providers. Let them know when you’re moving. Get your current meter reading, and pay your final bills. It’s sometimes possible to stay with the same provider, letting you avoid huge cancelation fees. However, it’s also worth checking any other less expensive providers in your new area. Use Ofgem-accredited comparison sites to do this easily.
Tips to Save Money when Moving
If you’re on a budget, you can use the following tips to get your costs down.
- Declutter your home to lower removal quotes.
- Book as early as you can since providers charge more for late bookings.
- Avoid booking on Fridays and holidays. These are the most expensive days.
- Compare providers. As we’ve said, get multiple quotes.
- Sort your packing materials months in advance.
- Redirect your post.
Moving in the UK is an expensive process and you can easily rack up costs of up to £11,000 or higher. If you’re using other services such as mortgage broker fees, expect to increase your expenses. Nonetheless, if you’ve sorted out these costs, you’re only going to wait until you can move into your shiny new home.
