Moving homes have become very expensive nowadays. There are many legal fees and other fees involved in moving houses. These include the following.
Fees for estate agent
You need to pay this fee when you are buying a house. This fee must be paid when you are selling the house as well. So, if you are selling your current property and then moving to a new one, the estate agent fee increases. It can fall between 1% and 2% if only one agent is involved. It can reach up to 3.5% if multiple agents are involved.
Stamp Duty Land Tax (SDLT)
It is an additional cost of moving house. It can cost between 1% and 3% of the cost of the house. This is a huge extra cost that you need to pay when you buy a house.
Lenders demand a large amount of deposit in the beginning so that the first time buyers can get favorable interest rates. Some lenders add arrangement fees with their mortgage prices.
The legal fee for buying or selling a house is 1% of the value of the house. But now other options like freelance legal services are available so you can lower your legal fees by considering the other options.
When moving houses, you need to hire professional moving experts. You should get a competitive quote and make sure that they are insured so that no costly damage occurs.
The costs will be lower if you rent a house instead of buying it. In such case, many of the costs mentioned above won’t be there. So, the cost of moving will be lower.