When moving home you may be a seasoned pro when it comes to finance and mortgages and know exactly what you want. This is great but if you don’t here’s a few hints and tips when calculating costs.
- Look at how much the estate agent will charge you for selling your property. Please note; estate agents fees are negotiable so haggle.
- Don’t forget the solicitors will charge you for the conveyancing work to sell as well as buy so get some quotations from a couple ofsolicitors to find the best price or if you are happy why not ask a friend to recommend one. Solicitors fees are around £800 (approx) to sell. You will probably be looking at £1400 to buy (exclusive of stamp duty of course). These figures are only approximations so please get your own quotes.
- Stamp Duty – work out how much your stamp duty will cost and don’t forget to include the extra 3% if you are retaining a property or you have a second property (please speak to your conveyancer/solicitor about this)
- Moving costs. Well these can vary due to size of property and what sort of service you want so please get some quotes and ensure you calculate these in your figures
- Mortgage fees – there will be numerous mortgage fees and your mortgage adviser or lender should advise you of what these are and provide you with a full mortgage illustration before you proceed with a mortgage.