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The costs of moving home

It's a good idea to make sure that you factor in all of the costs of moving home right from the start. Here's our guide to the main costs of moving home.

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Stamp Duty Land Tax

Stamp duty is a tax which is paid by the buyer to the government, and is the biggest single cost of moving home.

When you buy a home in England, Wales and Scotland, the Government usually charges a tax called Stamp Duty Land Tax (SDLT). The amount you pay is dependent on the value of the property you purchase and whether you are a first-time buyer or not.

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Solicitors

Solicitors are used to approve all the paperwork and to make sure that the sale is legally made. Whilst you do not have to employ a solicitor, doing your own conveyancing may cause problems as it is a complicated process.

If you're a first time buyer, you will have enough to think about without needing to worry about the intricate legalities of buying your new home.

You should always obtain a quote before any work is carried out. Solicitors can either charge a fixed fee (a percentage of the selling price), or they may charge by the hour. Costs like Land Registry and Local Authority Search Fees will also be added to the quote.

Surveyors

Your mortgage lender will nearly always require you to have a survey carried out. The type of survey you have done will vary in cost according to how thorough they are.

  • A Valuation Survey is a basic, surface survey and usually costs around £150.
  • A Homebuyer's Report is advisable and costs between £250 and £500.
  • A Structural Survey is recommended for absolute peace of mind but can cost anything up to £1,000 plus VAT.
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Removals

If you’re a first time buyer, you may not have much furniture to move! But if you do need help, ask for quotes from at least 3 different removal firms, as prices vary.

If you decide to do the removal yourself, it will still cost you to hire a van, and you’ll need to pay for petrol and insurance.

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Living in your home

Make sure you remember to factor in the cost of living in your new home. Energy bills, council tax and insurance costs all add up to a sizable chunk of your monthly outgoings.

Make sure you have factored in everything, including money for any non-essential expenses such as holidays to ensure that you will be able to meet your mortgage repayments every month.

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One off costs

There are bound to be some additional one off costs associated with buying a new home. Will you need new carpets or furniture? Or will you need to put your pets into accommodation whilst you move?

Make sure you think carefully about all the potential costs that you might incur whilst moving house so that you are well prepared for them. It’s a good idea to have a contingency fund available if you can.

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