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How much will it cost to move property in Old Harlow?

Business / Mon 19th Feb 2024 at 08:54am

CAREFULLY managing your budget when you are buying or selling a property is crucial.  In addition to the cost of your property, there are several other different services you will need to employ to complete your sale or purchase.  

Here is a handy list from HRJ Foreman Laws Solicitors, in Old Harlow to help you know who to contact to prepare your final budget.

Costs to consider when buying a property.

Your mortgage lender: Your mortgage lender may charge a booking fee, an arrangement fee, and/or a mortgage valuation fee. The exact costs will depend on several factors, such as the type of mortgage you have and the value of the property.

The government: You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland and Wales. The government website has more information, including a stamp duty calculator.  Your conveyancer will submit this fee to the government on our behalf. 

A surveyor: Consider a surveyor fee in your budget. It isn’t essential, but it’s a wise investment to detect any problems with the property before you buy. This may include structural issues, damp, subsidence, etc.

A conveyancer / solicitor:  Your conveyancer will carry out all the legal work for you when you’re buying and/or selling your home. It’s important to hire a professional and experienced conveyancer who can sort out any problems and offers you a fixed price for your situation.  It should include any disbursements a conveyancer is required to pay to a third party on your behalf.  These will include, local searches, electronic ID checks, the cost of transferring the mortgage money from the lender to the solicitor, your land registry fee, and any other necessary checks. If you buy a leasehold property, your quote should also consider any ground rent provisions. 

Insurance company: Your lender will require you to take buildings insurance on your new property, which will cover you for a range of crisis situations such as fire, floods, or subsidence. Optional, but also important to consider, is contents insurance, life insurance, and critical illness insurance.

Removal company – often overlooked in the budget, but an important part of the process to make your move day as smooth as possible.  You may wish to have a fully serviced option or look at hiring a van to do it yourself.  If you do it yourself, do you want to insure your contents for move day?

Ongoing house expenses: Calculate the council tax you’ll have to pay to ensure you can budget for this cost when you’ve moved in. Also ask the previous homeowner about household bills such as gas, electric, water.

Decor – Consider how much you’ll need to fix items in your new home and if you need to decorate straight away.  

Contingency – It’s always a good idea to put a ‘just encase’ fund aside, for anything unplanned that may crop up during the process.  

Costs to consider when selling a property.

When you’re selling a property, there are several costs to consider:

Conveyancer / solicitor: You will need a conveyancer to manage the legal process.  A conveyancing fee should include any disbursements required by third parties, which will need to be paid on your behalf. 

Estate Agent’s fees – if you choose to use an estate agent to sell your property, they will charge a fee for their services. This fee is usually a percentage of the sale price, but it can vary.

Management company – If you pay a service charge to a management company your buyer’s solicitor will ask for a management pack.  You will be required to pay for any costs charged by your management company to provide the documents.  The cost of this can vary widely depending on the management company, so don’t forget to check this cost upfront to ensure you have it included in your budget. 

Energy Performance Certificate (EPC) – you will need to provide a valid EPC for your property, which is a report that assesses the energy efficiency of the property.

Removal costs – if you have a lot of belongings to move, you may need to hire a removal company to help you move everything to your new property.

Capital Gains Tax (CGT) – if you sell a property that is not your primary residence, you may be liable to pay CGT on any profit you make from the sale.

Contingency – As before, try to put a contingency fund aside, for anything unplanned that may crop up during the process.  Sometimes, in searches queries can pop up, whereby your buyers solicitor will require an indemnity insurance to be purchased or a certification to be provided.  

To receive a tailored cost for your conveyancing call 01279 709 100 or get an instant online quotation here.

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