Why You Should Have at Least £9,800 for Your Home Relocation

Property For SaleSolicitor quotes for buying a house in the U.K. are some of the things that Britons may overlook when relocating to a new home, but these expenses are just as important as the transaction itself. If you plan to move this year, take note that conveyancing fees may cost more than £1,300 on average.

This comprises £845 for acquiring new property and almost £600 for selling your house.

Home Relocation Expenses

You would need to spend at least £9,810 to move into a new house this year, based on different fees for a property sold for more than £225,000. A majority of these fees would likely comprise around £5,000 on estate agent fees from the sale of your home. Stamp duty for a new home purchase would cost £2,000.

These figures may become more or less expensive depending on the value of the property, although estate agent fees may range between 1 percent and 3.5 percent of the asking price for your old home. You would then add a 20 percent in Value Added Tax on top of these rates.

Challenging Market

Even if you have more than enough money to cover these expenses, you should expect to encounter some difficulty in selling your house. You may need to screen six or more interested buyers before finally choosing one, despite the average number of viewings below five people.

Buyers that change their mind at the last minute would be another problem. More than 300,000 property deals collapse each year, mostly because either the buyer backed out of the transaction or the seller did not agree to a lower price before exchanging contracts.

Conclusion

Whether you plan to sell your old house or buy a new one, it is best to search for an online agent that offers conveyancing rates. Most online agents have lower quotes on estate agent fees since they provide fixed charges instead of a percentage.