Skip to content

Moving home has always been considered one of life’s most stressful events. This year, the complexities of moving home have been amplified by government protocols put in place as a result of the coronavirus pandemic.

Nonetheless, preparing yourself for the numerous costs involved in the moving process will guarantee to keep you on top of your finances and, in turn, make the move less stressful.

Here, we list the additional costs that you will make before, during and after the big move.

Mortgage fees

Your mortgage lender will charge you for setting up the mortgage. This will consist of a booking fee of between £99 and £250, an arrangement fee of up to £2,000 and a mortgage valuation fee of between £150 and £1,500.

It’s wise to save up and pay before you move. This will prevent any interest rate charges on repayments.

Valuation and survey fees

A mortgage valuation is usually included in your mortgage plan, with the cost based on the price of your desired property. It can set you back between £150 and £1,500, as mentioned above.

Once the valuation goes through, the property will need to be thoroughly inspected by a private building surveyor. A full survey can cost you between £250 and £600.

Legal costs

Hiring a solicitor will ensure the legal completion runs as smoothly as possible. Local searches done by your solicitor can cost between £250 and £300, but different solicitors will charge different fees.

In total, legal fees are generally between £500 and £1,500, including VAT at 20%, so consider looking around to get the best possible price before committing to one.

Stamp duty

As a homebuyer, you will need to pay stamp duty when the sale of the property goes through. This government tax is usually applied on houses worth more than £125,000, with the rate charged depending on what price your house is valued at.

However, as of July 8, the stamp duty threshold has been increased to £500,000 until March 31 2021 to mitigate the effects of the coronavirus crisis and kickstart the property market.

Removal fees

Removal companies can charge on average £50-£60 per hour, with a two-hour minimum charge for a local move. Long distances are typically charged at a fixed price and could be anywhere between £450 and £1,000.

To reduce costs, consider hiring your own van for a day or two and doing it yourself, or asking family and friends for assistance. Keep in mind that prices peak on the weekends.

Change of address

You will need to change your address on a host of documents before the move takes place.

Royal Mail’s Redirection service is a reliable way to continue receiving mail when you move home. This service is available for three months (£34), six months (£47) or 12 months (£67) and can be used to redirect post to any UK or overseas address. 

Home insurance

Whether you’re buying or selling a property, home insurance is a crucial consideration – costing around £112 a year on average. If you’re buying, you’ll need buildings insurance to cover the cost of rebuilding your home should a fire, subsidence or water damage occur.

Contents insurance, meanwhile, will cover your belongings against damage or theft, which costs an average of around £60 a year.

The moving process that could be troublesome without a strict budget, so ensuring you have the financial plan in place to cover everything is key. Keeping the above factors in mind should help you to better break down all costs and minimise stress.

For guidance on buying or selling a property in Kent and the surrounding areas, contact Eden Estates today.

If you’re selling before you move, we offer a free and instant online valuation so you can see how much your home could be worth on the current market.