Cost of Moving

What costs and fees are there likely to be?

• Mortgage arrangement fees.
• Valuation / Survey fee.
• Solicitor's fees and disbursements.
• Professional fees.
• Stamp duty.
• Removals.

As a guide Allow the following amounts:

Though the majority of lenders charge an arrangement fee it may be that it can be added to the loan or paid on completion.

The type of valuation you choose will depend on factors such as the age and condition of the property and whether there is any history of subsidence in the area. The fee must normally be enclosed with the application and is non-refundable once the valuation has been carried out.  Lenders commonly use a sliding scale, the higher the purchase price, higher the fee.

• Basic Mortgage Valuation. This is for the lenders own purposes, as they need a professional opinion on whether the property provides security for the loan. Therefore, we suggest you consider one of the more detailed types of survey, although which one you choose is up to you. It is not uncommon for free basic survey to be offered with selected products.
• Home buyer's report. This provides concise information in a standardised format on the state of repair and condition of the property. The report will include comments on the property's defects and the valuer's opinion as to its marketability.
• Full Structural survey. This is a structural report based on a detailed examination of the property. Any areas of concern that you might have about the property will be investigated. You will still need to pay for a basic survey.

Unless time is very short wait until the survey comes back before spending money on a solicitor. Obtain quotes from 2 or 3 firms. Make sure their quotes detail all the expected fees like local searches, land registry, etc - known as disbursements. It takes 10 working days to get local searches from most local authorities. If you would like us to quote a solicitor then we can do so. Look for a no sale no fee, fixed fee deal. Again the cost is on a sliding scale depending on the purchase price. Many lenders offer free legal costs on remortgages.

It is not uncommon for professional mortgage advisors to charge a fee or percentage for their services. The fee should only be payable on completion or issue of the mortgage offer.

Stamp duty is a paid on completion, your solicitor wont ask for this money straight away, but will require it prior to completion.

The cost will depend on the size of your house you are moving as well as the day, Fridays are popular. Though tempting do not pay a deposit to a remover until contracts have been exchanged. Until then the moving in date is not guaranteed.

Figure shown for illustration purpose only