What’s the Cost of Moving House?
The cost of moving house can add up, so be prepared. We’re here to help you get your head around the different fees involved, and how much you can expect to pay.
Cost of Moving House in the UK
Here are some of the costs you can expect to pay when buying a house and moving:
- Legal fees
- Valuation & mortgage arrangement costs
- Survey cost
- Estate agent fees (if you have a house to sell)
- Stamp duty
- Deposit
- Insurance
- Removal company
- Cleaning costs
- Mail redirection
- Settling in
Average Cost of Moving House – The Breakdown
Of course, every situation is different and individual circumstances change, including how long it takes to move house. However, it’s helpful to have some ballpark figures to give you an idea of where you stand.
PLEASE NOTE: All costs stated throughout this article are provided solely as a guide and should not be relied upon as definitive figures. Actual costs will vary dependent on your individual circumstance. We recommend obtaining detailed quotes and information from relevant service providers to accurately determine the costs involved in your own moving journey.
Legal Fees
- Average Cost: £500-£1,500
Conveyancing solicitors are vital whether you’re buying or selling (or both). They will take on a range of legal work during the conveyancing process, including the deposit transfer, being the point of contact for your mortgage lender and exchanging contracts. Conveyancing fees vary, but can be thousands, depending on property type and other factors such as property value, property type, transaction complexity, local searches, mortgage requirements and location.
Valuation & Mortgage Costs
- Valuation Fee. A mortgage provider will calculate how much they are prepared to lend you by valuing the property. This fee generally ranges from £150-£500, though it could be more for higher-priced properties or more detailed surveys.
- Mortgage Booking Fee: Also known as a reservation or application fee, this upfront cost ensures the lender will hold the mortgage product for you at the agreed rate. It can range anywhere from £100-£250.
- Mortgage Arrangement Fee: This is the fee for the actual setting up of the mortgage. It can be added to your mortgage, but remember you will then pay interest on it. This can be around £1,000-£2,000 but can vary significantly.
- Mortgage Broker Fee: Some mortgage brokers charge a fee that could be a fixed amount or a percentage of the mortgage amount. This can range widely, typically between 1-2% of the loan amount. Some mortgage brokers do not charge any fees at all. Always check with any broker of they charge or are fee free.
- Mortgage Account Fee: Sometimes called completion fees, administration fees or exit fees, are charged by lenders to cover the costs of setting up, maintaining, and closing your mortgage account. These can vary quite a bit depending on the lender and the specifics of your mortgage deal. These fees typically ranged anywhere from £100-£300, but some lenders may charge more or less. Some lenders may even waive these fees as part of their mortgage offerings.
Remember, a mortgage valuation is about assessing the risk of the loan; it’s not the same as a property survey.
Need help finding the right deal for you? Get a quote from a mortgage adviser below for free, without the fuss or headache.
Survey Costs
The price you’ll pay depends on the type of property survey you get. Estimated costs are:
- RICS condition report: £250+ – The most basic type of survey, providing an overview of the property’s condition.
- RICS homebuyer report – survey only: £350+ – This provides information about the condition of the property, offers advice on defects and repairs, and includes a report on the risks and legal considerations.
- RICS homebuyer report – survey & valuation: £400+ – This includes everything in the Survey Only option, as well as a valuation of the property
- Building survey – £500-£1500 – This is the most comprehensive survey and is advisable for older or unusual properties, or if you’re planning major works.
- New build snagging survey – £300-£600 – Used to identify and document defects or “snags” in new-build properties. This can include everything from minor cosmetic issues to more significant structural problems. The survey provides a list of issues for the builder to address before you move in.
Each of these has varying degrees of depth and will look at different things. For example, it’s recommended you get a building survey (also known as a full structural survey) if you’re buying a particularly old home.
A survey can save you money later down the line by revealing and raising any snagging issues, or by helping you to negotiate a house price.
Estate Agent Fees
Your estate agent will charge a fee, usually between 1%-3% of the sale price, or a flat fee. VAT may or may not be included in the quoted fee, so it’s always important to check this when you receive a quote.
Buying Agent Fees (Optional)
Some buyers choose to use a buying agent to help them with their property search. Buying agents typically work on a commission basis (usually a percentage of the purchase price they agree for you) or for a flat fee. Buying agents, also known as Property Finders, can provide valuable assistance, particularly in a competitive market or if you’re buying in an unfamiliar area.
It’s always important to understand all the fees involved in buying or selling a property and to get a full breakdown of costs before engaging services. This will prevent any surprises and ensure you’re getting the best possible deal.
Stamp Duty
How much you’ll pay in stamp duty will depend on the purchase price of the property.
For residential properties:
- Up to £125,000: 0%
- Over £125,000 to £250,000: 2%
- Over £250,000 to £925,000: 5%
- Over £925,000 to £1.5 million: 10%
- Over £1.5 million: 12%
For first-time buyers:
- Up to £300,000: 0%
- Over £300,000 to £500,000: 5%
- Over £500,000: Normal rates apply as above.
Use our stamp duty calculator to work out roughly how much you’ll be paying.
Please note that a 3% surcharge applies for buying additional properties like second homes or buy-to-let properties.
In Scotland, the Land and Buildings Transaction Tax (LBTT) applies, and in Wales, the Land Transaction Tax (LTT) is applied, both with different bands and rates.
Deposit
- Average Deposit: 5-20% of property price
How much deposit for a house? For a greater variety of mortgage deals and more manageable monthly repayments, it’s recommended you save as high a deposit as you can. However, that can be easier said than done.
For example, the average UK house price was £285,000 in March 2023, A 20% deposit = £57,000.
Insurance
- Average Home insurance Cost: £150 -£300
The cost of home insurance can vary greatly depending on a range of factors, including the location and value of your home, its construction materials, the level of coverage you choose, and even your personal claims history.
We recommend that you take out buildings insurance from the moment you exchange contracts, as you then become legally responsible for the property. You can often find good deals on contents and building insurance combined.
Removals
- Average Cost: £600-£2,000
The cost of removal services in the UK can vary widely based on a variety of factors, including the size of the property, the distance of the move, the number of items to be moved, whether packing services and materials are required, access to the property, time of the week or year, and additional services like packing and unpacking, disassembling and reassembling furniture, or special handling for items like pianos or antiques.
We recommend that you use a professional removal company, otherwise your insurance may not cover your possessions when in transit. Knowing how to move house can be tough, so having the right team can make things much easier.
Cleaning Costs
- Average Cost: £50-£250
In many rental agreements, it’s stipulated that the property must be returned in the same condition it was at the start of the tenancy, with allowances for reasonable wear and tear. This often includes a requirement for professional cleaning.
If a professional clean is stipulated in your agreement and you do not adhere to this, your landlord may deduct the cost of cleaning from your security deposit.
Mail Redirection
- Cost: £33.99 -£66.99
Make sure you redirect your mail once you’ve moved home, which can be easily done online. It’s based on surnames, so if you’re moving with someone with a different one, they’ll need to redirect theirs separately.
The cost of mail redirection can vary based on the length of time you choose for the service. The service can be set up for 3, 6, or 12 months.
If you need to redirect mail to an address outside of the UK, additional charges apply.
Settling In
Moving into a new home comes with several ongoing costs, some of which you might be already familiar with if you’ve previously owned or rented a home.
Here are some of the other regular key costs to consider:
- Mortgage Payments: If you’ve bought your home with a mortgage, your biggest ongoing expense will likely be your monthly mortgage payments.
- Council Tax: This local tax is usually paid in 10 monthly instalments, with two months of not making a payment. The amount depends on the valuation band for your home and the local council tax rate. My Council Tax is a helpful tool to approximate how much council tax you might be required to pay.
- Utilities: This includes gas, electricity, and water, which can be billed monthly, quarterly, or annually. The cost can depend on the size of your home, its energy efficiency, and your usage.
- Maintenance and Repairs: This is more unpredictable, but a common guideline is to budget around 1% of the property’s value per year for maintenance and repairs.
- TV License: The cost of a TV licence in the UK is £159 annually
- Internet and Phone: Costs can vary greatly depending on the package and provider you choose.
- Ground Rent and Service Charges: If you own a leasehold property, you may have to pay these charges. Ground rent is often a small amount, but service charges can be significant. Especially in buildings with a lot of shared facilities.
- Furnishing and Decorating Costs: Depending on the condition of the property when you move in, you might need to budget for new furniture, appliances, or redecorating.
- Running a Car: If your new home is far from public transportation, you might have to consider the cost of running a car.
Last Updated: November 1st, 2024
