When looking to move home, most homeowners don’t look at the actual cost of moving, they just say to their estate agents: sell my house now for X and then expect to receive this figure and then buy another house without any further costs.
These are the potential costs when you sell your house:
• Early redemption fee with mortgage (if you have one this can range from 0.5% up to 10% so make sure you check the small print)
• Estate agency fee if you choose to use one: usually around 1.5%
• Solicitor fees usually around £450 upwards
Now here are the potential costs when you buy a new house once you have sold the old one:
• Mortgage broker fees
• Lenders fees
• Solicitors fees
• Survey fees
With all of the above in mind it is essential to do your figures before making the move.
