Moving Costs
Stamp duty
The legal aspects of the purchase cannot be ignored - stamp duty licks in at one per cent of the purchase price on properties costing more than £60,000, with higher percentage charges on properties costing more than £250,000. And you will have to pay solicitors fees.
Mortgage Indemnity Guarantee (MIG)
Watch out for mortgage Indemnity guarantee (MIG) charges. This is an insurance you may have to pay for which protects the lender - NOT you - in the event of you defaulting on your mortgage payments. This generally applies when you put down less than a 10% deposit.
Other costs
Don't forget to budget for other purchase costs, including the lender's valuation fee and your own survey, plus buildings and contents insurance. The estate agent will demand a fee for selling your home, which is typically around 2% but can vary.
The removals company will need to be paid, although you may decided to hire a van and do it yourself for a fraction of the removal company's fee, but for a whole lot more hassle. Finally, you'll probably also need money to pay for furniture and furnishings once you have moved in.
The total bill may run to thousands of pounds, depending largely on the property price and the size of your mortgage, and if you are selling a home through an estate agent.
Estate agents fee
-Some estate agents may work for a flat fee, but the vast majority work on commission
-Commission varies from one per cent to three per cent of the sale price of the property
-If you have used one agent (a Sole agent), they get all the commission
-If you have used joint sole agents they split the commission
-If you have used multiple agents, whoever closed the deal gets the commission
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