Moving home is not only a life-changing event, but a highly stressful experience. In addition to dealing with the packing and unpacking, you also have to factor in how much you will need to spend by the time you’re ready to move. However, the funds that you need to purchase your home aren’t the only costs that need to be taken into account. Hidden expenditure, such as legal fees and stamp duty, are also expenses that people frequently forget about.
One of the major costs involved in moving home is the amount that needs to be spent on a conveyancer or a specialist solicitor. The conveyancer may vary from charging a flat fee to billing you a percentage of the value of the property. The cost can range from £500 to £1,500, including the 20% VAT.
The Land Registry keeps an updated list of all the registered properties throughout England and Wales. The records show the history of each property and the legal owners. The cost depends on the price of the property, but can vary from £50 to nearly £1000.
If your property was purchased for more than £125,000, you will have to pay stamp duty. The rates are based on a system that calculates the amount depending on the price bracket. You don’t pay any tax on the first £125,000, then 2% on the next £125,000 and 5% on the next £675,000. Higher rates apply thereafter. However, if you are a first-time buyer purchasing a home valued below £500,000, you can benefit from a discount and do not have to pay duty up to £300,000.Gallagher’s of Newcastle can make your move simple and stress-free. We offer a packing service, supply materials and can provide you with advice on how to best pack your items.