When you’re thinking about moving, it’s easy to focus on the big-ticket items like your deposit or sale price. But there are a number of hidden costs that can catch you by surprise. Knowing what they are – and planning for them – can make the process far less stressful.
1. Stamp Duty Land Tax (SDLT)
If you’re buying in England or Northern Ireland, Stamp Duty may be one of your biggest extra expenses. The rate depends on the purchase price and your circumstances (first-time buyer, second home, investor, etc.). For example, buying a £350,000 home as a standard purchaser means paying £7,500 in SDLT. Always check the latest thresholds before committing.
2. Legal Fees
Your conveyancer or solicitor will handle contracts, searches, and funds transfer. Expect to pay £800–£1,500 for their services, plus VAT. There may be extra charges for things like leasehold checks or unexpected legal complications.
3. Mortgage Fees
Lenders often charge arrangement fees, which can be as high as £1,000–£2,000. Some can be added to your mortgage, but that means paying interest on them. Don’t forget valuation fees and, if you switch lenders, early repayment charges on your existing deal.
4. Surveys
While a basic mortgage valuation is usually required, most buyers opt for a HomeBuyer Report (£500–£800) or full structural survey (£1,000+). These can reveal issues before you commit – and potentially save you thousands later.
5. Removal Costs
Professional movers can range from £400 to £1,500+, depending on the distance, number of belongings, and whether you want packing services. If you’re moving yourself, factor in van hire, packing materials, and fuel.
6. Insurance
Buildings insurance is usually required from the day you exchange contracts. Contents cover is optional but strongly recommended. Shop around for the best rate, but expect to pay £200–£500 annually for both combined.
7. Utilities & Council Tax
Setting up new accounts may involve deposits or pro-rata payments. If your move crosses council boundaries, your annual bill could change significantly.
8. Repairs & Decorating
Even a well-kept home often needs small fixes, redecoration, or new fittings. Setting aside £1,000–£3,000 for post-move works will help avoid nasty surprises.
9. Contingency Fund
Finally, keep an emergency buffer – around 5–10% of your total moving budget – for unexpected costs.
The takeaway? A successful move isn’t just about the right property – it’s about the right plan. By factoring in these hidden costs early, you can budget with confidence and enjoy a smoother, less stressful transition to your new home.