If you’ve been thinking about buying a house in or around Chorley, you’ll be thinking about how many bedrooms you need, what size the garden is or if it’s in the right school catchment area and does it have a garage?
Moving can be a stressful time, even if you are excited about the important milestone of buying a new house. But preparing for the move in advance can help keep some of that stress away.
Working out the financial implications of moving house is important – as you plan the next chapter in your life.
The Legal Fees
Aside from the actual cost of the house and the mortgage repayments, one of the first things to do is think about the legal fees. Conveyancing companies and solicitors are the ones who focus on property. Many have almost instant conveyancing quotes on their website. You will need to key in basic financial figures, and they’ll tell you roughly how much it will cost in legal fees.
They will also look at searches that will be needed, such as local authority searches, existing planning permissions and specific things such as mining reports and building regulations. Your legal people should also highlight other costs such as the Land Registry fee which comes in when the property is registered in your name.
Estate Agent Costs
If you’re selling your house, then your estate agents’ costs will need to be factored in. The fee varies, depending on the level of service that you require, you can expect to pay between one percent and two percent of the sale price.
The chances are that you will need a removal company to help with your move, particularly with the big items. The cost of this will vary because companies will calculate such things as how many bedrooms, the distance between houses, and whether specialist services are required. It could be as little as £400 to well over £1,000. Our advice is that you decide precisely what you need and then shop around to get quotes and see what the customer service is like.
Stamp Duty (Free until 31st March 2021)
If you buy a property or land in England that’s over a certain price, you have to pay Stamp Duty. How much you pay depends on several factors, but you should expect to pay a certain percentage of the value of the property. For example, a £255,000 property would mean a Stamp Duty payable of £2,750. There are a number of websites that offer a Stamp Duty Calculator, and the Government website (www.gov.uk) will tell you what it’s all about.
Most people will have to obtain a mortgage to buy a house. Rates and payments will vary depending on the lender, but there are a number of typical costs associated with a mortgage. There will be booking fees and arrangement fees, and because the lender will need to know the value of a property, you’ll need to arrange for an independent valuation too. Booking fees can be between £150 and £300, arrangement fees might be around £2,000, and a mortgage valuation fee could be anywhere between £150 and £1,500 depending on the lender and the property. It’s worth noting that low rates might not mean low fees, so be careful to look at the details.
When you’ve completed, chances are you’ll quickly get the keys that day. It’s an exciting time, and you’ll have packed everything, the removal van will be ready, and you probably can’t wait to get in. Something we recommend you do straight away is to insure your new home. Once the property is yours, it will need to be insured. You’ll require buildings insurance to cover the bricks and mortar, and contents insurance too as this will cover your belongings and possessions. The cost of this will vary because no two properties are the same, and you will have different possessions to insure. The key is to do your research and get everything in place before the day, and then it should be a case of pressing the button to start your insurance policy.
If you are looking for an agent that is well established, professional and communicative, whether you’re buying or selling, please contact Forbes Estates 01257 273324 to find out how we can help you get the best out of the Chorley and surrounding villages property market.
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