Moving home is an exciting step, but it’s also a significant financial commitment. While the property price is the largest and most obvious expense, there are many other costs that can add up quickly. Understanding these additional costs is essential to budget effectively and ensure a smooth transition to your new home. 

Contents  

  1. Deposit and Mortgage Fees – Initial costs and setup fees 
  2. Stamp Duty Land Tax (SDLT) – Tax obligations for property purchases 
  3. Conveyancing Fees – Legal costs of transferring property ownership 
  4. Property Surveys and Valuations – Ensuring the condition of your new home 
  5. Estate Agent Fees – Costs of selling your current home 
  6. Removal Costs – Transporting your belongings 
  7. Additional Expenses – Mail redirection, storage, and cleaning 
  8. Conclusion – Budgeting for a smooth move 
  1. Deposit and Mortgage Fees

Your deposit is the first major financial hurdle when buying a home. A minimum of 5% of the property price is typically required, but for better mortgage rates, a deposit of 15% or more is advisable. For instance, a 5% deposit on a £300,000 home would be £15,000, while a 15% deposit would be £45,000. 

In addition to the deposit, mortgage arrangement fees can vary widely. Some lenders charge up to £2,000 for setting up a mortgage, while others may offer fee-free deals. There’s also the valuation fee, which is the cost of assessing the property’s value for mortgage purposes. This typically ranges from £100 to £300, though some lenders waive this fee. 

You may also choose to use a mortgage broker to find the best deal, which can cost either a flat fee (e.g., £500) or a percentage of the mortgage amount. 

 

  1. Stamp Duty Land Tax (SDLT)

Stamp Duty is one of the largest additional costs when buying a property in England and Northern Ireland. The rates as of 2024 are: 

  • Up to £250,000: 0% 
  • £250,001 to £925,000: 5% 
  • £925,001 to £1.5 million: 10% 
  • Over £1.5 million: 12% 

For first-time buyers, there is currently no Stamp Duty on properties up to £425,000, and a reduced rate applies for homes up to £625,000. However, if you’re purchasing a second home or buy-to-let property, an additional 3% surcharge is applied to the total value. 

For example, purchasing a £600,000 home incurs 0% tax on the first £250,000, and 5% on the remaining £350,000 (£17,500 total). It’s crucial to factor this into your budget. 

 

  1. Conveyancing Fees

Conveyancing is the legal process of transferring property ownership and involves several components. Solicitors or licensed conveyancers typically charge between £1,000 and £2,500, depending on the property’s value and complexity of the transaction. 

This fee includes: 

  • Searches: Checks for local issues such as planning restrictions, flood risks, or contaminated land (around £250–£300). 
  • Land Registry Fees: Costs for registering the property in your name (£20–£455). 
  • Bank Transfer Fees: A small charge (around £25–£50) for transferring large sums of money. 

Choosing a reputable conveyancer is essential to avoid delays or errors in the process. 

 

  1. Property Surveys and Valuations

Surveys help uncover structural issues or other problems with the property. The type of survey you need depends on the property’s age, size, and condition: 

  • Valuation Survey: Basic survey to confirm property value for mortgage purposes (£100–£1,500). 
  • Homebuyer Report: Suitable for standard properties in reasonable condition (£500–£1,500). 
  • Building Survey: Comprehensive report for older or unusual properties, or if major renovations are planned (£600–£2,000). 

While surveys are optional, they are highly recommended to avoid unexpected repair costs later. 

 

  1. Estate Agent Fees

If you’re selling your current home, estate agent fees are one of the most significant costs. High-street agents typically charge 1% to 3% of the sale price, plus VAT. For a £300,000 property, this equates to £3,000 to £9,000 (excluding VAT). 

Online agents often offer fixed fees, starting at around £1,000. However, you may need to manage viewings and negotiations yourself. Balancing cost and service quality is key when choosing an agent. 

  1. Removal Costs

The cost of moving your belongings depends on factors such as distance, the size of your home, and whether you use professional movers or rent a van. Here are approximate costs for hiring a removal company: 

  • 1-bedroom house: £750 
  • 3-bedroom house: £1,300 
  • 4-bedroom house: £1,800 

These services often include packing, dismantling furniture, and unpacking. If you opt for a DIY move, van hire can cost £50–£200 per day, but it can require significant effort and planning. 

 

  1. Additional Expenses

Moving involves several smaller costs that can add up: 

  • Mail Redirection: Protect your privacy and ensure important documents reach you by redirecting mail through Royal Mail. Prices start at £36.99 for three months. 
  • Storage Fees: If there’s a delay between moving out and into your new home, storage costs can range from £25 to £100 per week. 
  • Professional Cleaning: Hiring cleaners to prepare your old or new home can cost £100–£350, depending on the size and condition of the property. 
  • Energy Performance Certificate (EPC): Required for selling your home, costing between £60 and £120. 

These expenses, while smaller individually, can significantly impact your moving budget if unplanned. 

 

8. Conclusion 

Buying and selling a home can feel overwhelming, with countless tasks to juggle and numerous parties to coordinate—estate agents, solicitors, mortgage providers, and surveyors, to name just a few. Each step adds to the complexity and stress of moving. 

This is where OneDome’s Homebuyer Service makes a real difference. By combining the buying and selling process into a single, streamlined platform, OneDome eliminates much of the hassle. Whether it’s arranging a mortgage or managing conveyancing, OneDome ensures everything is handled in one place, saving you time and effort. 

With OneDome, you can focus on the excitement of your new chapter, confident that the practicalities are being taken care of. It’s a smarter, simpler way to move home, designed to take the stress out of the equation. Let OneDome help make your next move as smooth and straightforward as possible.