Moving house

9
Posted 24th May
I’m thinking of moving house, maybe to upsize. My job seems to be ok as we haven’t stopped anytime during the pandemic so all ok there,maybe

I’m a bit of a novice as I’ve been in this house for over 20 years so would like some idea of the cost of moving. Any advice of saving money etc. I’m based in North Wales if that helps.

Do I need to get approved for a new mortgage first to see how much I can get?

Thanks
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Cost of moving 5k plus depending on price of new property
North Wales is cheap and the market is dropping. I live in there too and the prices are silly low
You need a mortgage in principle before anything so you know how much and if the banks will lend you money , you have a Boise already so you will be fine and I should think you will have a good deposit from
Your house sale .

I’ve just moved from
Manchester to Stockport.

Cost of legal advice for sale of house £800 x2 If then buying
Cost of estate agent £1000
Cost of home buyer report in new home £500
Stamp duty if the new house is over the threshold.

There are lots over things like removals and storage but there are some rough Figures.

We up sized from 2 to a 3 bed and moved to a nicer area with outstanding schools for the girls ready for high school . Best thing we ever did
Edited by: "ashmac" 24th May
I work in the industry and would advise get an Agreement in Principle for a mortgage first so that you know what you can do. Don’t pay anyone any fees re the mortgage until you’ve found the house though. Solicitors costs will vary but a sale and purchase will normally cost you between £2k to £4k depending on who you use. Estate agency fees to sell will likely be around 1% plus vat. Obviously you’ll need a deposit too for the mortgage but I imagine you will be using equity in your property for that? Only other thing will be mortgage related costs but these will vary again depending on what deal you go for; could cost nothing but could be a couple of grand again.
ashmac24/05/2020 14:31

You need a mortgage in principle before anything so you know how much and …You need a mortgage in principle before anything so you know how much and if the banks will lend you money , you have a Boise already so you will be fine and I should think you will have a good deposit fromYour house sale .I’ve just moved fromManchester to Stockport.Cost of legal advice for sale of house £800 x2 If then buying Cost of estate agent £1000Cost of home buyer report in new home £500 Stamp duty if the new house is over the threshold.There are lots over things like removals and storage but there are some rough Figures.We up sized from 2 to a 3 bed and moved to a nicer area with outstanding schools for the girls ready for high school . Best thing we ever did


Brilliant, thanks for the breakdown of costs,It’s something to be prepared for. We’re just starting to do a few jobs to sell and things should start to move in the next couple of months. Thanks for your help.
ndyanem24/05/2020 14:10

Cost of moving 5k plus depending on price of new property North Wales is …Cost of moving 5k plus depending on price of new property North Wales is cheap and the market is dropping. I live in there too and the prices are silly low


Thanks, hopefully everything will start moving soon.
nicholasgatti24/05/2020 14:33

I work in the industry and would advise get an Agreement in Principle for …I work in the industry and would advise get an Agreement in Principle for a mortgage first so that you know what you can do. Don’t pay anyone any fees re the mortgage until you’ve found the house though. Solicitors costs will vary but a sale and purchase will normally cost you between £2k to £4k depending on who you use. Estate agency fees to sell will likely be around 1% plus vat. Obviously you’ll need a deposit too for the mortgage but I imagine you will be using equity in your property for that? Only other thing will be mortgage related costs but these will vary again depending on what deal you go for; could cost nothing but could be a couple of grand again.


Thanks, great information so much to think of and it’s not something I’ve done for a long time.
always best to get a mortgage agreed in principle then you can see how much you have to spend. get estate agents to come round to value your property as well so you can see how much money we are talking about that is extra from selling your house that you need.

if the numbers don't stack up and it is not affordable then there is no point in looking any further.
Get valuations on your home to determine how much equity you have. (I recommend getting 3 because some estate agents can tell you that you house is worth £400,000 when the local rate for your property is £300,00 - they do this to lure you in because you think they will be able to sell at that price. Once they have your custom and your house has been on the market for a few months, then they will advise you to drop the price.)

I would also recommend that you look on rightmove for properties in your area and look at the current asking price for similar properties. (The website also has data on what similar properties sold for in your area. mouseprice can also give you information on sold prices)

mortgage rates are really low at the moment but there is the possibility of inflation causing rises in interest rates due to corona recession.

A five or 10 year fixed rate would be worthwhile considering.

You can also release equity from your home to improve your new home / pay moving fees etc
For example, if you are going to buy a £400,000 house and you have £200,000 equity in your home, instinctively you may think that you need a £200,000 mortgage. However, you could get a £250,000 mortgage and you will then have £50,000 to do home improvements / build extension etc. - A good mortgage broker could advise on this but moneysupermarket & other websites could give you some idea of what mortgages you could get and what the monthly costs would be.
- Often there is no such thing as your dream home on the property market, but with some money to do improvements, you could make another house your dream home.
Helpful56724/05/2020 17:05

Get valuations on your home to determine how much equity you have. (I …Get valuations on your home to determine how much equity you have. (I recommend getting 3 because some estate agents can tell you that you house is worth £400,000 when the local rate for your property is £300,00 - they do this to lure you in because you think they will be able to sell at that price. Once they have your custom and your house has been on the market for a few months, then they will advise you to drop the price.)I would also recommend that you look on rightmove for properties in your area and look at the current asking price for similar properties. (The website also has data on what similar properties sold for in your area. mouseprice can also give you information on sold prices)mortgage rates are really low at the moment but there is the possibility of inflation causing rises in interest rates due to corona recession. A five or 10 year fixed rate would be worthwhile considering.You can also release equity from your home to improve your new home / pay moving fees etcFor example, if you are going to buy a £400,000 house and you have £200,000 equity in your home, instinctively you may think that you need a £200,000 mortgage. However, you could get a £250,000 mortgage and you will then have £50,000 to do home improvements / build extension etc. - A good mortgage broker could advise on this but moneysupermarket & other websites could give you some idea of what mortgages you could get and what the monthly costs would be.- Often there is no such thing as your dream home on the property market, but with some money to do improvements, you could make another house your dream home.


Thank you, things I hadn’t thought about there. Appreciate it
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