Out of all the purchases you make in your life, your home is likely to be the most expensive, but it’s not just the price of the property you need to take into account. When you purchase a new home in Northampton, you’ll have fees and other costs associated with the move to take into consideration. Make sure you budget well so that you don’t end up with any surprises!
If you are looking to buy a property in Northampton, do make sure you take into account all the associated fees with your purchase. To help you, Horts has created this handy guide to the most common house moving fees.
Fees to Consider
1. Stamp Duty
Currently, stamp duty is payable only when you buy a home that costs over £250,000, although if you’re a first-time buyer, you won’t pay stamp duty on the first £425,000 and you'll pay only 5% on the portion from £425,001 up to £625,000. There is no relief for first time buyers on purchases over £625,000.
The rate of stamp duty increases as a percentage depending on how expensive your home is, so if it’s under £250k, it’s zero. The next £675,000 (the portion from £250,001 to £925,000) is at 5%. The next £575,000 (the portion from £925,001 to £1.5 million is 10% and finally, the portion above £1.5 million is at 12%.*
There are also higher rates payable for people with second or buy-to-let homes. You’ll usually pay 5% on top of the usual stamp duty rates if buying a new residential property means you’ll own more than one.*
Stamp duty needs to be paid to the HMRC within 14 days of completing the process of buying a home, and your solicitor will usually deal with this, so make sure you’ve budgeted for it. You can read more about Stamp Duty Fees here.
*Correct at time of writing. These thresholds will change in March 2025.
2. Surveyors Fees
When you buy a house, a survey is essential, as it ensures you don’t buy a place that’s full of problems. In some cases, your mortgage lender will require you to instruct a survey, which could be a basic survey costing £250, through to a structural survey, which can cost from £500 to £1,300 depending on the condition of the property. Compare survey costs here. We recommend sellers and buyers use conveyancers from our approved panel. We are not connected to any of the firms, and we do not hold any interest in their companies.
3. Solicitors Fees
Whilst you can attempt to do your own conveyancing, it’s one of those things that is not recommended as it involves a lot of legal terms, and if something goes wrong, you have very little comeback. Therefore, you should budget for conveyancing fees, which can vary from hundreds to a few thousand pounds depending on whether you are buying, selling or combining both!
Do you need a solicitor to buy a house? Find out here.
4. Mortgage Costs
There are a number of costs you need to budget for when it comes to your mortgage.
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Deposit: This is usually the most costly part of moving. You’ll need to put down a deposit of between 5% and 20% of the property price. If you’re already a homeowner, then the deposit is usually paid out of the equity in your current home.
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Valuation fee: Some lenders will charge you a valuation fee so they can work out how much they’re willing to lend and some banks will waive this fee.
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Transfer fee: Many mortgage providers add a fee of around £40-50 to transfer the money to your solicitor for the property purchase.
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Arrangement fees: These are the fees charged to set up a mortgage, and they can range from a few hundred to a few thousand pounds. In some cases, you can find mortgages with no arrangement fee, and some lenders will give you the option to add the fee to the overall cost of the mortgage. Keep in mind that if you add the fees to your mortgage, you’re likely to pay more overall due to interest on the combined figure.
It’s worth shopping around when it comes to mortgages, and consider using a broker, as fees can vary and you’ll want to secure the best deal. We recommend sellers and buyers arrange their mortgage through our recommended panel. We are not connected to any of the firms, and we do not hold any interest in their companies.
5. Removal Costs
It’s worth getting some quotes and not just choosing the cheapest removal company but the one that has the best reputation and offers the best value for money. Some removal firms offer extras such as boxes and packing, which can be helpful when you’re busy dealing with all the other paperwork and stress!
Some people choose to hire a van and do the move themselves, but anyone who has done this will no doubt tell you it's not always ideal. On the day of completion, you’ll be busy dealing with solicitor calls and trying to get the keys to your new home, so you won’t want to have the responsibility of loading up the van and unloading at the other end! Often it's best to leave it to the professionals.
Read 7 Packing Tips for Moving Home here!
6. Repairs and Decorating
Even if your new home appears perfect when you move in, there are bound to be a few things that might need to be fixed, and of course, you'll probably want to redecorate, so it's a good idea to budget for this. We've got some decorating ideas for your new home right here!
Get Ahead of Maintenance Costs and Legal Fees
Moving home can come with a lot of fees, not to mention paperwork, but once you’re comfortably settled in your new home in Northampton, you’ll realise that it was worth all of the stress.
For a wide range of properties for sale in Northampton, contact our friendly team of estate agents at Horts on 01604 639933 and speak with us today about your next home.
In the meantime, we've answered some of your most frequently asked questions about moving house fees.
Budgeting for House Fees
What are the upfront costs associated with buying a house?
Upfront costs include a deposit (usually 5-20% of the purchase price), stamp duty (tax on the property purchase), solicitor fees, and mortgage fees.
Do I need to pay council tax and/or ground rent on top of my mortgage?
Yes, you'll need to pay council tax (local authority charge) and potentially ground rent (annual fee paid to the freeholder if it's a leasehold property) on top of your mortgage repayments.
How much does it cost to move house?
Costs vary depending on distance and the size of your home. Consider removal fees, packing materials, and potential temporary storage costs.
Should I use a mortgage broker to buy a house?
A mortgage broker can help you find the best mortgage deal with lower fees and interest rates, saving you money in the long run.
