Issue 23Nov 2018

News Roundup

Money saving tips for when you're moving home 

According to comparison website My Big Move, moving home can leave you with a bill of up to £9,810, with estate agent fees and stamp duty totalling an average £7,088 combined. 


So how can you keep the cost down of an already stressful and time consuming process? 

You don't need a lawyer! A cheaper option is to use a licensed conveyancer instead. According to Gareth Richards, legal director of Convey Law, 'a licensed conveyancer is specialised, experienced and solely focused in property law'. 

Look out for incentives from housebuilders. If you're buying a newly built home, some developers offer incentives such as payment of or towards the deposit and/or legal fees. Some even offer flooring, turf or kitchen appliances for no extra cost. 

Sunday is the cheapest day to move. According to comparemymove.com, you can save around 21% on a move to a three bedroom house if you schedule it on a Sunday. Thursday is the most expensive time to move, 17% higher than the weekly average at around £1,012 for a three bedroom house.

DIY conveyancing. Although complicated and quite time consuming, some movers opt to do their own legal work. For this, however, it is recommended that a legal representative is appointed, to 'ensure they acquire the property free from any adverse matters, which may affect their ability to mortgage or sell the property in the future', says Gareth Richards. 

Adjust property price according to stamp duty bands. If your property is priced near a higher stamp duty threshold, lower the property price and compensate this loss by increasing the value of appliances and included goods in your home such as carpets, white goods and furniture. However, if you over-exaggerate the value of these included goods and appliances, the Inland Revenue may investigate and still ask for the stamp duty to be paid. Remember - fixtures and fittings such as light switches and the boiler should not be included in this instance. 

You don't have to have your buildings insurance with your mortgage provider. The Office of Fair Trading deems it unfair to be tied into such deals, so shop around and see what you can get! 

Beware of unexpected solicitor charges. Obtain a minimum of three quotes before selecting a solicitor, making sure there is a clear breakdown of what is included in the quote. You can also ask what charges there would be should the sale fall through 

You could skip the estate agent. Although estate agents are useful in negotiating on your behalf and getting you the best price on your property, you can opt to privately sell. This is best done in a market where homes are selling rapidly and, ideally, when you know of someone wanting to buy your home. You'd be responsible for your own marketing such as advertising on property portals and publications, so you may want to consider using a prominent site such as purplebricks.co.uk or yopa.co.uk. 

Do your own removals. It can seem tempting when budgeting to do this, but when time, stress, fuel and awkward shaped furniture are factored in - would you really want to risk it? Professional removers have professional experience in lifting, packing and transporting precious, heavy and bulky goods. If you're moving a small amount a very short distance it may be worth it, but for the majority of house moves you may want to leave it to professionals! 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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