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TODAY'S OTHER NEWS

Conveyancing and mortgage fees blamed for extra moving costs

A survey says many people under-estimate the costs of moving with conveyancing and mortgage fees often higher than expected.

Some 54 per cent of those questioned in the Comparethemarket study found the process of moving home more expensive than they initially thought.

The survey found that in total moving costs can now add up to £9,500 - although it’s currently less thanks to the temporary stamp duty holiday. 

Excluding SDLT, the deposit and estate agency fees, the top five biggest costs for homemovers were conveyancing fees, buying new furniture, mortgage fees, professional removals and decorating or improving the previous property before moving. 

Forty two per cent of homeowners also stumble upon unexpected costs and charges when moving homewith the average amount spent totalling nearly £1,500. 

Mortgage product fees, conveyancing charges and moving home supplies - materials and food covering the move - are the top three factors that homemovers had not fully accounted for. 

To cover these surprise costs, over half had to dip into their own savings and an additional one quarter relied on a credit card.

Meanwhile the same survey has revealed the average distance moved by homemovers is over 20 kilometres.. 

But a fifth only move between one to five kilometres away from their old home, and another fifth move between six and 10 kilometres away.

  • Rob Hailstone

    Conveyancing fees/charges. Do they include the required extras, searches, ID/AML, Management Company pack etc?

  • Stephen Hayter

    “And over half had to dip into their own savings” - well I’m not sure who else is going to pay the costs of moving.

    Matthew Payne

    Love that word, savings. If you move the money from your current account into one marked savings, it then becomes morally unacceptable to force someone to have to move it back again and then spend it to cover the cost of living irrespective of the sums involved.

    Of course businesses were going to take advantage of the stamp duty holiday and put their fees up where they could. What else would you do with tens of thousands of time pressured lemmings hurtling towards you needing your services?

     
  • Samantha Sullivan

    We see more online auctions, 'modern method of auctions' who charge buyers an extortionate premium, the minimum is £4800, I've not seen anyone do it cheaper than that yet. Who is is the winner here? Auction company and agent earning more, buyer lowering their offer, having less deposit to put in and seller achieving less than going to the open market at the right price to sell for the best price.
    It's quite an eye opener really.

  • John Ahmed

    Nonsense.
    Most fees for buying simply cover the cost of whatever work... Especially the conveyancing!! .
    It is a obviously a general survey angled at getting quotes via compare the market.
    Buying any property has fees associated, what do people expect? getting the work for free? Buying anything has fees! Agency's Brokers and EVERYONE would do well to set buyers expectations... Unless you are a compare the market of course..not sure there's any spoken advice there!.. its all about price not service.
    Don't get me started!

  • Rob Hailstone

    Looks like we have already John:)

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