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There are many costs associated with selling and moving your house which you may not be aware of. Therefore, before you consider moving home, you should ensure you are in the right financial position to do so!
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Mortgage
Most importantly, it is important that you consider the direct financial cost of any purchase you make, and we urge you to speak immediately to a Financial Consultant. Although most banks and building societies offer this service, you should be aware that they are only permitted to discuss their own mortgages and insurances with you, and therefore are not able to offer the best advice in all circumstances.
We therefore strongly recommend that you speak to our financial consultant as soon as possible, either immediately or as soon as we have conducted your market appraisal. We would be very happy to ensure our consultant contacts you directly, in order to do so please give us a call on 01274 600400, or send us an e-mail and we will do the rest!
In addition to your mortgage, there are other costs to bear in mind:
HIP (Home Information Pack)
From August 2007 some properties are required to have a Home Information Pack prior to being placed 'On The Market'. As of the 1st October 2007, this includes all properties with three or more bedrooms whether freehold (houses, bungalows etc) or leasehold (flats, maisonettes etc). As property professionals we are able to organise the preparation of your Home Information Pack, for which there will be a cost. Like the Legal Fees, this will depend on the type of home you own.
Market Appraisal or Valuation Fees
Melvin Elgie do not make any charge for providing a Market Appraisal of your property, but you should remember that some estate agents do. This 'Valuation Fee' is only usually charged if you put your property on the market with them and subsequently fail to sell your home, possibly adding to your disappointment.
Previous Mortgage Costs
You may have to pay a redemption fee or other cost to your current mortgage company in order to pay off your mortgage. These fees will need to be confirmed, and once again we recommend you speak to a financial consultant before making any decision, not least because our independent professionals may be able to save you a lot of money!
Estate Agents Fees
While some agents continue to charge a percentage fee for the sale of your home, we have brought our charges in line with the Office of Fair Trading guidelines by charging a fixed fee depending on the sale price of your property. Don't worry - all agents are required to inform you of the pounds and pence their service will cost - so you can still compare our prices with theirs!
Advertising Fees
You also need to be aware that some agents charge extra for the advertising of your property, which depending on how many times they advertise it may add up to more than a pretty penny - check with them if their fees cover newspaper advertising and whether there may be additional costs. Our answer - Melvin Elgie include the cost of marketing your home in our fees - after all, it's what you are paying us to do - so there are no additional advertising costs!
Legal Fees
Any time you buy or sell a house you will incur certain fees for 'conveyancing' - the legal process of exchanging property for money. You need to be sure that your solicitor is the right person for the job, and we would recommend excellent solicitors and conveyancing professionals to act for you in any sale or purchase. Their fees would vary depending on whether you are buying, selling or both, and whether the properties you are dealing with are leasehold or freehold.
Buying Costs
Don't forget the additional costs if you are also buying a home - for more information on this see our Buyers Resources
Removals Companies
One of the final costs to be confirmed it that of physically moving all of your possessions from your old home to your new one. There are many removals companies who can take this burden from you, and offer anything from a basic 'pick up the boxes and drop them off' moving to a full packing and transportation service, and many different options in between.
Like choosing your estate agent, it is important to find someone you trust and get everything confirmed by them before you move! Most movers are happy to visit your home and give you a proposal based on whatever your needs are, but remember that the more they do for you, the greater the cost! Also - prices on Fridays and the weekend tend to be higher, so make sure you know how much you will be paying well in advance!
You can save on removals cost by doing it yourself, but remember the cost of hiring a van and buying (or even renting) packing boxes.
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