We want to sell our current house and buy another one. Realistically how much money will we need for stamp duty, legal fees, estate agents fees etc? (Obviousy excluding the cost of the house itself)
2007-10-10 20:55:19 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Stamp duty depends on the value of the house you're buying. See the link. Note the big jump from 1% to 3% when you cross the £250k threshold - and bear in mind that the percentage applies to the whole of the value, not just the value by which you exceed the threshold. For instance, stamp duty for a house at £249k would be £2,490 (1%) whereas if the value is £251k, stamp duty would be £7,530. So a difference of £2,000 in value accounts for a difference of £5,040 in stamp duty.
Legal fees vary from solicitor to solicitor. Some solicitors even cap their fees at a certain amount (ours charged 1% and capped theirs at £1,000), whilst some purely take a percentage based on the value of the property bought.
Selling agents fees aren't usually that much - again it depends on the type of property being sold, and the area. Ours amounted to about £300-400 to sell a 1 bedroom flat in Edinburgh.
The larger cost is usually the stamp duty. I seriously think that the stamp duty thresholds should be revised, seeing how in some cities a £250k house/flat isn't exactly a luxury but the average. In Edinburgh, you'd struggle to find a 2 bedroom flat in a good location for less than £250k.
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Don't forget to factor in the cost of the actual move - removals company/van or truck hire, etc.
2007-10-10 20:59:01 · answer #1 · answered by k² 6 · 1⤊ 0⤋
Realistically, as you put it - Stamp Duty depends on whether you need to pay it - some houses are exempt aome aren't (Value of house applies_ - Legal fees - depends on which solicitor you use - some charge more some charge less - Estate Agent Fees - same as solicitor - depends who you use and what their terms are.
Bascially - A LOT
2007-10-10 20:59:34 · answer #2 · answered by jamand 7 · 0⤊ 0⤋
Since most of those things vary based upon the prices of the homes, there's no way to say for sure. All in, you're looking at 8% to 10% of the price of each property to cover all fees and costs.
2007-10-10 23:05:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋