Purchasing a new home is the greatest expense most people will face in their lifetime. When considering the true cost of buying a house in Nottingham the following should be considered: Stamp Duty Land Tax, legal fees, estate agent fees, mortgage arrangement fees (in applicable situations), removals and surveys. Some people have even claimed that the costs involved in moving depress house sales as a whole.

[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Stamp Duty Land Tax

Stamp Duty Land Tax is usually payable by the buyer of a property as a certain percentage of the asked purchase price. The calculation used in defining amount of the Stamp Duty Land Tax is simple percentage which is above certain thresholds and as such it increases on the whole purchase
price. In other words, the tax on a purchase amount of £250,001 is 3% which is £7500.03, but the tax calculation far a purchase of the total
£250,000 is 1% in the amount of £2500.

Some of the people claim that SDLT distorts or depresses the whole housing market due the its natural sharp increases, which happen above certain thresholds. This is sometimes referred to as the “slab” system. Some campaigners, like Taxpayers Alliance and Stamp Duty Reform UK joined forces and argued for a progressive tax; a kind of house moving tax that should be based on additional tax bands.True Cost of Moving in the United Kingdom

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Purchase price of property

  • 0 – £125,000
  • £125,001 to £250,000
  • £250,001 to £925,000
  • £925,001 to £1,500,000
  • Over £1,500,000

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Rate of SDLT

  • 0%
  • 2%
  • 5%
  • 10%
  • 12%

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Legal Fees

Legal or fees also known as conveyancing fees are reported to vary greatly in the UK according to the value of the property itself and also with the service cost provided. In some cases, the most trustworthy reports are showing that the legal fees for the UK market range from £250 to £1300.
These costs are also even bigger if someone is both buying and selling the market.

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Estate Agent Fees

Although these reports also have large discrepancies in 2011, United Kingdom’s Which? magazine discovered that the national average estate agents fees are suspected to be 1.8%,although in most cases these fees vary widely.

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Mortgage Arrangement Fees

When it comes to mortgage arrangement fees for the United Kingdom house market then it is hard to make an estimate based solely on presumption of the house value and other factors. However, some of the recent sources states that the average mortgage arrangement fee to be close to the amount of £1522.

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[icon icon=”info” size=”small” style=”simple” shape=”inherit” text_color=”#000000″ bg_color=”#f48a00″]Removals and Surveys

In the case of removals and surveys it is hard to predict the general cost but some estimates can be made if calculations are based on the subject of quantity of furniture and other possessions in accordance to traveling distance. Most likely these cost will range anywhere from £500 for a short distance move (two-bed house), or even over several thousand pounds for a long distance move for a larger house. Usual house removal costs are somewhere in the range from around £100 up to £1000. For expensive or very large properties this cost might be even higher.

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Are You Moving House In Nottingham?

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