Currently, stamp duty in Wales is payable when you buy a home that costs over £250,000.
You pay the tax when you:
The rate of stamp duty increases as a percentage depending on how expensive your home is, so if it’s under £250k it’s 0%, £250,001 to £400,000 is at 5%, £400,001 to £750,000 is 7.5%. From £750,001 to £1,500,000 is set currently at 10% and anything beyond at 12%. There are also higher rates payable for people with second or buy to let homes. Stamp duty needs to be paid to the HMRC within 14 days of completing the process of buying a home, and your solicitor will usually deal with this, so make sure you’ve budgeted for it.
When you buy a house, a survey is essential, as it ensures you don’t buy a place that’s full of problems. In some cases, your mortgage lender will require you to instruct a survey, which could be a basic survey costing £250, through to a structural survey which can cost from £500 to £1,300 depending on the condition of the property.
Whilst you can attempt to do your own conveyancing, it’s one of those things that isn’t recommended as it’s very tedious, involves a lot of legal terms, and if something goes wrong, you have very little comeback. Therefore, you should budget for conveyancing fees, which can vary from hundreds to a few thousand pounds depending on whether you are buying and selling or one or the other.
There are a number of costs you need to budget for when it comes to your mortgage.
It’s definitely worth shopping around when it comes to mortgages, and considering using a broker, as fees can vary and you’ll want to secure the best deal.
It’s worth getting some quotes and choosing not just the cheapest removal company, but the one that has the best reputation and offers best value for money. Some removal firms offer extras such as boxes and packing, which can be helpful when you’re busy dealing with all the other paperwork and stress!
Some people choose to hire a van and do the move themselves, but anyone who has done this will no doubt tell you it’s not always ideal. On the day of completion, you’ll be busy dealing with solicitor calls and trying to get the keys to your new home, so you won’t want to have the responsibility of loading up the van and unloading at the other end! Leave it to the professionals.
Even if your new home appears perfect, when you move in, there are bound to be a few things that might need to be fixed and of course you’ll probably want to redecorate, so it’s a good idea to budget for this.
Moving home can come with a lot of fees, not to mention paperwork, but once you’re comfortably settled in your new home in Swansea, you’ll realise that it was worth all of the stress.