A guide to moving house
Published: 1 October 2024
Great news – you’re moving house! It’s something to really get excited about. After all, it’s a chance to get on (or move up) the housing ladder and make a new house a home. But of course, a lot of planning is involved, and you’ll want to know what’s what before moving day!
How much does it cost to move house?
Much like the amount of money you need to buy a house, it’s hard to say the exact cost of moving to a new home. Every move is different when it comes to cost, but the average cost of moving house in 2024 is roughly £10,255, according to HomeOwners Alliance. This is based on an average house price in the UK (£292,000).
This cost of moving house includes things like:
• Deposit – how much you’re putting down for your new home
• Mortgage fees – such as an arrangement fee
• Survey costs – this varies depending on the type of survey you get
• Stamp Duty – this depends on the price of your new property
• Conveyancing or solicitor’s fees – costs vary across conveyancers
How long does it take to move house?
The time it takes to move house can depend on different factors. For example, if there isn’t a chain – which is the number of property transactions linked between buyers and sellers, the moving process might be quicker.
Who to inform when you’re moving house
As well as letting friends and family know the address of your new place, you’ll need to tell your:
• Workplace – to redirect any paperwork for paper payslips, pension forms, etc
• Doctors and dental practices – as you’ll likely change practices when moving to a new home, in a new area
• Bank and or building society – to redirect private savings or mortgage paperwork
• Insurance and pension companies – to transfer your address
• Credit card companies – for paperwork etc
• Local council and electoral roll – to update information for your next polling card
• The DVLA - to update your address on your driver’s licence
• TV Licensing – to update bills.
You can also pay to move your mail with you to your new address, using Royal Mail’s Redirection service.
What to change when moving house
When moving house, you’ll need to let people know about your change of address to keep everything nice and organised (and sometimes for legal reasons too).
When you move home make sure you update your address for your:
• Bills - for mobile phone/finance contracts, energy and gas, as well as home/car/health/life insurance
• Council tax
• Driving licence
• Credit or debit cards
And remember, this is just a rough list of what to change – after all, everyone’s personal finances are different!
The best day to move house is…
Many people believe Friday is the most popular day to move (unless it’s Friday 13th and you’re worried it might bring you bad luck!).
But if everyone’s thinking the same thing, this means removal companies might be busier on this day, so it could cost more. That’s why moving house on a less popular day, like a Thursday, could be a great choice when planning your move.
If you already have a mortgage, you need to think about this when moving to a new property. These are the options that are available to you:
1. Porting a mortgage
When moving, you can transfer your mortgage deal to your new property, which is otherwise referred to as “porting” your mortgage. Porting your mortgage is the process of taking your existing mortgage product to your new home, but it’s technically a new mortgage deal.
This means you’ll keep the existing mortgage rate/deal for that amount. Although it’s worth mentioning that not every lender will offer this on all mortgage products. But when they do, this option can be great - especially if you have a low interest rate on that product.
If your new home costs more than your old one, you’ll have to get a new mortgage for the extra amount – but you can still use the same lender you’re currently with. You’ll just need to check with your current mortgage provider that your mortgage is ‘portable’ beforehand.
2. Borrow more money
If you’re moving to a more expensive property, this might mean your mortgage payments are higher, so you need to borrow more money. But this will just depend on the interest rate and how much you need to borrow. There are two options to consider:
Pay off your existing mortgage and apply for a new one - This should be considered if you’re unable to port your mortgage (or looking for a better deal).
Port your mortgage and increase your loan amount- If you can port your mortgage, you can just transfer it to your new property while applying for another loan to cover the difference.
And if you do need to borrow more, use our mortgage calculator to get a clearer idea on your potential options!
This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide. We recommend that you seek independent legal advice and/or financial advice if you have any questions or queries.
