Hi, I'm seriously considering downsizing my property to become almost mortgage free. The price I hope to sell my property for is around £300k and to buy a flat for £140k. Can anyone advise of the likely costs involved in this? How much are solicitors fees, surveys, hidden costs etc.

Many thanks for your help

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Estate agents will charge around !% plus advertising. Solicitors vary, I would be inclined to ring round because some of them do a fixed cost - they will also advise you of the cost of surveys that they need doing. The mortgage people will also tell you the cost of homebuyers surveys etc.

Budget on about £7k altogether.

£3k estate agents, £1,400 stamp duty....£600 removals, £1k solicitors fees for buying and selling..including searches etc = £6k altogether. And it always costs you more than you think, so don't expect much change from £7k.

Many thanks, I didn't realise moving is so expensive.

Don't forget if you are downsizing in house size as well as in price you will probably have excess furniture that wont fit into the new place...that you might be able to sell to recoup some costs!

you are forgetting mortgage and survey costs. arrangement fees, VAT etc