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Lloyds Bank has published a report which has identified the issues facing “second-steppers” – those looking to move to their next home – and they are predominantly financial.
Their July 2018 report found that, on average, a second-stepper needs £25,450 from friends and relatives to make their next move.
Fifty-eight per cent of those surveyed said that they wouldn't have been able to make the move at all, were it not for the financial support of those closest to them.
Furthermore, TotallyMoney has conducted research into what the real cost of buying a house is. The obvious consideration for many is the deposit, but homebuyers often fail to consider other costs – such as mortgage fees, legal fees, stamp duty land tax and any home renovations required. The total average cost of moving house, TotallyMoney advises, is around £38,000.
Buying a house can come with financial obstacles. Our Residential Property solicitors at Myerson can help you with any arrangements you have made with friends of family offering financial support. Whether they are giving money to you or lending it, we can prepare the necessary documentation to ensure that all parties’ interests are protected for when you take that next step – whether you are a first-time buyer or someone looking for your next home.