Extend or move?

In March 2018, the BBC reported (based on research undertaken by Savills, the global estate agent) that there has been a significant reduction in the number of times a home owner moves house in their lifetime.

Prior to 2008, home owners moved on average 3.6 times in their lifetime after their first purchase, but now it is down to 1.8 times, a massive 50% reduction.

Edwina Ashworth, Director of Property Specialists Kirkham Legal, comments, “These figures may not be indicative of the overall property market, as there will be regional variations, but it does show a trend, which is likely to be based upon a number of factors, such as the amount of Stamp Duty payable on a new purchase, the high prices of alternative housing, and the current low interest rates which make remortgaging your current house particularly affordable, so that taking out further borrowing to undertake a big project such as an extension is not prohibitive. Indeed, we at Kirkham Legal always advise our clients to keep their mortgages under review (whether they are seeking further funds or not) as savings can often be achieved by remortgaging with a new lender, especially when the original fixed term has expired. However, appropriate research or advice should be taken first, so as to factor in the arrangement fees and legal costs of the transaction.”

If you are intending to remortgage and need legal advice, then please do not hesitate to contact us on 0161 393 2299.