The average cost of moving home has rocketed to £9,331 in the past year, figures show, with legal fees and stamp duty unsurprisingly the largest part of that. Estate agent, surveyor, land registry and EPC costs will set the typical house buyer back £7,641 - but there's an additional £1,690 eaten up by unexpected fees that could force many into the red. Stamp duty can equally cause a financial headache for those looking to move. On top of this, building insurance costs can amount to £107 and a survey although not a legal requirement but recommended will set you back a further £550. An energy performance certificate is a legal requirement, however, which adds an additional £90 on average.
Five million pension savers could be susceptible to the common tactics used by scammers to steal retirement savings, research suggests. Two-fifths (42%) of 45 to 65-year-olds with a pension could end up putting themselves at risk, according to a survey released by the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). Presented with six scam scenarios, they said they would act in one or more ways which could potentially leave them exposed to fraud. This could equate to five million people being susceptible to pension scams if the survey findings were projected across the UK.
Fund manager Neil Woodford will keep his flagship £3.7bn fund frozen for at least another month, leaving thousands of investors without access to their money. Mr Woodford, one of Britain's best known money managers, released a video - the second since the Woodford Equity Income Fund was suspended on 3 June - in which he said there was "no prescribed time limit" on how long it could cease trading for.
Hundreds of thousands of drawdown investors are unaware they can change or stop their withdrawals, according to new research for Zurich. Half (52%) of all over-55s taking an income in drawdown do not know they can reduce their withdrawals, and more than half (56%) are unaware they can stop them – despite income flexibility being a defining feature of the product.
For English tenancies, The Tenant Fees Act comes into force from 1 June 2019. This will make it illegal for landlords and letting agents to charge certain fees in connection with a tenancy. The only payments that can be charged are rent, a refundable tenancy deposit, a refundable holding deposit, payments to change a tenancy and those associated with early termination of a tenancy (both when requested by the tenant), payments for certain utilities and services and default fees for late payment of rent and replacement of lost keys.