I rank reasonably well for all the search terms I want to, but feel I could push it up a notch by a TLD change.
I don't target 'UK' as a keyword but I have noticed a difference in google.co.uk and google.com results for phases like 'widgets in essex'.
Other than ensuring a correct 301 redirect should I be aware of any potential pit falls?
As mentioned above, it is important to determine whether your UK webhost is indeed hosting your sites in the UK. 1&1 UK, for example, use servers based in Germany.