publication date: Oct 6, 2010
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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Cost of Selling a House
If you are planning to sell your home, it is important to understand the cost of selling house before you go ahead.
The good news is most of the costs when selling your home come at the end of your move, unlike buying when many come at the start!
Cost of Selling a House List
We’ve listed the costs of selling a house in the order that you are likely to pay for them. The selling costs we have quoted don’t include VAT and some companies include it on their costs, others don’t so when comparing the cost of selling a house, make sure VAT is included.
Legal Costs
These can vary from around £400 for a property under £100,000 to over £1,000 for a property worth in excess of £500,000.
Money Transfer
This is a cost of transferring monies from the buyer’s account to yours/your mortgage lender/solicitors account is usually around £35.
Office Copy Entries
This is a charge for copies of required legal paperwork, such as the plans of your property registered with the Land Registry. It is usually around £12.
Estate Agent's Fee
This is the amount that you will owe an estate agent if you used them to sell your home. It is normally 1-2% of the amount you sell your home for. In some cases, if it is an expensive home, it can be up to 4%.
Removals
A man with a van would typically cost from £100 upwards depending on how much and how far you are moving. For a full removals service which includes packing, you are likely to pay up to £1,000 for a standard home, or more for four bedrooms plus and long distances.
Other costs you might incur include:-
Leasehold Charge
If you are selling a flat or property that has a leasehold document, you may well be charged an additional amount on top of your legal fees, this is normally around £100.
Early Redemption Mortgage Payment
This is not charged as much as it used to be. Some mortgage lenders though require you to pay a number of months of your current mortgage payments (for example three to six months) or they might ask for a fixed sum. It can add up to thousands of pounds, so double check with your lender what charges they will make and when they will want the money for redeeming your mortgage early.
It might be worth trying to negotiate on this fee if you are in difficult circumstances or you might be able to avoid it if you ‘take’ your current mortgage to the new property you are buying.
Buyers Charges
In most property sale/buying contracts there is normally a charge against you if you do not leave the property clean and tidy or if you damage the property while moving out. Make sure you know what this is.
If you are thinking of selling a home, check out the costs via our Sellers Pack, or sign up for our FREE Sellers Checklist! If you need to talk to us about your property sale, especially if you require a quick sale, email enquiries@designsonproperty.co.uk or call 0845 838 1763.
