Are you looking to sell your house? Wondering what the costs and fees of selling your property might be? As with most things in life, the answers to there questions can be pretty vague and vary wildly depending on your circumstance. This can be particularly frustrating if you need to sell a house quickly. Just as your options for remortgaging will vary wildly depending on your circumstance; the costs involved in selling a house UK are no different. With that in mind let’s go through some costs you’ll most likely run into when selling your home with a traditional house sale, and what your alternatives might be.
Estate Agent Fees
The average house price in the UK is now £219,000. Your high street estate agent charges 2 per cent of the sale price in fees. This means you’ll end up paying them anything upwards of £4,380 for an average sale! Fees vary more for online estate agents, however you should be wary of those offering a fixed fee with no guarantee of sale.
Depending on the type on mortgage you’ve got, the cost of selling will vary. There will be a differing set of fees you’re liable to pay. It’s always best to check with your lender for your exact figures, however on average you’d be looking at:
- Mortgage exit fee (MEAF) : £50-£300 typical
- Early repayment charges : 1-5% loan amount is typical
This means if you have a £100k mortgage you could be looking at as much as £5300 in mortgage fees alone!
You’re typically looking at between £500 to £2000 for these. However, solicitor fees can vary wildly. You also don’t want to get caught paying for a solicitor that isn’t on your mortgage broker’s approved list!
Energy performance certificates (EPC)
These are fairly simple to acquire and will only costs you around £50-£150+VAT. They are mandatory for anyone selling a property in the UK. These are used to show the energy efficiency of your property.
Costs involved in selling a house UK
We’ve now listed some of the costs involved in a traditional house sale. In doing so we ran up costs that could go well above £10,000. And that’s without listing things like:
- Hiring removal firms / van and removal costs
- Capital Gains Tax
- Stamp Duty
- Preparing your house for a sale
If you want any more information, or you’re curious how much your house is worth right now without going through these costly set backs, contact us today. We can help you with all sides of buying and selling property. We make buying a property from you easy with our 3 step program, contact us today to find out more.