We all know that buying a property is an expensive venture, but selling your property can also add up to be very expensive. Selling a house can incur a number of hidden fees that you might not have considered before. To make sure that you’re not surprised by any additional expenses that come your way, we’ve compiled a list of the fees incurred when selling a house. So you can get ahead of the cost of selling your home.
Conveyancing fees vary depending on whether you are being charged on an hourly basis or a fixed fee. In most cases, however, your conveyancing fee will be directly linked to the value of your property. Meaning it can cost from £500-£1,500. To avoid hidden ‘extras’ (such as postage, PI contribution, dealing with your lender and filling out the Stamp Duty Tax return) make sure that your quote is itemised. Any ‘extras’ should be included in your solicitor or licenced conveyance firm’s basic free and should be viewed as business overhead. Make sure that you read the small print and put time aside to compare quotes.
Early repayment charges
Unless you move your mortgage to a new property (porting) or you have already paid off your mortgage, you may need to pay an early repayment charge. The cost of this early repayment charge will depend on your remaining balance. Check that you have the ability to pay your mortgage before your house goes on the market.
Estate agent fees
If you’re selling your home via high street estate agents or online agents, the fees that you will incur will vary widely depending on the type of contract you have agreed to. The average cost of high street estate agent fees is estimated to be between 1.5% and 1.8%. This means a house price of £220,000 would incur fees of over £3,000. An online estate agent will generally be cheaper than one from the high street. It’s worth noting that a number of estate agents will also exclude VAT costs in their initial quote. So it’s important to carefully read the entirety of your contract to look for any hidden costs.
Removal costs will vary depending on how far you need to move and how many belongings you have. Some removal firms will offer discounts on bookings that are made in advance on Mondays-Thursdays. Always compare prices before committing to a removals company.
Energy Performance Certificate
One of the last definite fees incurred when selling a house. Before you sell your home, you are legally required to possess an Energy Performance Certificate, which can cost from £60-£120. This certificate rates homes on their energy efficiency and recommends methods to improve your property’s energy efficiency and reduce the associated costs.
Fees incurred when selling a house
If you’re struggling to find property buyers and are looking to sell your house online, get in touch with our team at UK Property Cash Buyers. We can offer you a free, no-obligation sale price valuation on your property without charging any hidden fees.