If you are looking to sell property, you should be able to get a good price for it with the right buyer – and with the proper assistance and guidance, of course.
But selling your home, even for a reasonable price, can also come with some expenses as well. What you should know, for instance, is that when you sell your home, you will have to deal with various fees which include remortgaging fees, conveyancing fees, estate agent fees, and so on.
Additionally, you have to deal with the cost of removals as well, and this is a factor that not many property owners take into consideration. So, what should you expect when you sell your home? How much should you pay? Here’s your essential guide to home seller fees in the UK.
Most of the existing mortgage deals today are portable, which means that a homeowner can transfer the mortgage from the original property for which they borrowed to the new home they have.
But you may also want to consider remortgaging, which can help you save money in the long run. Be aware, however, that remortgaging can involve charges for early repayment on your current loan as well as product fees and arrangement fees for your new mortgage deal. To work out the best solution for your needs, speak to an expert.
Fees for the estate agent
Another fee you have to contend with when you sell your home is the fee of the estate agent. The charges can vary depending on the agent and will be different based on the kind of agreement you have, but the usual fee of a High Street estate agent is around 1.3%, including VAT. If this fee is too much, you can always go for an online estate agent, which offers cheaper rates and fixed fees ranging from £400 to £1000.
If you want a better deal, most online estate agents now offer packages at a fixed price and ‘No Sale No Fee’ guarantees. You can also choose a full package service from online estate agents complete with professional photos and floor plans as well as virtual tours, arrangements for full viewing, listings on Prime location, Rightmove, and Zoopla, and even dedicated negotiators.
Fees for conveyancing
You will need to hire a solicitor to handle the legal responsibilities of selling your home. They can charge you a fixed or flat rate or they can charge you a percentage of your property’s value. For this kind of service, expect to shell out anywhere from £500 to £1500, depending on the complexity of the transaction.
Expenses for EPCs (Energy Performance Certificates)
Home sellers will also have to provide prospective buyers with an EPC for their property. The EPC or Energy Performance Certificate will provide information regarding the property’s energy efficiency with a rating from A (most efficient) to G (least efficient). The EPC is carried out by an accredited energy assessor, and although you can have one arranged by your estate agent, it is often cheaper if you arrange it yourself. The fee for this is from £50 to £120, but the validity lasts for a decade.