The Costs Involved in Selling a Property
When selling a property, there are several costs involved. Below is an outline of the associated costs:
Estate agent’s fee
Fees can vary depending on the agent you work with, with average fees between 1-2% of the asking price of your property.
Energy Performance Certificate (EPC)
EPCs are a compulsory aspect of selling a home and can only be given by professionals. The assessment and certificate are usually priced anywhere between £60 to £120.
Removal/storage costs
When it comes to vacating your property, you may need to store your belongings elsewhere or hire a removal company to assist you in transferring your possessions between properties.
Property solicitors fee
These fees vary according to multiple factors. If you are buying a home as well as selling your previous one, hiring the same solicitor can help the transition and provide you with benefits. Some property solicitors charge clients an hourly fee whereas others will work on a flat fee.
Current lenders fee
If you already have a mortgage and now need a new one, terminating your old one may incur additional costs or repayment fees.
Rental costs
If you are selling the property you currently live in, a buyer may want to move in as soon as possible. If the buyer is unable to wait until you have found a new home, you may decide to rent property elsewhere.
Professional cleaning services
To help with the sale of your property, you may want to hire a professional cleaner before viewings go ahead.
Bridging loans
If you are in urgent need to move into a new property before the sale of your previous one, a bridging loan could help you cover the deposit whilst you wait for the proceeds of your sale. Bridging loans can help provide a short-term solution though the interest rate and other arrangement fees may be higher than what you currently pay on your mortgage.
Capital Gains Tax
If you are selling a property that you do not live in, you may be required to pay Capital Gains Tax.
At Chesworths, we don’t believe it’s fair to charge for advice. Instead, we charge a fee for arranging your mortgage. This fee is up to 0.5% of your mortgage amount with most fees around £499.
If you do not keep up payments on your home, it may be repossessed.
