Some of the Common Fees for Selling a House
Selling a house can be a daunting process and there is a lot to take into account including the costs involved. When it comes to selling a house there are a number of common fees that you have to take into consideration. The fees when selling a house can vary based on a number of factors, such as whether you use an estate agent and if so which one, the solicitor you use, the value of your property, and a number of other factors.
By familiarising yourself with some of the more common house selling fees you will have a better idea of what to expect when it comes to making your house sale.
Fees that you need to consider
Depending on the method through which you sell your home, there are various fees that need to be taken into consideration. Some of the more common ones that you may come across if you are selling through the traditional means of an estate agent include:
- Estate agency fees: The standard estate agent fees for selling a house tend to be based on commission for the average house seller. Many tend to charge around two or three percent of the property value. This means that the exact estate agency fees for selling a house will vary based on the value of your property as well as on the level of commission that the estate agency charges.
- Solicitor fees: Another cost you need to consider is the legal fees for selling a house, which again can vary based on a range of factors. This includes the solicitor or conveyancing company you choose to assist with your sale, the value of your property, how complex the sales transaction is, and a number of other factors.
- Charges for early repayment: If you currently have a fixed or discounted variable rate mortgage, you may have to pay a charge for early repayment. As with the other charges this charge can vary and it is worked out as a percentage of the outstanding loan amount.
- EPC: You will also need to obtain an EPC (Energy Performance Certificate) before your property is even marketed. This is something that your estate agent will generally arrange on your behalf for the appropriate fee, which is a little over £100.
- Advertising costs: While estate agents generally include all of their marketing and advertising costs within the commission, there may be instances where you want additional advertising, which you may then have to cover the cost of. You should speak to your estate agent to get an idea of their overall fees for selling a house.
- Capital Gains Tax: If the house you are selling is your main residence then this will not apply. However, if you are selling a house that is not your main property then you may be liable for the payment of Capital Gains Tax.
If you plan to sell your property to a cash buyer you may find that the costs vary a little compared to estate agency transactions. For example, some cash buyers will want you to pay for a surveyor’s valuation on your property, which can cost several hundred pounds. On the other hand, other cash buyers will not require you to do this and where necessary will foot the bill themselves. Similarly, you will find that some cash buyers are happy to cover the legal costs associated with the sale of your property. Generally, you can avoid some of the key costs of selling your house by going through a cash buyer such as the estate agents commission and the legal costs if the cash buyer is prepared to cover the latter. You will also avoid any costs associated with additional advertising.
If you do decide to use an estate agent and cover your own legal fees, it is important to remember that the cost of the services offered by these professionals can vary from one provider to another. This is why it is well worth comparing different providers so that you can look for the best deals in terms of the fees and rates of commission charged when you are selling your house.
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