Crosswords0 min ago
How much does it cost to sell a house
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Can anyone tell me how much it costs to sell a home. When i bought mine i had solicitors fees, survey fees etc but what about when you are selling? what fees are there to pay for? And also if i want to get my place valued can an estate agent just do it for me? and do you have to pay to get your house valued?
Thanks.
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(2-part post):
An estate agent won't charge you to value your house, but you'll obviously be charged a fee for selling your house. The majority of estate agents still use a percentage commission basis for calculating their fees. Typically, these might be in the range 1.5% to 2.5%. (Estate agents will sometimes have different commission rates depending upon the value of the house, with the most expensive houses having the lowest rates of commission). However, quite a few estate agents now advertise that they'll sell your property for a flat fee. You need to shop around for the best deal.
An estate agent won't charge you to value your house, but you'll obviously be charged a fee for selling your house. The majority of estate agents still use a percentage commission basis for calculating their fees. Typically, these might be in the range 1.5% to 2.5%. (Estate agents will sometimes have different commission rates depending upon the value of the house, with the most expensive houses having the lowest rates of commission). However, quite a few estate agents now advertise that they'll sell your property for a flat fee. You need to shop around for the best deal.
It's worth pointing out that you don't need to use an estate agent at all. When I sold my late father's house, I realised that it was on a main road and close to several other houses that were for sale through agencies. (So anyone viewing those houses was likely to notice any 'For Sale' signs on my father's house). I simply designed a 'For Sale' sign on my computer and took it to a photocopying service to get it blown up larger on brightly coloured paper. I placed a couple of those signs in the windows of the house and sold it very quickly. (Those posters cost me around a quid, which is a hell of a lot less than an estate agent would have charged!).
Next, you've got the cost of a Home Information Pack:
http://www.direct.gov.uk/en/HomeAndCommunity/B uyingAndSellingYourHome/Homeinformationpacks/D G_171685
That will probably be a few hundred quid.
Lastly, you've got the legal fees. Once again, there's actually no need to employ a professional. You can do it all yourself but it's probably easier to pay someone. The money-saving tip here is that you should never go a solicitor. Licensed conveyancers are just as good at their job and, in my experience, far cheaper and far more efficient than solicitors. (They're also far more likely to offer a flat fee service. Expect to pay a few hundred pounds).
Chris
Thanks for that. When they charge a fee for selling the house, do you have to pay that up front from your own pocket or does it get added to your mortgage? And i had solicitors fees when i bought my place, would i just double this if im both buying and selling? Sorry for all the questions, im deciding whether to move or not but not sure how much it all costs. My place is probably worth about �130000. Would i be looking at any more than �3000 in fees to move? (thats including surveys, legal fees etc but not stamp duty).
Thanks for your reply.
As I stated, most estate agents charge a commission of around 2% (but probably with VAT on top). On a sale of �130,000, that's �2600 + VAT = �3055. So you're already looking at paying more than �3000.
However, as I also stated, there are some estate agents who will sell your property on a flat fee basis. That might be �1500 plus VAT = �1762.50. (That's quite a big difference and why I suggested shopping around when selecting an estate agent).
Those fees aren't 'up front'. You'll only receive the bill after the house is sold. However, it's got nothing to do with your mortgage (on either property). Using an estate agent is just like using a builder or a plumber. You receive a service and you get a bill.
You're not obliged to arrange the survey for the Home Information Pack through the estate agent. (Although most people probably do so). However, whether you arrange the survey yourself, or get the estate agent to do it for you, the bill will normally become payable as soon as the survey is carried out.
A solicitor's fees for selling a house might well be slightly lower than those for buying it. When you buy a house, a solicitor will carry out a 'search' and then deal with any problems which might arise from it. This procedure is not required when selling, so the fee ought to be lower. (However, I still recommend using the services of a licensed conveyancer, for both buying and selling. The service will be at least as good, and probably better, as well as much cheaper).
Your original question related only to 'selling' but your secondary post asks about 'moving'. If you're both selling and buying, it's hard to see how you could spend less than �3000 (unless you sell without an estate agent, as I did, and/or do the legal work yourself). You've got the estate agent's fees, plus the HIP fees, plus two lots of legal fees, plus a survey on the
As I stated, most estate agents charge a commission of around 2% (but probably with VAT on top). On a sale of �130,000, that's �2600 + VAT = �3055. So you're already looking at paying more than �3000.
However, as I also stated, there are some estate agents who will sell your property on a flat fee basis. That might be �1500 plus VAT = �1762.50. (That's quite a big difference and why I suggested shopping around when selecting an estate agent).
Those fees aren't 'up front'. You'll only receive the bill after the house is sold. However, it's got nothing to do with your mortgage (on either property). Using an estate agent is just like using a builder or a plumber. You receive a service and you get a bill.
You're not obliged to arrange the survey for the Home Information Pack through the estate agent. (Although most people probably do so). However, whether you arrange the survey yourself, or get the estate agent to do it for you, the bill will normally become payable as soon as the survey is carried out.
A solicitor's fees for selling a house might well be slightly lower than those for buying it. When you buy a house, a solicitor will carry out a 'search' and then deal with any problems which might arise from it. This procedure is not required when selling, so the fee ought to be lower. (However, I still recommend using the services of a licensed conveyancer, for both buying and selling. The service will be at least as good, and probably better, as well as much cheaper).
Your original question related only to 'selling' but your secondary post asks about 'moving'. If you're both selling and buying, it's hard to see how you could spend less than �3000 (unless you sell without an estate agent, as I did, and/or do the legal work yourself). You've got the estate agent's fees, plus the HIP fees, plus two lots of legal fees, plus a survey on the
you have to get one of those home efficiency packs done nbow, i had to get one and it costs about �300. Don't be fooled into signing to say you'll pay them a set fee and offer to market your house on the internet they rip you off, negotiate a low percentage or tell them you'll get somemone else, they've no business going on and so you can get a good deal
I hate it when AB cuts of the end of a post without warning!
The last bit referred to the survey fee for the new property. The amount you pay will depend upon the type of survey you have carried out. (Some are more thorough than others). Even so, you might not get much change (if any) out of �1000.
Chris
The last bit referred to the survey fee for the new property. The amount you pay will depend upon the type of survey you have carried out. (Some are more thorough than others). Even so, you might not get much change (if any) out of �1000.
Chris
As regards using lawyers, it is possible to negotiate fees down at the moment as the market is so crap.
Most places will charge a flat fee and it generally cheaper than buying.
Definitely shop around for quotes and if you find someone who used e.mail things generally go a lot quicker.
Many people in firms doing residential are unqualified paralegals or legal execs or licenced conveyancers these days.
If I do any residential work I would only charge the same as my colleagues, regardless of qualification, I'm a solicitor and partner but fees would be the same if an unqualified paralegal did the work.
Most places will charge a flat fee and it generally cheaper than buying.
Definitely shop around for quotes and if you find someone who used e.mail things generally go a lot quicker.
Many people in firms doing residential are unqualified paralegals or legal execs or licenced conveyancers these days.
If I do any residential work I would only charge the same as my colleagues, regardless of qualification, I'm a solicitor and partner but fees would be the same if an unqualified paralegal did the work.
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