There are many reasons why people consider selling their home, such as to move into a new area, to accommodate a growing family or downsizing to release some equity. Before deciding whether to put your house on the market, there are many factors to consider, including how much it will cost you to sell.
From estate agent fees to conveyancing, energy performance certificates to removals, there are a lot of different costs that should be included in your calculations to determine whether now is the right time to sell.
Despite the growth of online estate agents or listing agents and the possibilities opened up by social media to sell your property on your own, most people choose to use a traditional high street estate agent. High street listing agents usually charge a percentage of the selling price plus VAT.
If you decide on a traditional agent, comparing at least three before deciding is a good idea. How much estate agents charge will vary from property to property.
Agents may offer you a low fee if they like your house and believe they can sell it for a premium or if they want more business in your location. You can expect to pay a higher percentage commission if you place your home on the market with more than one agent. In most cases, the fee is only payable if the house sells.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Fees in the UK usually range from 0.75% to 3% of the sale value – or between £3,750 and £15,000 on a £500,000 home sale – quite a big difference. The average fee percentage is 1.42%, but this will vary across different home sales and estate agents.
Don’t necessarily go for the cheapest agent or the one valuing your home the highest. Look at other factors, including reviews, personal recommendations, their proposed strategy for selling your home and their track record in the area.
Equally, sometimes people choose to sell their home by auction. This can be advantageous when selling an investment property, a home that needs major repairs, or for other specialised circumstances. The fees are typically higher than a high street estate agent (around 3%), and there is often a fixed, entrance fee in addition.
Online agents can be cheaper and typically charge a fixed fee, but the downside is that you will likely do more of the legwork yourself. Going it entirely alone will make it harder for you as you won’t have access to the property portals such as Rightmove or Zoopla.
Before your home goes on the market, you must have a valid energy performance certificate (EPC). An EPC provides information about the energy efficiency of your property using a scale from A to G – A being the most efficient G the least efficient. EPCs last for 10 years, so if you already have one, you don’t need to repeat the process. Otherwise, you will need to arrange an inspection by an accredited assessor. The cost will vary depending, but should be in the region of £50 to £120.
There are two possible mortgage costs to consider when selling your home: exit fees and early repayment charges.
A mortgage exit administration fee is the charge your lender makes to cover the administration costs of closing your file when your mortgage balance is cleared. Not all lenders charge mortgage exit fees, but they could cost around £250-£350.
You may be faced with early repayment fees, which can be in the region of 1% – 5% of your loan if you pay off your mortgage early. This is often the case if you wish to repay the remaining balance on a mortgage before the full term. Details of these mortgage fees should be included in your original mortgage documentation, so it’s worth checking the small print.
You must appoint a solicitor or licensed conveyancer to deal with the legal aspects of selling your home. Some will charge you a fee based on a percentage of the value of your property, while others will charge a flat fee. Conveyancing fees for selling a house are usually lower than for buying, ranging from around £400 to £1,500. If you are buying a property simultaneously, you can often save money using the same conveyancer.
Fees will be higher if you sell a leasehold property because additional work is involved. You may also have to pay for services, including a copy of title deeds held by the Land Registry, money-laundering checks and bank transfer fees.
Here is an overview of the typical selection of fees you could encounter as a home seller in London:
There are also ‘disbursements’ to be paid. These are third-party costs your conveyancer pays on your behalf, though there are fewer of them when you are selling a property, as opposed to when you are buying one. These can include:
Removals or moving costs are something to factor in and could set you back between £250 and £4,000. The amount you pay will depend on your house size, how many possessions you have – and how valuable they are – and how much personal time you want to spend packing and unpacking your goods. The distance between the home you’re selling and your destination will affect the final cost, as is whether you need your belongings to go into storage – a possibility if you’re selling but not buying.
As with any element of selling a house, getting a range of quotes, checking reviews and finding out as much as you can about the company before you sign up is worth it. There have been reports of disreputable companies overcharging some customers and leaving others stranded, so it is essential to do your due diligence.
Here are some of the main factors and considerations which influence how much you pay in removal fees when selling your property:
If the property you are selling is a second home, investment property or inherited property, you might need to pay Capital Gains Tax (CGT) on the rise in the property’s value since you bought it. The CGT rate will depend upon the tax band you fall into.
You may be able to deduct the cost of any improvement work you’ve carried out and some of the costs of buying and selling – you should always seek professional advice from an accountant.
As a seller, you will not be liable for stamp duty as this tax is always the responsibility of the purchaser to pay.
Making your home as appealing as possible to prospective buyers is crucial to getting a sale and achieving the best price for the property. A lot of the work you’ll need to do is cosmetic – cleaning, decluttering, tidying and making minor repairs. If your home is packed with belongings, then you might consider paying to place some in storage while you sell.
Redecorating in a light, bright and neutral shade could also pay off by attracting buyers with a blank canvas. If there is a significant issue, such as damp or a leaky roof, it might be worth considering whether to pay for the improvements or offer a reduction on the home’s sale price.
However, the costs of preparing your home for sale will vary greatly. Minor cosmetic adjustments will be cheap, but any major renovations will obviously raise the cost of selling your home significantly.
How much money you will walk away with following your house sale will depend on the amount you sold it for, the costs of selling and the amount you have remaining on a mortgage.
To calculate your net profit, subtract how much it costs to sell from the final selling price, then deduct the amount you owe on your mortgage. For example, if you sell your Redbridge property for £650,000, spend £12,000 on the sale process and have £100,000 left on your mortgage, you will get £538,000 proceeds from your sale.
The biggest cost when selling your house will likely be estate agent fees. In the UK, it is more common for estate agents to take a percentage of the sale price; the average is 1.18%.
For properties in the East London area, house prices are much higher and, therefore, the total selling costs will be higher. However, it all depends on your home sale price, the solicitors you choose, the specific agent commission your estate agent charges and your mortgage situation.
The tables below give a rough guide and breakdown of the average house selling cost. We have included the expected costs and additional potential costs. However, these could increase or decrease depending on your specific location and circumstances.
Approximate costs & figures for selling a house
| Service | Cost |
| Estate agent fees | £1-3% of the final sale price |
| Conveyancing fees | £400-1500 (inc. VAT) solicitor’s legal fee. |
| Energy Performance Certificate (EPC) | £60 – £120 (inc. VAT) |
| Removal company cost | £500+ |
Potential additional property sales costs:
| Service | Cost |
| Mortgage exit fee | Around £200 |
| Early mortgage repayment charge | 1% – 5% of outstanding mortgage |
| Capital Gains Tax | Dependent upon tax band/sales situation |
| Preparing your house for sale | £0 – £1000s |
While you might be worried about the list of expenses involved in selling a home, there are ways that you can minimise the costs. These are some of the ways that you can keep costs down:
If your mortgage is currently in a period where an early repayment charge applies, it may be worth waiting until the end of this period to save money. If you are not in a rush to sell, timing the sale to suit a hot seller’s market will help you to achieve a higher asking price to offset your selling costs.
Choosing the right estate agent can help you to save on selling costs. Rather than choosing the cheapest estate agent, choose the one that will help you sell your house faster and for a higher value. An estate agent with excellent knowledge and experience in the local market will help you to reduce the costs of selling your home.
Preparing your home for a sale by making some minor improvements, fresh coats of paint etc. will make your home more appealing to buyers, but be careful not to spend too much. Most home buyers will want to decorate the house to their taste, so spending money on expensive décor and other improvements might not be worthwhile.
If you are planning to sell a property in East London, we can help. Contact us today to arrange a valuation and discuss how we develop the best strategy to sell your home.
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