There are a great many steps in the process of selling a house and moving out. Each of these incurs a fee and as anyone who has ever been through the process will share, costs can mount up. That said, how much could selling a house cost in the UK today?
Estate Agents Fees
In most cases it is advisable to use an Estate Agent when selling your home. People can successfully complete a sale without employing one, but the time and work involved often proves too much for most. Estate Agents will market your property, arrange and conduct viewings, and negotiate on your behalf.
Unfortunately, this is not cheap. The average UK Estate Agents fees in 2024 are 1.42%, although the range can be from 0.9% to 3.5%. For example, on the current UK average house price of £282,000 the Estate Agent fees, at 1.42% would be £4004.
Conveyancing Fees
Conveyancing for a property sale can sometimes be complex and require specialist knowledge. It is worthwhile investigating the capabilities and background of any conveyancer or property lawyer you consider using. Amongst the tasks a conveyancer will need to complete are conducting searches with the Land Registry, drafting, reviewing and exchanging the contracts, and overseeing the transfer of funds and legal ownership.
At Northwood Banks we have set Conveyancing Fees, which we advertise clearly in advance here. Other conveyancers and property lawyers often change their Conveyancing Fees depending on the property or situation involved, requiring a quotation. These can then often vary as the sale progresses. Sometimes these fees can exceed £1,500.
Disbursements
Many people don’t realise that during the conveyancing process, Conveyancers or Property Lawyers incur costs from external sources. For example, Land Registry fees, search fees and bank transfer fees. This will need to be paid in addition to the Conveyancing Fees.
At Northwood Banks we strive to advise you of any Disbursements required during your sale, and the costs involved. This of course can vary from sale to sale.
Energy Performance Certificate (EPC)
An Energy Performance Certificate covers the energy efficiency of the property for sale in a scale from A to G. It is a legal document which needs to be shown to any potential purchasers of your property. The EPC is valid for ten years and, assuming you have made no significant changes to your property in that time, applying for a new one is not required. However, should a new one be needed then fees can vary between £60 and £120.
Removal Costs
There are a wide variety of options when it comes to choosing a removal company, and therefor a wide range of Removal Costs on offer as well. Recent surveys suggest the average Removal Costs for a 3-bedroom house in the UK is around £1,300. Getting several quotes in from reputable businesses is recommended, and ensuring you understand what each quote covers.
Mortgage Exit or Early Repayment Fees
Mortgages are another area when selling your property which can become complex. You may wish to transfer your mortgage, or pay it off and take out a new one, or perhaps simply pay it off without the need for another. Depending on your current lender there are likely to be fees for making any of these choices and it is almost impossible to determine what this might be.
As a rough guide the fees for exiting your mortgage could cost between £50 and £300, the costs of early repayment could fall between 1% and 5% of the remaining balance, and a re-mortgage / transfer fee from £300 to as much as £1,500.
Other Fees
The article above is not exhaustive and selling your property could incur additional costs. For example, if your live in Scotland and need a Home Report, of if the property you are selling is not your primary residence and is liable for Capital Gains Tax.
We recommend, therefore, taking time and effort in discovering exactly what you may need to pay, and getting detailed quotes wherever possible.
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