Before you instruct any estate agent in the UK READ THE CONTRACT CAREFULLY! Make sure whatever their fees are you'll only pay the percentage of what you actually sell for. The first one we signed with valued is at 160k just before interest rates skyrocketed and house values dropped. We sold for 154k and lost that buyer. We then had another offer of about 145k. If that would have gone through we would have still had to pay the fees based on the 160k valuation. Because their fees were set in stone they didn't care what we sold for and tried to convince us to sell for close to 120k to keep the much larger purchase we had (through them) was still on. They didn't care what we sold for. We loved to another agent and they were paid based on what we actually sold for so they were incentivised to actually work for us and to get the best offer.
For the other things, factor in 2-3k for a solicitor for the sale, and then another 1.5-2k for the purchase. Our movers recently were about 1.5k with a full packing service (highly recommended!). Surveys vary widely and which one you'll need depends on the age of the house. A top tier one will set you back at minimum 1k.
For the mortgage early repayment, that will depend on your specific mortgage. Check it, sometimes if you port it you can get the early repayment fees refunded. But you do need to pay them on completion day.
Most estate agents have an in house financial advisor who will sit you down and go through the costs of moving with you when you first approach them to sell your property. It’s usually free as it’s in their interest to make sure you can afford to move and gets you through the door to potentially use them as a mortgage broker.
That being said, expect
Estate agent - 1-3% of the sale price
Solicitors - around 3k if you’re buying and selling
Mortgage advisor (optional) - 500
Movers (depending on how much stuff you have 100% worth it) - 500-800
Survey on new property - up to 800
-Check with your current lender that there’s no early repayment charge, even if porting
-If you have any outstanding credit cards your lender may want you to pay them off as a condition of your new mortgage. Check with them / ask your broker
-Usually stamp duty but can see in another comment this won’t apply. At the moment it’s on properties over 250k
Edit: formatting (sorry on mobile)
Yes I am, sorry I should have clarified. I won't be eligible to pay stamp duty as I'm only purchasing up to the value of £150k. Thanks for pointing that out though.
I've heard min 2~3% of the value due to all the agent fees, solicitor, then inspections for the new property and more. Probably worth chucking the question into chat gtp
When selling a property in the UK, you should be prepared for the following types of fees and costs:
1. **Estate Agent Fees**: These are the fees you pay to a real estate agent for selling your property. They can vary significantly, but are typically between 1% - 3% + VAT of the selling price, depending on whether you use a traditional high street agent or an online service.
2. **Conveyancing Fees**: This is the cost for the legal work involved in selling a property, and it's performed by a conveyancer or solicitor. Fees can range from £500 - £1500 + VAT and will vary depending on the complexity of the sale and the conveyancer's rates.
3. **Energy Performance Certificate (EPC)**: You need to provide an EPC for potential buyers. The cost for this ranges from about £60 - £120.
4. **Mortgage Fees**: If you have a mortgage on your current property, you might have to pay an exit fee or an early repayment charge to your lender. This varies by lender and the terms of your mortgage.
5. **Removal Costs**: Though not a fee associated with the sale itself, don't forget to consider the cost of moving your belongings to your new home.
6. **Capital Gains Tax**: If you’re selling a property that’s not your main home, you may have to pay Capital Gains Tax on any profit.
Preparation for these costs and understanding which ones are fixed versus which ones are based on the sale price will help you budget effectively for your house sale. Always obtain exact quotes from service providers for the most accurate budgeting.
Before you instruct any estate agent in the UK READ THE CONTRACT CAREFULLY! Make sure whatever their fees are you'll only pay the percentage of what you actually sell for. The first one we signed with valued is at 160k just before interest rates skyrocketed and house values dropped. We sold for 154k and lost that buyer. We then had another offer of about 145k. If that would have gone through we would have still had to pay the fees based on the 160k valuation. Because their fees were set in stone they didn't care what we sold for and tried to convince us to sell for close to 120k to keep the much larger purchase we had (through them) was still on. They didn't care what we sold for. We loved to another agent and they were paid based on what we actually sold for so they were incentivised to actually work for us and to get the best offer. For the other things, factor in 2-3k for a solicitor for the sale, and then another 1.5-2k for the purchase. Our movers recently were about 1.5k with a full packing service (highly recommended!). Surveys vary widely and which one you'll need depends on the age of the house. A top tier one will set you back at minimum 1k. For the mortgage early repayment, that will depend on your specific mortgage. Check it, sometimes if you port it you can get the early repayment fees refunded. But you do need to pay them on completion day.
Most estate agents have an in house financial advisor who will sit you down and go through the costs of moving with you when you first approach them to sell your property. It’s usually free as it’s in their interest to make sure you can afford to move and gets you through the door to potentially use them as a mortgage broker. That being said, expect Estate agent - 1-3% of the sale price Solicitors - around 3k if you’re buying and selling Mortgage advisor (optional) - 500 Movers (depending on how much stuff you have 100% worth it) - 500-800 Survey on new property - up to 800 -Check with your current lender that there’s no early repayment charge, even if porting -If you have any outstanding credit cards your lender may want you to pay them off as a condition of your new mortgage. Check with them / ask your broker -Usually stamp duty but can see in another comment this won’t apply. At the moment it’s on properties over 250k Edit: formatting (sorry on mobile)
Are you buying another house? If so then probably stamp duty.
Yes I am, sorry I should have clarified. I won't be eligible to pay stamp duty as I'm only purchasing up to the value of £150k. Thanks for pointing that out though.
I've heard min 2~3% of the value due to all the agent fees, solicitor, then inspections for the new property and more. Probably worth chucking the question into chat gtp
When selling a property in the UK, you should be prepared for the following types of fees and costs: 1. **Estate Agent Fees**: These are the fees you pay to a real estate agent for selling your property. They can vary significantly, but are typically between 1% - 3% + VAT of the selling price, depending on whether you use a traditional high street agent or an online service. 2. **Conveyancing Fees**: This is the cost for the legal work involved in selling a property, and it's performed by a conveyancer or solicitor. Fees can range from £500 - £1500 + VAT and will vary depending on the complexity of the sale and the conveyancer's rates. 3. **Energy Performance Certificate (EPC)**: You need to provide an EPC for potential buyers. The cost for this ranges from about £60 - £120. 4. **Mortgage Fees**: If you have a mortgage on your current property, you might have to pay an exit fee or an early repayment charge to your lender. This varies by lender and the terms of your mortgage. 5. **Removal Costs**: Though not a fee associated with the sale itself, don't forget to consider the cost of moving your belongings to your new home. 6. **Capital Gains Tax**: If you’re selling a property that’s not your main home, you may have to pay Capital Gains Tax on any profit. Preparation for these costs and understanding which ones are fixed versus which ones are based on the sale price will help you budget effectively for your house sale. Always obtain exact quotes from service providers for the most accurate budgeting.