What costs will you have to pay when selling your home?
A guide on the potential costs you may have to pay when moving home whether that is just selling or also purchasing a property.
What costs will you have to pay when selling your home?
Here we have detailed the main costs when selling a property, others may arise depending on your circumstances so we always recommend having a small contingency pot.
Legal/Solicitor Fees
You will need to instruct a solicitor or conveyancing to act on your behalf when selling and/or purchasing a property. We recommend that you do your research in instructing a solicitor as they will ultimately control a big part of your move. The costs relating to this can vary depending on the firm and the complexity of the case but they normally range upward of £400. We can help you choose a good local solicitor.
Stamp Duty (SDLT)
You may be required to pay Stamp Duty Land Tax, click here for a link to a handy calculator. Always confirm these costs with your solicitor.
Estate Agent Fees
You may be tempted to go with the estate agent who provides the highest property valuation and the lowest fee but be careful as you may end up disappointed in the service you get. Go with the agent you feel has good local knowledge, experience and offers a detailed marketing plan. Some estate agents will ask you for money upfront for things like photos, virtual tours and floorplans, here at Lesley Hooks that is all included within your normal package.
Energy Performance Certificate
In order to market your property you will need an Energy Performance Certificate (EPC) by law, except for a couple of exemptions. They last for 10 years so you can check here if you already have one in place, if not they normally cost around £50-£100 and we can help organise this for you.
Mortgage Fees
If you are using a mortgage to buy your property you may need to pay the broker and there may be fees attached to your mortgage product. Make sure your broker goes through all the possible costs you may incur. If you have a mortgage on your current property that needs to be paid off check with your lender if any early redemption charges will occur. You are normally required to have home insurance in place also so make sure you factor this in.
Surveys
There are lots of different type of surveys and your choice may vary depending on the type of property you are buying and whether you are using a mortgage. Your lender will normally undertake a mortgage valuation but these are very basic and just check if they are happy to lend the required amount. If you aren't getting a mortgage or choose a more in-depth survey we recommend that you choose a RICS registered surveyor. The cost of a survey can vary and normally start from anywhere around £250 for a basic survey all the way up to and over £1000. We are more than happy to recommend a surveyor to get you a more detailed quote.
Removals
The cost of removals will vary depending on the level of service you choose. We recommend that you choose a trusted local removals firm.
If you are thinking of moving the first thing to do is get an accurate valuation of your home as this will give you an idea of how much you will achieve for your property. Here at Lesley Hooks we offer three types of market appraisal depending what stage you are at, all of these are free of charge.
Home Valuation- one of our experienced valuers will visit your property and carry out a detailed market appraisal.
Online Instant Valuation- calculated using a computer algorithm and based on previous sales data.
Social Distancing Valuation- fill in a form with basic details of your property and one of our experts will send a comprehensive report.