– This month’s blog at Matthews Benjamin Sales & Lettings looks at costs to consider when selling your home. Contact us for information.
Before putting your home on the market, you will want to understand the costs of selling a house. Many of the services you will need will charge their fee as a percentage of your home’s value.
At Matthews Benjamin Sales & Lettings, this month’s blog looks at some of the costs to consider when selling your home. For information, don’t hesitate to contact our team.
Selling your home through an estate agent will incur a commission cost which is often paid upon completion of the sale. The average fees an estate agent charges can be between 1% and 3% of the final sale, plus 20% VAT.
The advantage of using a traditional estate agent is having a direct personal contact, meaning they can act as a channel between yourself and your buyer.
Conveyancing costs can vary significantly depending on the size of property. Your conveyancing solicitor deals with the legal side of selling your home, and their fees when selling a house can be split into two parts:
If you’re selling a leasehold property, you’ll usually face a further charge to cover extra legal work.
By law, you are required to produce an Energy Performance Certificate before you put your home on the market. An EPC grades of energy-efficient your property is, with A being the highest and G being the lowest. It also suggests ways to improve your rating.
Once provided, your EPC will remain valid for 10 years.
If you are taking out a new mortgage, there are two types of fees you will need to pay when leaving the current mortgage:
If you’re still in the middle of your current mortgage, you may face and early repayment charge if you take out a new mortgage. The amount you will have to pay depends on any remaining balance.
When looking at the cost of selling a house, you may also be charged an exit fee. This is the admin fee of your lender for closing the file on your mortgage.
However, you may be able to ‘port’ your existing mortgage. This is available for most mortgages, but it is important to check with your lender.
If you buy a property in England or Northern Ireland, Stamp Duty Land Tax is charged on properties costing more than £125,000. There are several rate bands, and it depends on where in the UK you’re buying a property.
If you’re purchasing a property in Scotland, you will pay Land and Buildings Transaction Tax, and in Wales, Land Transaction Tax. This is instead of Stamp Duty.
If you require further advice for selling your home, don’t hesitate to contact our team at Matthews Benjamin. We are on hand to discuss any queries you may have.