costs of selling a house

Costs of selling a house or a property

We have outlined the full costs of selling a house or property.

Moving or selling a house isn’t cheap.

When you decide to change your location or downsize, there are many more costs involved than merely the price of the new property.

Check out all of the individual costs of selling your house or property below for an idea of the real cost of moving.

Stamp Duty

Stamp duty is a property tax in the UK that the government levies on properties above a specific value.

If your home sells for more than £125,000, you have to pay a percentage of the revenues above that in stamp duty costs.

So, for instance, if you sell a property for £175,000, then you have to pay stamp duty on the £50,000 above the £125,000 threshold.

First-time buyers get some relief.

They escape stamp duty on the first £500,000 of any property they sell (originally valued below £300,000).

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The deposit is the money that you have to stump up before a bank lends you a mortgage.

It’s a kind of insurance for the bank that you’ve got some money tied up in your home, just in case house prices fall and you can’t keep up repayments.

Deposits usually run between five and twenty per cent of the value of the house.

The opportunity cost of deposits is high: all that money invested in your home could be making you money on the stock market or in a savings account.

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Valuation Fee

The valuation fee is the amount of money charged by mortgage lenders to determine how much they’re prepared to lend you against a specific property.

Valuation fees run in the range of £150 to £1,500, depending on the type of property you want to buy.

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Surveyor Fees

Surveyors check that a property is in good working order before you buy and that it’s safe to live in.

Basic home surveys cost around £250, although you’ll pay up to £600 for a comprehensive investigation of a larger property.

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Legal fees

When you buy or sell a property, you’ll need the help of a licensed solicitor or conveyancer to do all the legal work, such as transferring the deed from one person to another.

Fees range from £850 to £1,500.

Electronic Transfer Fee

The electronic transfer fee covers the cost of transferring mortgage money from a lender to a solicitor.

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Estate Agent’s Fee

Estate agents make money by taking a cut from the price of the properties they sell.

Fees typically range from one to three per cent of the total value of the property you sell.

So if the estate agent charges 2 per cent and you sell a property for £200,000, you’ll pay them £4,000 in fees.

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Removal costs

You can cut removal costs by doing it yourself.

But most removal companies charge in the order of £300 to £600 for a standard move.

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Mortgage Fees

Not only do you pay interest in mortgage payment every month, but you may also be liable to pay mortgage fees.

Fees include booking fees between £100 and £250, mortgage valuation fees of £150 or more, and arrangement fees which can be as high as £2,000.

Maintenance And Repairs

The ongoing costs of managing a home can be substantial.

Once you own a property, it’s your job to keep it in good condition.

Average annual maintenance fees run at around £5,750 per year for a home in the UK.

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Home insurance covers damage to the property itself (such as the walls, windows, and roof), as well as the contents.

How much you pay in premiums depends on the value of your home, your possessions, and the area in which you live.

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Council Tax

Council tax costs are ballooning, thanks to a lack of funding from central government.

Because of this, rates are rising faster than the rate of inflation, making the tax a substantial consideration for people looking to sell their properties.

The amount of council tax you pay will depend on council tax banding: how much tax the local authority thinks you should pay depending on the cost of your house.

Council tax can run between £1,000 and £2,500 per year, depending on your location, representing a significant burden to many homeowners.

Costs can quickly run more than £150 per month, which is considerable for many people.

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Running Costs

Running costs include all of the essential utilities a house needs to continue operating. These include gas bills, electricity bills, and water bills.

The amount of gas, electric and water that a house needs depends on the type of home.

Homes that use electric cookers and boilers don’t pay any gas at all but may have higher electricity bills.

Likewise, homes with poor insulation may end up paying more for heating in general, pushing up the cost of ownership.

If you’re selling your home and moving into a new property, ask the existing owners how much they pay each month in bills.

This will give you an estimate of the yearly cost of providing your new property with essential services.

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Leasehold Costs

Some properties are leasehold, not freehold, meaning that you have to pay additional fees to the leaseholder.

For instance, you buy an apartment within a larger building that contains other units, the leaseholder owns the surrounding buildings and infrastructure, and you own the property within it.

Running and maintaining a building costs money, so a leaseholder usually has to pay an annual maintenance charge.

These charges, sometimes called ground rent, can run around £50 to £100 per year; however, what you ultimately pay depends on the terms set out in the property purchase agreement.

House Moving Costs

There is a range of costs associated with moving house including removal costs, storage costs, and cleaning costs.

You may also have to pay for mail redirection and other moving day costs, such as finding a place to keep your animals or childminders to look after children.

You can learn how to sell your property fast with BPC.

With us, you avoid many of the usual hassles and costs involved in selling a house.

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