Buying or selling a house in the UK is not cheap.
If you are selling a house you will incur significant costs including the procurement of an EPC (Energy Performance Certificate), your estate agent’s disbursements, advertising and marketing costs and their sales commission, your conveyancer’s fees and their disbursements, your removal costs and any additional expenditure that might be incurred including, perhaps, all the other costs incurred by you in the purchase of your new home! Most significant of all these costs is Stamp Duty which is now a very significant sum of money for people buying property over £500,000 in value.
The EPC remains valid for up to 10 years and by law it must be applied for before you market the property. Your estate agent will probably be able to arrange this for you, but it’s worth checking first to make sure the property doesn’t already have a valid EPC in force.
Your estate agent’s fees may vary considerably, dependent on whether you have just one or possibly two agents acting on your behalf. On top of their fees you may need to pay for all sorts of marketing expenses including the erection of a for sale board, preparation of details, photographs, newspaper advertisements and mail shots.
At the time of writing, estate agency is undergoing a revolution, with many ‘online agents’ charging a tiny fee in comparison to historic estate agency fees based on between 1% and 3% of the sale price. Time will tell whether this new model will take off, but when deciding on professional advice it’s always worth remembering that cheap advice can sometimes cost you more in the long run. Always make sure you know what level of service you are buying and make sure you read the terms and conditions. Failure to do so could leave you responsible for paying duplicate fees to more than one agent!
With fees from less than £1,000 to over £7,000 for the same property valued at £250,000, it is worth shopping around for a good deal that suits your needs. Remember that, especially with ‘high end’ property, truly professional, local and experienced advice on valuation and how best to market your property might be worth paying a little extra for in the long run.
Conveyancer’s charges will vary but generally a fee of 0.5% of the sale price isn’t unusual. On top of this there will be a variety of disbursements due to pay for any mortgage termination fees that are due, and land registry fees that may be incurred. Removal costs can be substantial, so make sure you build this into your budget, as can short term storage charges.
For more information or to speak to a mortgage adviser contact us on 01628 507477.
Download our Free First Time Buyers Guide
Recent posts
Delayed Start Mortgage from Skipton
Yesterday
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
6 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
The Family-Backed Mortgage from NatWest
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
The Impact of Klarna on Mortgage Applications
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
More information
Trusted by
