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.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477