Sellers - Costs involved in selling a Property
There are a number of costs associated with selling a property, some of which are outlined below:
This is often negotiable, and is typically between 1% and 3%. VAT will be added, so to estimate this expense calculate the fee based on the asking price of your property, and add a further 20%.
Energy Performance Certificate (EPC)
EPCs are compulsory with the sale of a UK home, and can only be awarded by accredited professionals. The assessment and resulting certificate typically cost between £70 and £120.
Solicitor's fees can vary depending on a number of factors. If you are buying a new home at the same time, using the same solicitor for both transactions can have financial and administrative benefits
If you have an existing mortgage and require a new one, the early termination of your old mortgage may incur administrative fees, or early repayment fees.
Removal and storage costs
If you are selling the property that you presently live in, there may be removal or storage costs when it comes to vacating.
You may wish to have your property professionally cleaned before potential buyers begin to view the property.
Completing any repairs in advance will incur an immediate expense but can save money in the long term. When market demand is high, however, a number of minor issues become far less significant.
If you live in the property you are selling, a buyer may want to move in before you have been able to buy your next home. If the prospective buyer is unwilling to wait, you may decide to rent a property while you continue the search for your next home.
If you are selling a property that you do not live in, then you may have to pay Capital Gains Tax.
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