How much does it cost to sell a house?
When it comes to selling a property there are a few things to consider surrounding the costs of putting your home on the market. These will include legal fees, administrative bills and other basic costs.
However this blog post is here to provide a quick reference point around the typical fees you will encounter during the selling process.
Preparing your house for sale
Firstly you will need to consider renovation costs.
To make your home more attractive to potential buyers and achieve the best sale price for your property it’s vital that it looks its best.
Whether these are small wear and tear fixes, rewiring or a fresh lick of paint, they can all make the difference – especially if it involves improving your home’s energy efficiency.
Negotiating your current mortgage deal
Secondly you will also need to consider your current mortgage deal and contact your supplier to discuss remortgaging.
If you have a new property or spend in mind, you will apply for a mortgage agreement in principle to understand the loan amount available to you on your next deal and credit checks will then be carried out.
Once signed off you can often expect to pay an application fee (a charge to set up your new mortgage), a mortgage exit fee and/or early repayment charge (1% – 5% of remaining loan amount) at this time, but this varies between lenders.
Home report & energy performance certificate
Part of your mortgage process will also include a home report to provide as a valuation of your current property, which legally must include an energy report which gives your home its energy performance certificate (epc).
You can expect to pay anywhere between £100 and £1,000 for this in Scotland.
Conveyancing fees
And of course, you will be required to hire a solicitor to deal with all the legal aspects of selling a house. From dealing with transfer of mortgage loan funds to exchanging contracts with the buyer’s legal team.
Solicitor costs will vary between £550 – £1,000, but may vary in some circumstances.
Estate agent fees
Then, when it comes to the marketing of your home to potential buyers, an estate agent will need to be hired.
They will organise photography, videos and floor plans, as well as placing your property on the relevant selling platforms and their own website.
Estate agent fees are usually paid on a % of the property sale price.
land and buildings transaction tax
One of the final costs could also involve paying land and buildings transaction tax (LBTT).
This is applicable to any property over £145k and begins at 2% of the property value, with increased fees associated to anyone purchasing an additional dwelling.
Removal costs
And finally you will need to organise moving home and organising a removal company to transfer your belongings from your current property to your new home once the sale has completed.
Get in touch with us to sell your home
At Nicol Estate Agents we always provide our clients with a professional and personal service during any house sale, taking the stress out of the whole process. However we don’t think that selling a house should break the bank, you want to make the most of the money earned from the sale, that is why our services are priced fairly.
Contact our sales team today to discuss your property by phoning 0141 616 3960 or email mail@nicolestateagents.co.uk