Hidden House Selling Costs
22nd July 19
Selling a property is a stressful time. The last thing you need is to be bombarded with loads of hidden costs that you did not expect. That is why we at Home Estate Agents have compiled a list of the hidden costs you may face, so that you can know the real cost of selling a property.
Sorting out your mortgage in a move can really increase the price of selling a property. Depending on your mortgage provider you may face early repayment charges, these typically vary between 1-5% and can be quite hefty depending on how much of your mortgage you have already paid off.
Thankfully you would not need to pay these if you have a ‘Portable’ Mortgage or are on the Standard Variable Rate (SVR) but do make sure to check with your mortgage provider.
Solicitors and Conveyancers
Fees for both Solicitors and Conveyancers do vary, but the Homeowners’ Alliance recently reported that they can cost between £500-1500 for the legal fees alone.
On-top of these fees there are often individual fees for different stages of the process, so make sure you have enough reserves to cover:
- Transferring Ownership (=£200-300)
- Local Development Searches (=£250)
- Bank Transfers (=£20-30)
- Title Deeds (=£25)
There is also the potential for added costs on top of this, so ask for a full breakdown of costs beforehand in order to not be met with any nasty surprises.
Removal Services may change their prices based on the demand from the time of year. Ask for a quote price beforehand, compare with other company options and then get a confirmed price for the best option.
Your utility providers may hit you with a large final bill if you have been on estimated bills. To avoid this, keep a record of your final gas and electricity readings.
You will also need to contact the post office to have your post redirected to your new address. This can cost £34 so keep this in mind.
All of this isn’t even taking into consideration any work you would need to do to your property before selling it. A newly-renovated house may receive more attention and a higher market price, but also increases the cost to you and may push your house into another price bracket, so consider area and market conditions when thinking of doing this to your property.
One area where you can reduce the stress of selling a property is with a good estate agent. Home Estate Agents offer an affordable, quality service to help you get the most out of the sale of your home. Get in touch today for more information.