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House Selling costs? What's involved?

If my house is in negative equity, and I need to sell due to relationship break up, how much will it cost on estate agents and solicitors to sell it?

Asked on Nov 29 2010, Selling in Pudsey | Report content

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  • I have provided you with a link to the national debt helpline. If things are bad you need to speak to your mortgage provider about selling your home and see if they have a scheme which helps those in negative equity. You could consider renting your home out or borrowing to pay for the shortfall in order to sell. Ring the freephone number on the link I have provided and get some expert advice ASAP. As for moving costs, they can vary. An estate agent will usually take a percentage, normally 2-3% although some work on a fixed fee. Conveyancing costs can be between £250 - £500 Removal firms will differ in price, you can of course privately advertise your home and do your own move. There’s always ways to save money.

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    Answered on Nov 30 2010, Report content
  • Typically you will need to pay off negative equity at the time the property is sold. It may be worth speaking to your lender as some will allow you to convert it into an unsecured loan to pay it off over a set number of years. Estate Agents will charge between 1 & 2% plus VAT, you will also need a solicitor who will cost about £500 and an EPC which are about £50.00. It may be worth exploring the option of renting the property out until house prices have risen, to clear the negative equity as i assume your ex partner is equally liable for the negative equitry. Hope it all works out for you.

    Answered on Nov 30 2010, Report content
  • Also, if you can get a loan to cover the shortfall, auctioning your property is a quick way to sell. You do generally get less than market value but only pay about 2-2.5% on the sale price and complete quickly.

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    Answered on Nov 30 2010, Report content

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