The total cost of selling your home will vary depending on how much you're selling it for.
The biggest cost is likely to come from your estate agent fees, as they’ll charge a percentage of your home's sold price for their services.
Next up it will be your conveyancing fees, then your removal and remortgaging costs, and finally any paperwork expenses.
The cost of selling a home
|Estate agent fees
|1% - 3% of your sold price
|£800 - £1800
|£420 - £1800
|£60 - £120
Estate agent fees
Cost: between 1%-3% of your sold price
Estate agent fees can range between around 1% to 3% of your home's total value, depending on whether your choosing to go for a sole-agency or multi-agency arrangement.
With a sole agency contract, where just one agent markets your home, the average fee is usually between 1% and 2% of your home’s value.
With a multi-agency contract, you can use as many agents as you like but you only pay commission to the one who sells your property.
The average fee for a multi-agency contract is around 3%.
So multi-agency contracts are more expensive, but you’ll have more agents working for you, reaching more potential buyers.
That could mean higher offers as competition for your home hots up. And if you know your property is likely to be in demand, it could be a good strategy for a quicker sale.
While it can be tempting to opt for the lowest fee, it isn’t always the best idea.
A more expensive agent might be more familiar with the market you want to sell to and have a good pool of potential buyers on their books.
Cost: £800 - £1,800
As soon as you’ve decided which estate agent you’d like to market your property, you’ll need to choose a solicitor.
They’ll need to swing into action the moment your home goes under offer.
It’s not a legal requirement to have a solicitor when selling or buying a home, but it’s a complex process which is probably best left to the professionals.
Some mortgage lenders may insist that you use one if you’re changing mortgages to buy another property.
Before the exchange of contracts can take place with your buyer, your solicitor will be sent a number of detailed questionnaires about your property. They’ll include:
The Property Information form - otherwise known as the TA6
This will collate information on boundaries, disputes and complaints (like reported noisy neighbour complaints or boundary disputes).
It will look into known proposed developments (like motorways or railways), any planned building works in the area, council tax costs and the gas, electricity and water suppliers.
The leasehold information pack - otherwise known as the TA7
If you don’t own the freehold to your property, your freeholder will need to fill out a Leasehold Information Pack or TA7 on your behalf.
This basically includes all the information about the lease. It’s often filled in by your solicitor or conveyancer and outlines things like:
any plans for major works
The Fixtures and Fittings form, otherwise known as the TA10
This states what’s included and excluded within the sale price of the property.
It goes through everything, from the boiler and radiators through to the kitchen appliances, bathroom towel rails, carpets, curtains, cupboards and garden sheds.
The TA10 is a legally binding document that forms part of the contract of sale. If you’ve said it’s included, it must be included. Otherwise you may face a fine.
The Completion Information and Requisitions on Title Form, aka the TA13
This one makes sure the buyer has all the important information they’ll need before completion.
It includes information about the property and ensures it will be vacant when the buyer comes into possession of it.
It states the arrangements for handing over the keys, how and where you will complete, and ensures that the house is free of all mortgages and liability claims.
What if I'm selling and buying a home at the same time?
If you’re buying another house at the time, your solicitor will normally handle both transactions.
That means they'll perform all of the searches for your new home and arrange for the deposit on it to be paid.
They'll also work with all of the other solicitors in the chain to line up the exchange and completion dates.
Cost: £420 - £1,800
Removal costs can vary from between £420 for a one-bedroom flat to £1,800 for a four-bedroom house.
A long-distance move is likely to cost more than a local one. Find out if you're paying per mile or if it's a fixed fee.
If you want the full shebang packing and unpacking service, expect to add several hundred to the price.
To avoid any Early Repayment Charges on your current mortgage, it's best to wait until the term has ended on it before selling your home if you can.
Otherwise you could end up paying thousands to be released from the deal.
When shopping for a new mortgage, you can expect to pay at least £1,000 for an attractive rate.
But beware of hidden costs. Some lenders can appear to be charging low rates on their mortgages, but they can also be charging higher fees to make that possible.
Always read the small print and make sure you know what you're getting into.
Energy Performance Certificate
Cost: £60 - £120
Before you even put your home on the market, you’ll need an Energy Performance Certificate (EPC) in place.
It’s actually illegal to sell a home without one.
If you’re using an estate agent to sell your home, it’ll be part of their job to make sure there’s a valid EPC on the property when they list it.
An EPC lets your buyer know how good your home is at using minimal energy when it comes to heating and lighting it.
It basically works on a traffic light system from A to G. As with all tests, A is the top grade and means it’s the best and most efficient.
The lower the rating, the more expensive the home is to heat and power. And buyers need to know that they should expect higher energy bills if they buy a low-rated home.
EPCs also handily give buyers recommendations on how they can make a home more energy efficient.
They give a breakdown of costs for the works and the potential savings in pounds and pence that each improvement could generate.
Sellers and landlords can be fined up to £5,000 for not having an EPC, so make sure you get yours.
An EPC must be carried out by an accredited domestic energy assessor.
You'll also need to make sure you have other documents at the ready, like:
FENSA certificates for all of your windows and doors
A Gas Safety Certificate
A boiler safety certificate
Electrical installation certificates
Planning approval for any major works done to the house