When it comes to selling a home, there are often costs that are overlooked. It is easy to see why – many people are fixated on getting the asking price for their home and use this amount to calculate they’ll have to spend on the new property. But often just because you receive the asking price does not mean this is the amount you get to keep or reinvest. Many fees are often added on or hidden away, eating away at profits.
If you are looking to sell your house in Swansea, let us guide you through the process and give you a ballpark figure of the fees you’ll be expected to pay, so there are no nasty surprises after you’ve sold, leaving you free to budget more accurately on your next home!
What’s the average fee for selling a house?
In the UK, most property transactions occur through some form of estate agency. Unsurprisingly, there are fees involved to use their services, whereby you’ll typically be looking at a fee of 1% to 3% of the sale price, or a fixed fee which can range anywhere from between £500 to £5000. Many agencies operate on a ‘no success, no charge’ basis, safeguarding you if the sale doesn’t go through.
However, many people are reluctant to use estate agents because of these fees. If you are selling a home, having to give away up to 3% of the price is not ideal, especially if you did not receive a satisfactory service or if the asking price the agent advised was not achieved. For these reasons, a growing number of people look for other ways to sell a home, such as:
Online Estate Agents
Utilising online estate agents offers a variety of benefits and drawbacks. On the positive side, they are often less expensive than their traditional counterparts and usually provide 24/7 support and user-friendly dashboards, granting you the flexibility to manage your listing and address inquiries around the clock. Additionally, the online model allows these agents to showcase your property to a nationwide audience.
On the downside, many online agents require an upfront payment, irrespective of whether the property is successfully sold. Even though the initial fees may appear lower, be prepared for extra charges for essential services like professional photography, hosted viewings, or premium listings. Lastly, opting for an online estate agent could mean you’ll spend a significant amount of time managing property viewings and negotiations yourself.
Cash House Buyers
Cash house buyers can be either an individual or an enterprise like We Buy Any Home with enough financial resources to purchase your entire property outright. While there are distinct advantages to partnering with a cash house buying service—such as the ability to speed the sale of your home and cover all your legal fees as we do at We Buy Any Home—it’s crucial to exercise caution to ensure you’re dealing with a reputable and professional organisation.
It’s worth noting that not all cash-based home buyers are equally reliable. Some may be intermediaries for other entities and might tack on additional charges for services like organising property assessments. Others may try to generate extra income by selling your details to third parties. At We Buy Any Home, we offer full transparency with no hidden costs, and we ensure you receive the complete, final price we’ve quoted for your property.
What are the average solicitor’s fees for selling a house?
The usual cost for a solicitor when selling your home is roughly £1,000, which typically includes extra payments, called “disbursements,” for special checks. The costs can differ a lot, ranging from a little over £500 to as high as £1,500. These fees can also change depending on the value of your home and the type of ownership you have (freehold or leasehold).
When picking a lawyer, don’t just go for the cheapest or most expensive one. It’s better to look around and do some research to make sure you’re making the best choice.
What fees do you pay when selling a house UK?
In 2023, the cost of selling your home will vary based on factors, but on average you can expect the following costs:
- Estate agent fees will typically be around £4,000 or 1.42% of the sale price, including VAT.
- A legal requirement, the Energy Performance Certificate (EPC), will cost between £60 and £120.
- Conveyancing fees, for handling the legal aspects, range from £610 to £950 and could be higher for leasehold properties.
- Finally, removal costs depend on the size of your house and the distance you’re moving, ranging from £350 to £2,250.
If we total this up, you are looking at fees over £7000. Then on top, there are things such as mortgage exit fees and mortgage payments made when waiting for a sale to go through.
Do I pay stamp duty if I sell my house in Wales?
Stamp duty or land tax is payable in Wales.
As of October 10, 2022, under the Land Transaction Tax (LTT) system in Wales, you’ll only pay tax on a property if it costs more than £225,000. This threshold was raised from £180,000. First-time buyers in Wales don’t get any special tax breaks, unlike in the rest of the UK. The more the home is worth, the more stamp duty you’ll pay, up to 12% for properties over £1.5 million.Selling a home involves navigating a variety of costs, from estate agent fees to conveyancing charges and beyond. It can be a complex and sometimes uncertain process. However, if you choose to work with us at We Buy Any Home, we simplify this process significantly. As cash house buyers, we can guarantee a swift and secure sale, eliminating the typical anxieties that come with traditional methods. If you’re looking to sell your home without the hassle and extra costs, call us today!
