How much does it REALLY cost to sell a house in the UK?

Simon Edward • Jul 03, 2023

When selling a property, you have to prepare for extra costs from the estate agents, conveyancer and more. Discover the true cost of selling a house.



When selling a property, you have to prepare for extra costs from the estate agents, conveyancer and more. Discover the true cost of selling a house.

Sometimes selling a home can feel like flying with a budget airline. What initially looks like a great deal ends up heaving under the weight of extra charges.


While the property market doesn't contain fees for anything as daft as
changing the name on your ticket, there are a surprising number of fees that first-time sellers might not be aware of.


As so often in life, the main thing is to be equipped with the facts before you put up your property for sale. That way, you can minimise the chances of getting stung somewhere down the line.


At the time of writing, the average cost of
selling a home in the UK is £6,224 for a £277,000 home. 


The exact amount that you pay will depend on factors such as the property's selling price, solicitor fees, estate agent fees, any mortgage repayment charges or exit fees, and whether you need any extra services.


So without further ado, let's run through the fees you may have to pay when selling your home.


Estate agent fees


This is a big one. Estate agents charge for key services to help you sell your home. That includes:


  • Marketing the property with professional-looking photos
  • Providing accurate floor plans and measurements
  • Recommending an asking price
  • Arranging and managing viewings
  • Installing a "for sale" sign
  • Negotiating with potential buyers
  • Moving the sale from exchange through to completion


You don't
have to use one. You could sell privately. This can work well if you have an interested buyer in mind – a friend or neighbour, perhaps.


But if you're looking for a buyer, you probably won't want to take on that level of responsibility. Isn't life hard enough without having to organise photo shoots and show people around?


Another option is to sell at auction. On average, this costs around £4,713 plus VAT.


Usually, an estate agent will charge a percentage of the final sale price – so depending on the value of the property, you could be looking at somewhere between one percent and three percent.


Many agents work on a "no sale, no fee" basis which can save money in the long run if the property doesn't sell.


If you see an estate agent with very low fees, make sure you look closely at what is and isn't included. You may be paying for a far less hands-on service if you skimp on costs.


Agents are required by the property ombudsman to put their fees as an actual amount in the contract – so be sure to see it in writing before proceeding.


They're also legally obliged to include VAT in their calculations.


Then there's commission. This will be calculated after the selling price is agreed with the buyer. There's an element of uncertainty here, which is one reason why agreeing on a fee cap can be advisable.


Finally, you should keep an eye on fees for registration or upfront marketing.


Is it possible to cut costs?


It's possible to save money by inviting multiple agents to your home and then going with the quote that suits you best.


Remember, an estate agent is working for you and wants to secure your
business. They may be willing to be flexible about fees as a way of winning your business.


It's vital to know roughly how much your property is worth before getting it valued. You can do this by finding out recent sale prices for similar properties in your area.


This is important because agents will sometimes try to secure your business with an inflated valuation. The best way to avoid this is through thorough research and asking questions.


Estate agents are also likely to recommend you services. While it may be useful to use their in-house solicitor, mortgage advisor or EPC provider, you're under no obligation to do so.


As with finding an estate agent in the first place, your best bet is to shop around. Find the best deal for you and don't be pressured into using an estate agent's recommended services.


Mortgage fees


If the house you're selling has a mortgage, you may be subject to extra fees – namely, mortgage exit fees and early repayment charges.


You have the option of remortgaging or transferring your current deal to your new home – but along the way, you may have to pay a booking fee, valuation fee or arrangement fee.


Conveyancing fees


An estate agent's key responsibility is to find you a buyer. But a smooth sale won't happen unless you also cover the legal side of things.


Getting a good
conveyancer in place right from the start means you're less likely to end up in a legal cul-de-sac. As well as carrying out searches, they sort out critical documentation.


You don't have to use the conveyancer recommended to you by your estate agent. It can be sensible to shop around for an accredited, experienced solicitor instead.


EPC


You need to sort out an energy performance certificate before your property goes on the market. This costs between £60 and £120 including VAT and is valid for 10 years.


You can either order one online through an EPC provider or ask your estate agent to get you one.


Removal company


The average cost for moving the contents of a three-bedroom house for 50 miles is £1,181 (packing included).
When booking a removal company, check that they have goods in transit and public liability insurance to protect your possessions.


Possible extras


  • Capital Gains Tax. This applies if it's an inherited property, a buy-to-let, a holiday home, business premises or land.
  • Mortgage porting. This costs up to £450 for a valuation.
  • In Scotland, you'll need a Home Report. On average, this could cost between £585 and £820, depending on house size.
  • Cleaning, painting and repairs. While this isn't essential, increased "kerb appeal" can improve the property's saleability.


Are you looking for an experienced, accredited
conveyancing lawyer in Leeds, Harrogate or Pontefract? Get in touch with Milners Solicitors for a free, no-obligation quote.


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