Are you selling a house in the UK? If so, it’s crucial that you know how much it’s likely to cost you. Here’s a breakdown of the main costs involved in selling a house, and a few tips for how you might save some money.
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The cost of selling a house in the UK
How much it costs to sell a house depends on a few things, including:
- the size of the property
- where it’s located
- the selling price
- removal costs
On average, however, it can cost over £5,000 to sell a house in the UK, so you need to budget for the costs involved. Let’s break them down so you have a better idea of what to expect.
1. Estate agent fees
When you’re selling a house in the UK, you’ll probably use an estate agent. Estate agent fees vary, but they’re usually somewhere between 1% and 3% of the sale price + VAT. So, if you sell a house for £200,000 and the estate agent charges 1%, the fees will be £2,000 + VAT.
You can save money by shopping around for the best rates, and always check the contract for any hidden marketing costs before you sign.
2. Energy Performance Certificate
You’ll need an Energy Performance Certificate (EPC) to sell a house in the UK. It costs between £35 and £120 + VAT, depending on the size and location of the property.
Can you save money here? Well, you’ll probably pay more if you let your estate agent arrange the EPC, so it might be worth arranging it privately. You can contact an accredited domestic energy assessor directly to do this.
3. Preparing the property for sale
From landscaping the garden to painting the walls, you might want to make some upgrades before you sell your house. However, if you’re watching your budget, here are some cost-effective tips for sprucing the house up.
- Declutter every room before you take photos.
- Fix small issues, like leaking taps, to make a good impression.
- Cut the grass, plant a few flowers and add a few ornaments to the outdoor space.
The cost of prepping your house for sale varies widely. Don’t spend more than you can comfortably afford.
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4. Mortgage fees
Do you still have a mortgage to pay off? Then you’ll need to either transfer your existing mortgage to a new property or remortgage. Let’s break both options down.
Transfer
If you’re moving to a new house in a similar price range, you can simply transfer or ‘port’ your mortgage to your new home.
You’ll probably need to pay for a mortgage survey, though, and the costs vary by lender. You may also need to pay additional admin fees – check with your lender to find out more.
Remortgage
You can always get a new mortgage deal. This might be your only option if you’re buying a more expensive property, but it’s also worth checking to see whether you could save money with a new mortgage product anyway.
- Depending on your existing mortgage terms, an early exit fee may apply.
- You’ll need to pay an arrangement fee, booking fee and valuation fee for your new mortgage.
Again, costs vary, so you should shop around for the best quote.
5. Conveyancing fees
The costs involved in hiring a solicitor and completing the sale process vary widely, but they can exceed £1,000. Your estate agent might recommend a solicitor to you, but you don’t have to use them. Check that you’re happy with their fee structure first.
If you’re buying and selling a house at the same time, you might find it works out cheaper to use the same solicitor for both transactions.
6. Removal costs
Removal costs vary, but on average, you’ll pay over £1,100 for a removals company to pack up a three-bedroom house.
Can you save money on removal costs when you’re selling a house in the UK? Sure – here are some tips.
- Buy your own packing materials.
- Pack as much as you can on your own.
- Get friends and family to help with the move, rather than hiring a removals company.
7. Home Report costs (Scotland)
If you’re selling a house in Scotland, you’ll need to pay for a Home Report unless an exception applies (e.g. it’s a new build).
Home reports cost between £585 and £820. Be sure to request a few quotes to get the best deal.
Selling a house in the UK
Selling a house in the UK can be expensive, so it’s crucial that you budget properly in advance. Otherwise, you could end up spending more than you can afford on the house sale, putting your finances at risk.
Looking for a new mortgage? Check out our tips on how to find a good deal.
