Landlords can expect to pay up to £18,500 when selling just an average home claims buying service Gaffsy.
It splits the costs this way:
Estate agent fees – Typically agents vary between 1% and 3.5% of the property price, depending on how many agents are involved in selling your property. As of 2016, estate agent fees should include VAT, so check beforehand if this isn’t clear.
In June 2024, the average cost of a home in the UK was £388,000 – so property sellers should expect to pay between £2,880 and £10,080. However, if you are only using one agency then you can haggle down to around 1% – estate agents will expect this.
Solicitors – These often range in price depending on whether the property is freehold or leasehold, the property price, the complexity of the transaction and the location. You’ll need to know whether the solicitors are using a fixed fee, a pre-agreed upon amount, or if they charge by the hour as this can drastically change the fee.
The average cost for a solicitor was £2,003. If you’re buying and selling a home simultaneously and using the same solicitors, you might be able to reduce your fees and negotiate accordingly.
Mortgage fees – You’ll need to consider whether to port your existing mortgage or take out a new mortgage. Sellers typically port their mortgage due to having a low interest rate deal, or have a product that has an early repayment fee. You’ll also need to be aware of any mortgage exit fees, as these can quickly add up. For example, if you had a £120,000 mortgage with a 4% exit fee, you’d need to pay £4,800.
Surveys – Whilst surveys aren’t mandatory in the house buying process, it’s recommended to get one to ensure there are no issues or reg flags that could become bigger problems in the future. Typically, house surveys are for the buyer to arrange, but some sellers decide to pay for a survey to identify and resolve issues before the buyer’s survey. Anything in a survey can be used to ask for a reduced price on the property and therefore could be more costly not to get one as a seller. Surveys cost between £400 and £1,500 – depending on the location, the type of survey you have and the property’s value.
Other costs – If you’re selling a property that isn’t your main home, you’ll need to pay Capital Gains Tax. Another cost is gaining an Energy Performance Certificate which is required by law to provide when selling your property, which costs between £60 and £120.