But, where does\nall of that money go, and who (other than you) is benefiting from your house\nsale?<\/p>\n\n\n\n
In this\narticle, we take a look at the specific costs associated with selling your\nhome, including:<\/p>\n\n\n\n
- Estate\nagent fees<\/li>
- Conveyancing\nor solicitor fees<\/li>
- Stamp\nDuty or Land and Buildings Transaction Tax<\/li>
- Home\nReport (for those of you in Scotland)<\/li>
- An\nEnergy Performance Certificate<\/li>
- Removals<\/li><\/ul>\n\n\n\n
Estate Agent Fees<\/strong><\/h3>\n\n\n\n
Let\u2019s start with the big one, estate agent fees<\/a>.<\/p>\n\n\n\n
Typically,\nestate agent fees can be around 1% to 3% of the total sale price of your home,\nwith many agents setting a minimum fee on properties which fall below a certain\namount. However, fees of 4% are not uncommon, and for low value properties, the\nfee could end up being a lot higher due to that minimum charge.<\/p>\n\n\n\n
Also, don\u2019t\nforget to include VAT. At the moment, VAT is 20%, so a 1.5% fee could turn into\na 1.8% fee if VAT is not included automatically.<\/p>\n\n\n
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<\/div>\n \n\n Instant online valuation<\/span> <\/div>\n\nGet a rough estimate of your home's value now.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n
\n \n\n\n![\"\"](\"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/wp-content\/themes\/yopa\/assets\/images\/icon-currency.svg\")
<\/div>\n \n\n Face-to-face valuation<\/span> <\/div>\n\nBook an appointment with your local Yopa agent.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n<\/div>\n\n\n\n\n
So, what do you\nget for this money?<\/p>\n\n\n\n
In most cases,\nyou should get:<\/p>\n\n\n\n
- Photographs of your property<\/li>
- An accurate valuation<\/li>
- A floorplan<\/li>
- Marketing blurb and a listing on significant property portals such as Rightmove and Zoopla<\/li>
- Other marketing, such as mailers, flyers, emails and social media promotion<\/li>
- Price negotiation with potential buyers <\/li>
- Accompanied visits<\/li><\/ul>\n\n\n\n
So that\u2019s quite\na bit. However, it is important to be aware that some agents charge extra for\ncertain services, which can make the price go up substantially.<\/p>\n\n\n\n
You can keep costs down by going with a local, non-high street agent. However, choosing a solely online estate agent<\/a> can essentially be a listing service and nothing more. So, if you are after a more hands on approach from your agent, a \u2018hybrid\u2019 estate agent such as Yopa is often a better choice, offering lower prices for an identical service to conventional high street estate agents, but without the local bricks and mortar offices. <\/p>\n\n\n\n
To arrange a\nfree, no obligation valuation with one of Yopa\u2019s local property experts, head\nto https:\/\/www.yopa.co.uk\/property-valuation<\/a> <\/p>\n\n\n\n
Conveyancing<\/strong><\/h2>\n\n\n\n
Conveyancing is the legal stage of buying a home. There are a couple of ways that you can arrange the conveyancing process<\/a>:<\/p>\n\n\n\n
- Through\na conveyancer<\/li>
- Through\na solicitor<\/li><\/ul>\n\n\n\n
Conveyancers\ntend to be cheaper, mainly because they focus specifically on the actual\nconveyancing aspect of buying a home, but they are not qualified to offer legal\nadvice on other matters. Those who have complicated tax arrangements or need\nadditional advice regarding family law may have to use a solicitor, who will\ncharge more but be able to give the right advice regarding other legal matters\nthat could impact the house sale. <\/p>\n\n\n\n
If you are\nunsure about whether you should instruct a solicitor or conveyancer to sell your\nhome, take a look at our guide: Do you need a solicitor to sell your\nhome?<\/a> <\/p>\n\n\n\n
It could cost you between \u00a3300 and \u00a31,200+ in conveyancing fees for a fairly simple property sale, and if you need legal advice regarding your financial situation, expect to add up to \u00a32,000 on top, depending on where your solicitor is located and the complexity of your individual situation.<\/p>\n\n\n\n
To find a licenced\nconveyancer, head to the Council for Licensed Conveyancers (CLC) website: https:\/\/www.clc-uk.org\/<\/a> <\/p>\n\n\n\n
Personal recommendations are also valuable, so you may wish to ask friends and family who have recently sold a home. Estate agent-recommended conveyancers can also be a good option, so ask your agent for advice \u2013 but remember, you have no legal obligation to use your agent\u2019s conveyancer and your agent may be receiving a commission so their recommendations may not be entirely impartial. <\/p>\n\n\n\n
![\"\"](\"https:\/\/www.yopa.co.uk\/homeowners-hub\/wp-content\/uploads\/2019\/04\/british-money.jpeg\")
<\/figure>\n\n\n\nBuying a property is also pricey<\/strong><\/h2>\n\n\n\n
If you are also buying a property when your sell your own, things get a little trickier. Legal fees often relate to the purchase price, due to the increased risk if something goes wrong. Expect to pay between \u00a3600 and \u00a32,000 in addition to the selling charge for a relatively standard purchase.<\/p>\n\n\n\n
However, it\u2019s\nimportant to note that this extra charge includes:<\/p>\n\n\n\n
- Land Registry or Registers of Scotland fees<\/li>
- Disbursements such as a bankruptcy search, local authority<\/a> searches and environmental searches, among others<\/li>
- Time and advice with regard to the transaction<\/li><\/ul>\n\n\n\n
The Land Registry fee<\/a> ranges from \u00a320 for properties under \u00a380,000 to \u00a3500 for properties over \u00a31 million, provided they are using the Business Gateway and that it affects the entire registered title. Other costs will be higher if it\u2019s a first registration for the property or if the transaction only affects part of the registered title.<\/p>\n\n\n\n
Information on current Registers of Scotland fees can be found at https:\/\/kb.ros.gov.uk\/fees\/registration-fees<\/a>. <\/p>\n\n\n\n
Stamp Duty<\/strong><\/h2>\n\n\n\n
A conveyancer or solicitor will also arrange the payment of Stamp Duty<\/a>, Land and Buildings Transaction Tax<\/a> for properties in Scotland and Land Transaction Tax<\/a> in Wales. This fee is applicable for many residential property purchases, with additional fees due for second homes<\/a> and purchases by overseas buyers. Leasehold<\/a> and non-residential properties have slightly different rules.<\/p>\n\n\n\n
Click here for Yopa’s stamp duty calculator<\/a> and see how much you might need to pay.<\/p>\n\n\n\n
Home Reports (Scotland Only)<\/strong><\/h2>\n\n\n\n
The home report\nis a major expense for Scottish sellers, as each property is required to have\none before it goes on the market unless it has been recently converted or is\nnewly built. To put a property onto the market, the Home Report must be no more\nthan 12 weeks old and must be completed by a RICS<\/a> qualified surveyor. It must also\ninclude a mortgage valuation.<\/p>\n\n\n\n
Home Reports should cost between \u00a3585 and \u00a3820 depending on the type and value of the property, according to the RICS, but much lower costs have been reported. It pays to shop around and get quotes, as most firms do not provide prices up front and there can be a lot of variance from firm to firm. <\/p>\n\n\n\n
Energy Performance Certificates<\/strong><\/h2>\n\n\n\n
It is a legal requirement<\/a> that all homes being sold or rented in\nEngland and Wales have an Energy Performance Certificate<\/a>, and homes in Scotland that don\u2019t\nrequire a Home Report also need one. These are often simply called EPCs.<\/p>\n\n\n\n
EPCs essentially detail the amount of energy a property is expected to use, with a rating from A to G. Properties gain points for energy efficient measures such as extra insulation and double glazing, but they lose points for factors that increase their carbon consumption, such as leaky doors or the use of oil.<\/p>\n\n\n\n
Energy\nPerformance Certificates are valid for 10 years, so if you bought your home\nwithin the last decade, you may not need one. However, it can be worth getting\na new one if you have made substantial renovations, as significantly improved\nenergy efficiency can be a selling point.<\/p>\n\n\n\n
Prices range from around \u00a350 to \u00a3120, and they are usually charged on top of an estate agent\u2019s fee.<\/p>\n\n\n\n
Moving home<\/strong><\/h2>\n\n\n\n
If you need to\nmove out of your home, you can, of course, do it yourself, but in most cases,\nthis isn\u2019t really feasible. Even DIY removals cost time, money and effort, with\nvan rental being upwards of \u00a350 a day for a good-sized Luton van. You will also\nhave to add the cost of fuel on top of that.<\/p>\n\n\n\n
If you do go\nwith a professional moving company, make sure it\u2019s a member of the British\nAssociation of Removers<\/a>,\nas this means it carries insurance and meets minimum standards when it comes to\nservice and professionalism. Naturally, they charge a fee based on:<\/p>\n\n\n\n
- Time and advice with regard to the transaction<\/li><\/ul>\n\n\n\n