The cost of selling a house can be higher than renting it out or remortgaging, so it pays to know what’s in store during the process.
Here are the main steps:
There are no hard and fast rules on how long a house sale takes. Every property is different, meaning every sale will proceed at a different rate.
Things to consider:
If your buyer’s survey discovers that work is needed on the property, your valuation could go down. Having to renegotiate the price can cause delays.
If your buyer also has a house to sell, the timing of your sale will depend on theirs going smoothly too.
Conveyancing could identify issues that affect the valuation of your property. This can mean it takes longer for the sale to complete.
The cost of selling a house is made up of fees, including:
You don’t usually pay an agent upfront to value your property, but once you instruct them to act on your behalf and market your house, you’ll need to pay them.
Most estate agents charge fees as a percentage of the property valuation. Expect to pay roughly 0.75% to 3% of the final sale price.
Because the cost of selling a house can be a large sum, most estate agents will take their fee once you’ve received the sale price from your buyer. Your conveyancing solicitor will handle distributing the money.
Your solicitor can advise you about paying any taxes on selling a house. If the property you sell isn’t your main home, you may be liable for capital gains tax.
