Costs of Selling A House

When you are getting ready to sell a property and buy your next home, it’s important to think about the many costs that are involved with selling – and how to reduce these expenses.

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Your top questions when considering the costs of selling your house

✅ What are some of the typical costs involved with selling a property?

The exact expenses that you might have to pay will depend on a number of factors that will be unique to your selling situation. But some of the common costs that you might experience when trying to find a buyer for your home include paying for repairs to any structural damage at the home, the fees associated with the conveyancing process, mortgage charges and more.

✅ What will it cost me for repair work at my home before selling it?

It depends on the work required at your home because some tasks could be very low cost, such as replacing missing roof tiles or fixing broken windows. Other work might cost thousands of pounds, such as paying to remove asbestos. You will need to decide whether you have the time, money and willingness for this work or just want to sell the home in its current state.

✅ What is the conveyancing process and how much does that cost?

The conveyancing process is an important part of the timeline with selling a home and this is when a legal professional collects and prepares necessary documents for the transaction, including reviewing the title deeds and writing the contracts for the sale. You can expect to pay an average of £2,000 for this work but the exact fee might be higher or lower than this.

✅ Will I have to pay Capital Gains Tax after selling my house or flat?

Not necessarily if you meet certain criteria, including that your home has been your sole residence for the entire time that you have owned it, that you never used any part of it for a business and various other factors. But you will pay this tax in other cases such as trying to sell a retirement property that you inherited but do not want to live in or continue to own.

✅ What are the costs incurred with a mortgage when selling my home?

In some cases, you may have to close out an existing mortgage when selling a property before buying a new one, and this can include a fee. When getting a new mortgage to purchase your next home it’s possible that some lenders will charge a fee of £1,000 or more. But there are also companies that will commit to not charging any fees when issuing a new home loan.

✅ How much will I pay in fees depending on the way I choose to sell my home?

There are some methods of selling that should help you avoid commission, which are selling without any assistance or selling to a no-fee quick buyer like LDN Properties. But if you opt to sell your house or flat through an auction or an estate agent then you will need to pay them commission and this add to your costs because it will be taken out of the sale proceeds.

✅ What is the typical timeline to expect when trying to sell my property?

It should only take a handful of weeks to sell your home when you get in touch with LDN Properties or another quick buyer, and this includes the time needed to pay you the full sale proceeds and to exchange contracts. But if you choose to sell without any help, with an estate agent or through an auction then these options can all take at least several months.

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