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How Much Does It Cost to Sell a House in 2024?
House Selling

How Much Does It Cost to Sell a House in 2024?

Although every homeowner expects to make a profit on the sale of their home, you should always expect to part with some money when you’re selling your house. In fact, by doing a bit of number-crunching, it can often seem like an overly expensive process, but it’s important to keep the big picture in mind.

Even with estate agent fees, legal fees and moving costs considered, selling your home can still be a profitable venture, but it’s important to make yourself aware of the outgoing expenses that you are obligated to pay.

To help navigate your way through this minefield of expenses extraneous fees, join us as we explore how much it really costs to sell a house in 2024.

What Fees Are Involved in Selling a House?

As you set about selling your property in the UK, the obvious costs to consider are as follows:

Estate Agent Fees:

By facilitating the sales process and taking care of all the marketing to promote your property to possiblel buyers, estate agents can play a vital role, but their involvement does come at a cost. Their fees are typically 1% to 3.5% of the final sale price. The higher the property value, the lower the percentage. For a £300,000 home, you could expect to pay around £6,000 in estate agent fees. For this reason, it's always a sensible idea to ask exactly what the fees are before entering into a contract.

Conveyancing Fees:

You will be expected to hire a solicitor or a licensed conveyancer to assume responsibility for all legal considerations. The latest data suggests that the average conveyancing fees for 2024 range from £1,180 to £1,265 (inclusive of VAT) for a freehold property. Bear in mind that these costs can be higher for leasehold properties, or new builds, so costs can depend on your personal situation.

Mortgage Fees:

Presuming you still have an existing mortgage, you may be expected to make an early repayment or pay an exit fee of up to 5% of the loan’s value, though this can vary depending on who your lender is. Ordinarily, refinancing or switching mortgages can also incur fees of up to £500.

Moving Costs:

If the property you are moving to is unfurnished, you'll need to pay a furniture removal company to transport your belongings. Such moving fees can vary drastically depending on how much you own and the number of miles it needs to travel. If you’re moving locally, this may only cost you a few hundred pounds, but longer-distance relocations can be well over £1,000 on average.

EPC Certificate:

It is required by law to have an Energy Performance Certificate (EPC) for your home if you are looking to sell in 2024. This evaluates and scores the energy efficiency of your property and will cost you around £60-£120.

Valuation Fee:

Reportedly costing an average of £380 for most properties in the UK, your mortgage lender will require a valuation survey before you can move house. This helps them assess its market value and its general condition, but these survey costs can be considerably more depending on how big the property is.

Of course, there are many other costs to consider. From cleaning or repairs to home staging, there can be additional expenses that naturally arise. When you combine this with home warranty costs, auction fees (if you are selling via auction), capital gains tax and stamp duty on wherever you are moving to, the financial necessities can certainly add up.

How Do I Prepare My Home For Sale?

It’s important that you give your home the best possible chance of selling. This means you must take responsibility for keeping your house clutter-free and clean throughout, as well as making minor repairs and touching up paintwork.

If you have a garden, make sure it is tidy and landscaped in an appealing fashion. Kitchens and living spaces should be staged appropriately to impress possible buyers, so you may benefit from hiring a home staging specialist to improve your prospects.

If certain rooms in your property are slightly outdated, you may need to consider DIY or renovations. By doing your utmost to properly prepare your home, you can maximise the sale price and increase its appeal to potential buyers. Within reason, investing anywhere from £500 to £2,000 on such work could add thousands to the final value of your home.

Costs of Buyers Pulling Out

It can be disappointing if you find a potential buyer for your home but, for whatever reason, the sale falls through. Whether it’s due to buyers getting cold feet or being unable to secure a mortgage, this can inadvertently have a financial impact on you.

For one thing, you could lose several weeks or even months of time on the market, particularly when you must relist with an estate agent. This can incur additional fees and means you must spend out all over again preparing your home for new viewers.

Lastly, if mortgage rates have increased since the last time your house was on the market, it can put you at a disadvantage. The only solution here is to make sure you vet buyers carefully and keep your home properly well-presented until a successful completion.

How Much Do Solicitors Charge to Sell a House UK?

According to the latest research, the average solicitor fees for selling a house in the UK are:

·      £820-£1,600 for a freehold property

·      £990-£1,770 for a leasehold property

If you live in London or the South East, you will have to pay slightly higher rates. Not only this, but legal disbursements like land registry fees will also apply.

How Much Do You Pay When You Sell a House?

Generally speaking, the average cost of a UK home in 2024 is currently £234,853, which means that selling costs will sit somewhere between £5,097 and £8,034. However, if your property is worth more than average, costs could even be as high as £10,000-£15,000.

If you own more than one property, you will be expected to pay capital gains tax, particularly if your taxable gains are over £12,300. However, costs can vary slightly, depending on which part of the UK you live. If you’re a higher-rate taxpayer, this is charged at 28% on gains made above that threshold. However, if the property you are selling is your only residence, this will not apply.

What is the Average Cost of Buying a House in the UK?

Much of these prices can be dependent on the value of your property, but on average UK homebuyers in 2023 spent the following:

Estate agent fees: £3,900

Conveyancer: £1,400

Mortgage advisor: £400

Mortgage valuation: £300

Mortgage arrangement fee: £1,000

Stamp duty (England): £9,000

That brings total average buying costs to up to around £16,000, though it can be less depending upon your property’s value and its location. Additional moving, survey, and search fees may also apply.

Can You Sell Your House Cheaper?

Some ways to reduce the costs of selling your home include:

·      Selling privately without an estate agent

·      Negotiating lower estate agent fees

·      Using an online conveyancer – this can save 20-40%

·      Including fixtures, fittings, and appliances

·      Choosing comparables for mortgage valuation

·      Checking for stamp duty exemptions

Do I Pay Stamp Duty When Selling a House?

In England and Northern Ireland, stamp duty is paid by property buyers rather than sellers. However, if you buy another home after selling, you'll pay stamp duty on your new purchase.

In Scotland, you may be liable for Land and Buildings Transaction Tax (LBTT) when selling if it's an additional residential property. The Additional Dwelling Supplement tax applies to second homes.

How Much Should I Pay a Solicitor to Sell My House?

For a straightforward property sale in the UK, conveyancing solicitor fees are typically £850-£1,500 including disbursements. Here's how the costs usually break down:

Legal fee: £500-£900

VAT: £100-£180

Disbursements: £250-£500

Total: £850-£1,500

You can request an upfront quote from solicitors outlining their specific fees for the work involved in your sale.

Do I Pay Tax When I Sell My House?

Your main residence is usually exempt from Capital Gains Tax. If you have a second home, inherited a propery or have a business, you should expect to pay CGT.

In the UK, you'll pay capital gains tax (CGT) when selling if you make a profit over the tax-free allowance - £12,300 for individuals or £24,600 for couples. Gains over this are charged at 18% (basic rate) or 28% (higher rate).

You only pay CGT on any gain made from the time you purchased the property. Private residences also qualify for reliefs to reduce the taxable amount.

Can I Sell My House Without an Estate Agent?

Yes, you can sell your home privately without using an estate agent. This is called FSBO - for sale by owner. Options include:

·      Online listings on sites like Rightmove and Zoopla

·      Social media advertising and networking

·      Creating your own website with photos and details

·      Putting signs outside your property

·      Hosting open houses for viewers

FSBO saves thousands in agency fees but is more hands-on. You'll have to handle viewings, paperwork and all the negotiations yourself.

Do I Need a Solicitor to Sell My House?

While not required by law, it's usually advisable to use a solicitor or licensed conveyancer when selling a home in the UK. They handle critical legal aspects like:

·      Carrying out conveyancing searches

·      Drafting the sale contract

·      Facilitating exchange of contracts

·      Liaising with the buyer's solicitor

·      Handling completion and keys transfer on your behalf

You can sell without one using DIY conveyancing kits, but professional help reduces the legal risks. Conveyancers also know the process and can act quickly when needed.

How Much are Solicitors Fees for Buying and Selling a House?

Typical solicitor fees for buying and selling a house are:

Buying fees:

Legal fee - £750-£1,000

VAT - £150-£200

Disbursements - £250-£500

Total – Around £1,200

Selling fees:

Legal fee - £500-£900

VAT - £100-£180

Disbursements - £250-£400

Total – Around £850-£1,500

When combined, conveyancing costs often range from £2,000-£3,000. Exact totals depend on where you are in the country and property values.

How Much is Stamp Duty 2024?

In England and Northern Ireland, stamp duty land tax (SDLT) for 2024 is:

£0 on the first £250,000

5% on £250,000-£925,000

10% on £925,000-£1.5 million

12% above £1.5 million

In Scotland, land and buildings transaction tax (LBTT) is:

0% on first £145,000

2% on £145,000-£250,000

5% on £250,000 £325,000

10% on £325,000-£750,000

12% over £750,000

How Much are Solicitors Fees When Buying a House?

The average solicitor fees for buying a house in 2024 across the whole of the UK is approximately £1,500 on average, according to Compare My Move.

This can include legal fees of around £750-£1,000 plus VAT of £150-£200 and disbursements between £400-£600 - bringing total fees to the region of £1,100-£1,750 typically.

Who is the Cheapest to Sell Your House?

The cheapest way to sell a property is usually through private sale rather than using an estate agent.

However, Upstix can provide the fastest and most simple solution for those with urgent needs who want to avoid the hassle and uncertainty of a standard sale. Our all-cash process is secure and regulated for complete peace of mind, eliminating the usual incremental costs involved when selling through an agent and avoiding the need to go on the open market.

Upstix can offer up to 87% of the home’s market value, a fair rate given that it cuts out many of the excessive fees and expenses of normal property sales. With no hidden fees or charges, we provide outstanding value compared to traditional agency rates of up to 3.5%, not to mention all the other expenses we have outlined in this article.

Whether you need to sell quickly or simply want to reduce hassle and move on easily, Upstix offers an innovative and stress-free way to sell for less in 2024.

If you're looking to sell your property for cash, check the Cash House Buyers page for more information.

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