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Advice/help with how much it costs to sell flat

(10 Posts)
LittleMissMummy Mon 20-Jul-09 17:24:59

Hi all,

I was hoping for some help on how much it usually costs to sell a house? We are hoping to sell our flat this year and buy a house and I am trying to work out our budget but I dont really know how much it costs to sell - I know that by law you have to have a new home report thing plus all the legal/solicitor fees - does anybody have any idea or does it depend on the value of your property?

Also are you able to pay for these fees/home report after your house sells i.e using any profit made or do you need to pay it up front ?

Any help is much appreciated

thanks

HeadFairy Mon 20-Jul-09 17:29:45

The fees vary according to agents and the value of your flat..

Estate agent fees vary from a very good 0.5% to a not so great 2% - sometimes you get a better rate if you use sole agents, ie just one agent to market your property.

You don't pay any stamp duty if your property is worth less than £175k (until December this year). Between £175k and £250k you pay 1% (of sale price), £250k to £500k is 3% and above £500k is 4%.

Legal fees vary from solicitor to solicitor, we're paying about £1500 to sell our flat (that includes searches)

The HiP is relatively cheap, about £300.

Most fees you have to pay upfront. You can add the stamp duty to your mortgate, but remember you'll be paying interest on it for the duration of that mortgate, so it'll be more expensive in the long run.

HeadFairy Mon 20-Jul-09 17:31:22

The agents fee is usually deducted from the sale price, ie if you sell for £200,000 and your agent gets £2000, you'll actually get £198,000 for the sale of your property.

LittleMissMummy Mon 20-Jul-09 17:42:24

thanks for all the info headfairy - will try and work some of that into my budget smile

thanks again!

HeadFairy Mon 20-Jul-09 17:43:25

That's ok. Unfortunately it all adds up... I reckon with stamp duty, fees etc we'll end up spending about £20,000 to sell our £380k flat

LittleMissMummy Mon 20-Jul-09 19:17:21

honestly?!?! thats completely insane isn't it ! hope you manage to get yours sold smile
thanks again headfairy

HeadFairy Mon 20-Jul-09 19:35:06

We're exchanging on Friday so hopefully the sale is done... but we're homeless in three weeks as our next purchase fell through. We've offered on another house and it's been accepted but there's going to be about 8 weeks when we're homeless! eek!

LittleMissMummy Tue 21-Jul-09 17:49:20

oh what a nightmare, will you just rent somewhere until you move into ur new house?

HeadFairy Wed 22-Jul-09 09:40:08

No we're house sitting for my sister for a month while she's on holiday and then we're off to my mum and dad's to be spoilt (they have a cleaner who irons EVERYTHING, including underwear!)

HerHonesty Wed 22-Jul-09 21:34:06

HIP and searches you pay upfront. solicitors and ea fees you pay on completion of sale. d

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