Selling costs

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    Selling costs

    Hello everyone, after evicting my tenant I have put my house on sale and have accepted an offer.
    As I have not sold before I wanted find out what to cost to expect. I received a quote from a solicitor for about £900 - could I ask if this the norm.
    what other cost are there? I am sorry to sound naive about this - but I have already lost a lot money by being a landlord and evicting a tenant has cost quite a bit as well. So I have to budget. Kindly advise. A checklist would be helpful

    #2
    Off the top of my head, there aren't many.

    Selling agent's fee (if applicable)
    Solicitor's fee
    Moving costs (you will be expected to leave the property empty unless otherwise agreed with the purchaser.)
    Possibly CGT if you have made a capital gain

    I presume solicitor's quote would include any related third-party costs during the conveyancing process

    You will be liable for utility bills etc. until completion.

    An EPC dated within 10 years is required for sale.
    There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

    Comment


      #3
      What is the selling price?

      Comment


        #4
        Most solicitors charge depending on the price of the property even when the work involved is the same. Online ones can be cheaper but may take longer.

        Comment


          #5
          Hi the property's price falls into a bracket of £300k -350K. There is a mortgage on the property. At sale, we would have to pay it. Will solicitor help us with all these.
          Thanks

          Comment


            #6
            £950 does not sound too bad for a sale at £300k -350K. You can though get quotes online. Google conveyancing fees quote uk.

            Comment


              #7
              Estate agents fees .........

              Comment


                #8
                Thanks everyone .

                Selling cost
                1. estate agent fees
                2. solicitors fees
                3. cleaning of the property (no moving fees as the property was not my home, but a rental one)
                4. CGT

                Would anyone know of a link for a CGT calculator - I am sure there would be a CGT to pay as we rented the property out for the last 9 years

                Thanks again for the help and info. currently i am ringing around for solicitors the cheapest quote is £860 plus vat.

                Comment


                  #9
                  https://www.gov.uk/tax-sell-property/work-out-your-gain

                  Click the big green button.
                  There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

                  Comment


                    #10
                    Originally posted by OS7 View Post
                    Thanks again for the help and info. currently i am ringing around for solicitors the cheapest quote is £860 plus vat.

                    Is cheapest always best - I don't think so. You get what you pay for and with such an important transaction shouldn't you be looking for price and service and reliability?

                    Buy cheap normally means pay twice

                    Comment


                      #11
                      If you want the properly cheap conveyancing version I've used this https://www.amazon.co.uk/Buying-Sell.../dp/1906971803
                      but only for buying, I haven't sold anything yet.

                      Comment


                        #12
                        Thanks everyone. I have found a solicitor who is local to me. They are not cheapest ( in fact £100 more than the cheapest quote I received), however they are near me and recommended by a friend who did her purchase via them. I am not confident doing it by myself and wasn’t sure with just a conveynacing firm ( they were a lot cheaper than a solicitor). Finally, decided on this local firm.

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                          #13
                          OS7,

                          CGT is not a selling cost. Eviction cost maybe ..?

                          Comment


                            #14
                            Yes, you are right, it is something I have to pay from proceeds. Therefore I just added it to the cost to come off the proceeds. Sorry, my bad

                            Comment


                              #15
                              Originally posted by OS7 View Post
                              ...wasn’t sure with just a conveynacing firm ( they were a lot cheaper than a solicitor).
                              Presumably you are referring to a firm of licensed conveyancers. There is no reason to have less confidence in such a firm.

                              Licensed conveyancers are qualified lawyers. They study the areas of law relevant to conveyancing to degree level just as solicitors do. They need to have at least a year's experience before qualifying. Whilst solicitors need two years' experience, typically only six months of that will be doing conveyancing.

                              Apart from that, whether your conveyancer is a solicitor or a licensed conveyancer, there is no guarantee he will be on the ball and get on with the job. There is also no guarantee that the work will actually be done by a qualified person.

                              Recommendations by clients need to treated with caution. Whilst able to comment on how the matter was dealt with, the average client is unable to tell how technically sound the lawyer is.



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