How much does it cost to sell your home in 2022
There is no simple figure to give when considering selling your property in 2022. However, you can estimate the rough cost by considering the following.
EPC (Energy performance certificates) cost anywhere between £35-£120. They are valid for 10 years and should be ordered before the property is placed on the market. Failure to get an EPC can lead to fines of up to £200. Only accredited assessors are permitted to access the property and produce EPC certificates.
Estate agent fees
These are generally between 0.75% – 2.5%+VAT of final sale price. Most agents charge a commission as a percentage on a ‘no sale, no fee’ basis, meaning If you don’t sell, there is nothing to pay. If you decide to use multiple estate agents, you can expect to pay a higher fee 2%- 3% +VAT is the industry standard for multi-agency agreements. Some people, less than 5%, choose to use online estate agents however most charge a fixed fee paid upfront or by deferred credit agreement, which means the fee is payable even if they don’t sell your property. Bear this in mind as it could potentially mean having to pay twice, once to an online estate agent for failing to sell the property, then again to a conventional estate agent to finish the job.
Conveyancing solicitor fees
Firms such as Sam Conveyancing indicate that the fees associated with selling a house are far lower than those if you are buying. If you’re doing both, it’s generally best to use the same solicitor or conveyancer on both transactions as you’ll only pay for certain things once, instead of twice.
Solicitors may charge slightly more to sell a house than a conveyancer as they are qualified in all aspects of law. This may be of value if your transaction has potential legal complications, as they’ll be equipped to handle any challenges that fall outside the remit of standard conveyancing. That being said, many conveyancing firms are now multi-disciplinary and have the relevant capabilities. Any firm should comply with the Solicitors Code of Conduct published by the Solicitors Regulation Authority.
It is also worth remembering that if more work is required in the transaction, for example, selling a leasehold property, and if there is a mortgage to discharge with the sale, then the fee will reflect that. It is also common practice for more expensive properties to cost more to transact. Conveyancing fees will range from £500-£1,500 plus vat. This is whether you’re selling a property privately, using a high street estate agent or an online agent. No sale no fee conveyancing offers are also a worthwhile consideration as an estimated 1 in 3 moves do not get to competition.
Conveyancing is a competitive part of the home buying and selling process, so it’s always worth researching. Only once you understand typical fees should you instruct a solicitor or conveyancer. You don’t legally need a solicitor or licensed conveyancer as it is possible to do it yourself, however, very careful consideration should be given as this is by no means an easy task.
Removal costs should also be considered, these vary greatly and can range from £200-£4000 plus vat. So it’s worth obtaining at least 3 quotes before committing.
