Selling Tips: costs to take into consideration when selling your property

There are many costs associated with selling a property, from estate agent fees to legal charges, to the costs associated with actually moving.

Preparing Your Property for Sale

You may find that by giving your property a refresh before placing it on the market is the best way to entice the broadest range of potential buyers.

Some ways in which you can do this would be:

• Repainting walls
• Cleaning thoroughly throughout
• Cutting the grass and tidying the outside area

If you hire professionals for these jobs, then additional costs will incur.

Getting an Energy Performance Certificate

An Energy Performance Certificate (EPC) is a document that outlines how energy-efficient your home is. Every home needs a valid EPC before it can be advertised for sale, and it is the seller’s responsibility to ensure it is in place.

The certificate will grade your home on a scale of A-G. Those sitting at the bottom of the chart may be less attractive to potential buyers, as it indicates that the costs of running the home will be substantially more.

These certificates can be obtained from any accredited company. However, there is no uniform fee. The price will vary depending on the location and size of your home but usually start around £60.

It should be noted that an EPC is valid for ten years, so you may find that your property already has a valid document!

Mortgage Charges

If you have a mortgage then you may incur a mortgage exit fee when selling your home.

A mortgage exit fee is a charge that your lender may issue when you close your mortgage account down. This can range anywhere between £25 and £300. However, be sure to check your original mortgage document, as not every lender demands this payment.

Alternatively, some homeowners choose to ‘port’ their mortgage. ‘Porting’ is the process of transferring the mortgage over to the new property, removing the need to exit the mortgage and apply for another. This forms the ideal situation for many, as it can potentially save thousands of pounds.

However, the mortgage will need to be reassessed as the charge will now be held against a completely different home. The lender will examine the circumstances and, where appropriate, will simply transfer the debt from one home to the next.

However, it is always best to investigate current deals and offers before proceeding straight away. If you require any assistance, Giraffe Financial are always happy to help!

Estate Agent Costs

Working with a good estate agent is crucial when selling your home.

Estate agents deal with the process of advertising your property, conducting viewings and assist with the negotiation process.

Understandably, the fees that estate agents charge vary and the fee can depend on the location and of course the service that the agency provides.

Most agents work on a ‘no sale, no fee’ basis meaning that if your property does not sell then you will have nothing to pay.

Did you know, selling through Giraffe Residential can positively impact the local community as we donate 10% of every house sale fee to the Food Dignity Alliance?

For more information speak with one of our team at Giraffe Residential who can help guide you with getting your property onto the open market!

Legal Fees

Conveyancing is the legal process of transferring the home from one owner to the next.

Once you have accepted an offer on your home, you will instruct a conveyancing solicitor to deal with this process.

Conveyancing fees can vary depending on the property you are selling, but average between £750 - £1500. The charge is commonly paid on the day that the sale completes.

Removal Expenses

Of course, there are many logistical costs associated with the process of moving such as hiring a van or a whole removal team, depending on your needs.

If you end up with an interim period between the completion of your sale and your next purchase, you may also incur storage costs.

Giraffe Residential are your local property experts for the North Tyneside area. We can advise you on all aspects of your home move.

Call us on 0191 276 0550 or email hello@girafferesidential.com to chat with a member of our friendly and experienced team.