Robert Williams Estate Agents, Exeter

A Guide to Understanding the Costs of Selling a House in 2024

When you sell something, it can be considered to be relatively simple, however, selling a house is not as simple.

There is a lot of legal work, provisions to make, and unexpected fees that need to be accounted for before putting your house on the market. You need to be prepared to put in some money to make the sale.

If you’re planning on selling your home, these are some of the basics that you need to be aware of before you call up your estate agent.

 

What you need to prepare before you put your house on the market

Make a checklist of all the things that you need to do and appointments that you need to make, this will help the process go more smoothly.

Make appointments

There are many people that you are required to get in touch with to ensure that your plans to sell your home are on track. This includes getting in touch with movers if you have assets to transport, and estate agents so that you can put your house on the market. Don’t be hasty and select the first option that you see, shop around for the ones that meet your expectations the best.

Prepare documents

Have your legal paperwork drawn up before you put your home on sale. Contact all the necessary providers to get your documents in order. Include things like your lease, the title deed, EPC, and Proof of Ownership - just to name a few.

The leasehold

Speaking about the lease, you might want to check the time left on the leasehold. You can use a lease calculator to discern how much you have on your leasehold, and if it is a short period, then before selling the property you can request to have it extended.

Take inventory of your things

This will ensure that when you move houses, all your assets are accounted for. Go around your home and make note of your belongings when you are packing up for your move, especially those which have large values attached to them. When you move to your new property, you can use this inventory to check if everything is in order.

Basic costs that come with selling a house:

There are a few fees that you need to be aware of when you sell your home.

Conveyancing

This is regarding the legal aspects of selling your home. You will need the assistance of a solicitor or conveyancer to aid with this process. They can either charge you a flat rate for their service, or they may charge you a percentage of what your home is worth.

Removal

This is a service that you will hire to remove your assets from the property and transport them to the new location. Different services charge different fees, and the amount of assets that you are moving can be factored into the fee.

Estate agent fees

If you choose to sell your home through the assistance of an estate agent, then you will have to factor in their fees to aid you in the process. You will usually be charged a percentage of the sale price. You can compare estate agents to get the best rates for you.

Energy Performance Certificate (EPC)

The EPC is required for the seller to obtain, and it needs to be handed over to the new owners or potential buyers. The cost of an EPC varies per provider, so it would be best to find the best deal for you.

Potential extra costs to be aware of

These are some extra costs that may crop up during the selling of your home. Preparation costs, fees for bond cancellations, Capital Gain Tax, or Inheritance Tax. It is best to speak with your estate agent so that these types of fees don’t catch you by surprise.

Conclusion

Selling a house is a complicated transaction, and there are fees involved that you as the seller are liable for. We explored the fees you need to be aware of, and those that may crop up when you are planning on selling your home. This is to ensure there are no surprises that you need to account for when you’re ready to move into your new home.

 

We don't usually post reviews on the blog, but this one came in to us by email from a buyer, who isn't actually buying from us! Such lovely words we had to share...

If you intend to handle the whole process yourself, rather than employing a solicitor, the first thing you need to do is to apply for probate – the legal authority you must obtain from the court before you can begin administering your late mother’s estate. As a key part of this process, the property needs to be professionally valued. This would be necessary even if you weren’t intending to sell, since the entire estate must be assessed for inheritance tax. What’s more, if some tax is deemed to be due, then it must be paid in full before probate can be granted. This can sometimes make things a bit complicated if you don’t have sufficient funds available to meet the tax liability, but if necessary your bank will normally advance the money, repayable via a charge on the property.

Most estate agents will happily provide a formal written valuation of the kind required for inheritance tax / probate purposes, in return for a small charge – typically around £50 - £150. Some may waive this fee, on the understanding that in due course you will instruct them to sell the property. Others will prefer to charge upfront for the service, and then deduct that amount from their commission, if and when they eventually achieve a sale.

In any case, as executor, you are entitled to be reimbursed out of the estate for any such expenses of this kind that you incur during the course of your duties.

As for the actual contents of the property, these also need to be valued for inheritance tax purposes – although in the case of ordinary household goods and personal possessions, you can easily do this yourself by providing a lump sum figure.

Once you have applied for probate, you can go ahead and put the property on the market in the usual way – although contracts cannot be exchanged until probate is actually granted. You should therefore ensure that your buyer is fully aware of the situation.

We have a highly experienced team of property specialists, who can help with probate valuations, sales and enquiries. For more advice, give us a call on 01392 204800.

Bampfylde House in Black Torrington is in the February issue of Devon Life magazine, as the internal cover for its Home Life section!

This handsome Grade II listed former rectory sits on the edge of the village, overlooking rolling farmland and comes with 6 reception rooms, 8 bedrooms, 3 bathrooms, 1.1 acres including formal lawns, a pretty copse and a former stable block & garage that could be converted, subject to planning.

Ok, so you’ll probably have a clear idea of what you want – both in terms of absolute must-have’s, such as the number of bedrooms, outdoor space, location or price, and features you’d like but aren’t absolutely necessary, such as a certain style of property or a separate dining room, etc.

You might want to think about the time of day that you view. For example, if the property is near a school, you might want to avoid break times due to the noise or if it is on a main road you might want to see it in the middle of the day when the traffic volumes are lower. By the same token, you might specifically want to go at those times so you can hear just how noisy it is, and how much traffic there is.

Once you arrive, take a good look at the outside of the property. Do the windows, guttering, brickwork/render and roof appear to be in a good state of repair?

Inside, mould and blown plaster, particularly under windows and on or close to ceilings, should be noted as possible signs of damp or leaks. Are there any smells? Look at the electrical sockets and switches as well as the fuse board if you can – are they aged, or does it all look sound? Depending on the age of the house, tiny holes in floorboards or other timbers on close inspection could be a sign of woodworm...

All of this can of course be remedied – either quickly and relatively cheaply or at a higher cost, depending on the extent of the work needed, which will become clearer with a survey. The estate agent should have copies of any guarantees and inspection reports, has a legal obligation to disclose any known problems, and will have taken the condition of the house and its fittings into account for the valuation.

We have RICS Chartered Surveyors and property specialists within our team, who can help answer more general questions or those about any specific property. For more advice, give us a call on 01392 204800.

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