It’s a good idea to hire a surveyor to check the property for damage and issues that could cost you money in the future. It’s not a legal requirement, but it’ll help you avoid problems further down the line. Issues found in surveys can also help you renegotiate the price with the seller. The Residential Property Surveyors Association (RPSA) and the Royal Institution of Chartered Surveyors can help you find a qualified surveyor to give you a quote.
Estate agent fees for selling
Whether you’re using a high-street estate agent or an online service, you’ll need to pay a fee for selling your property. It’ll either be a percentage of the sale price (often between 1% and 3%) or a flat fee. Make sure the quote you get is clear about whether VAT is included.
Solicitors and conveyancers will charge from about £500 for their services – they’ll give you a quote based on your circumstances. Again, make sure you understand the total cost, including VAT.
Local search fees
Your solicitor needs to pay the local authority to carry out checks to see if there are any plans or problems that could affect you when you become the property owner. The average cost of this is about £300, but check with your solicitor.
Property sale tax
Depending on where you are in the UK, you might have to pay tax on your property purchase. The following government websites provide details of their respective taxes, and calculators to help you work out the potential cost.
Money transfer fee
Most lenders charge a fee for transferring the mortgage money you’ve borrowed to your solicitor, so that the solicitor can complete your property purchase. This is usually around £40 to £50.
Other purchase costs
If your solicitor has to undertake any additional work because of your personal circumstances, they’ll charge you for it. For example, if you’re selling a property that’s co-owned with a former partner, or you share debts with them, you may need to reach an agreement about how the sale money is divided. If this is an issue for you, your solicitor will explain.
Land registry fee
This fee covers updating the national Land Registry to show that you now own the property with a mortgage. This is often rolled into the list of fees your solicitor deals with. It’s tied to the purchase price and can be anything from about £50 to more than £1,000. In Scotland, there’s also a title registration fee to pay.