How Much Does It Cost to Sell a House?
The costs involved in selling a house in the UK are significant and some of the costs you pay do not guarantee that a house sale in the UK will actually complete. There is risk involved in selling a house, and many people who try to sell their property through the traditional route are left out of pocket, stressed, and disappointed.
What are the Costs Involved in Selling a House?
There are several different costs involved in selling a house, and it’s easy to miscalculate what you should be paying. Often costs can increase, or extra items and hours can be billed if your house sale hits problems.
One of the costs that must be paid in any house sale transaction is the legal cost related to property sale. This can escalate depending on how much work is involved. There is no way to avoid solicitor costs when buying or selling a house in the UK as it is a legal necessity for a solicitor to manage the transaction. A solicitor’s duties include instructing local searches to be completed, checking the property title, ascertaining the freehold or leasehold status, producing a management pack, answering questions if the property is leasehold, assessing the rental agreement if the property is tenanted, and attending to all required legal due diligence. Legal fees can easily rise into thousands of pounds and if a property sale does not reach completion for any reason, all legal fees up to this point still need to be paid.
Another major cost involved in a house sale transaction is that related to taking a mortgage. Although this is a cost that is relative to buying a property rather than selling a property in the UK, the actual mortgage application is important for the house seller to understand because it could result in the house sale falling through. If, for example, a house sale is agreed with a mortgage buyer, then this buyer is totally reliant upon their mortgage application being successful. There is no guarantee that a bank will lend, and a bank can refuse to lend for any number of reasons which relate to either the person making the application and their individual circumstances or the actual property. On the buyer’s side, there are a number of costs involved including a fee to a mortgage broker and a fee to the lending bank.
Estate Agent Costs
The largest cost that relates to selling a house in the UK is using the services of an estate agent. In monetary terms, this can be a huge cost. For example, if a UK house seller agreed to sell their property for £500,000 and the estate agency fee was agreed at 2% then the estate agent would be paid a large fee of £12,000 including VAT. Although the estate agent is only paid this sum if the sale is successful, the costs of delays in an estate agent finding a buyer are very real. More mortgage payments need to be made, utility bills need to be paid, the property needs to be maintained and once the sale finally goes through, the estate agent will still be due their fee. If it took a year to sell a property, the combined sum of all of these costs would be very high. And even when a year passes, there is still no guarantee that the property will sell.
In order to try and speed up the process, a property seller can ask the appointed estate agent to find a cash buyer. This is however very challenging for an estate agent as there are much fewer people who can buy a property for cash against those who buy a property with a mortgage. And even if the estate agent does find a cash buyer, when the sale completes, the estate agent will still be due their fee.
Serene Homes, as a fast cash house buying company, offer an alternative solution to all of this. A solution that guarantees a house sale over a short period of time and involves absolutely no fees. When using Serene Homes, the answer to how much does it cost to sell a house in the UK, is zero. It doesn’t cost anything. This is because Serene Homes cover all survey and legal fees and have their own private funding. There is, therefore, no reliance upon finding a buyer or taking a mortgage with a bank. Serene Homes use 100% of their own funding and can complete a house sale in the UK within as little as 7 days. The solicitor costs involved in selling a house are avoided, there are no delays with mortgage brokers or banks, and there is no estate agent involved. Serene Homes offers an off-market guaranteed route to completing a house sale that is stress-free, hassle-free, and fee-free!
Sell Your House for One Fixed Price with Serene Homes
There are only 3 simple steps involved in selling a house fast to Serene Homes. The first is to submit an online enquiry which will be picked up and a phone call made to understand the customer’s requirements. The second is to book a survey, at the cost of Serene Homes, and the third is to send funds to the appointed solicitor in readiness for completion of the property sale. All legal fees are covered and as there is no estate agent involved, there is no commission due. The only figures that a house seller needs to know when selling a house fast to Serene Homes, as a leading UK cash buyer, are the price that they agreed to sell for and any outstanding mortgage in place. If, for example, a property seller agrees to sell a property for £300,000 and their outstanding mortgage is £100,000 then they will receive exactly £200,000 cash. If the property seller is mortgage-free, then they will receive the full sum of £300,000. You can see an example of how we value and pay for property on the How Much We Pay page.
Serene Homes offers a fast house sale, guaranteed service that helps people sell their property with peace of mind with no costs involved to the house seller.
Find out more about how we pay for your property, and get a free valuation on your house within 24 hours.
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