Selling Your Property - Financial

As well as all the costs involved with buying a new home, you will have to pay the fees for selling your property. These will be tied up with the estate agent, the mortgage and the conveyancing

Estate Agent

If you are selling through an estate agent, you will have discussed the terms of your sale before you signed the contract. Although you can budget a certain amount towards these fees, you will not know the final amount due until all the negotiations are complete. This money is taken out of the proceeds of the sale price by the solicitor after paying off the outstanding amount on the mortgage. If the proceeds do not cover the fee, the solicitor will itemise the outstanding amount on their final bill to you.

Mortgage

When you decide to move you should check the details of your mortgage to make sure that you are not liable for any redemption penalties. The terms of the mortgage will be clearly explained on your original offer, so you should be able to work out if you are liable and how much this will be for. Even if you are - and the cost could add thousands of pounds to your final mortgage value - talk to your mortgage company. If you are willing to take out a new mortgage with the same company, they may be willing to waive the fee. When you sign up for the new mortgage, ensure that there are no long term redemption penalties so that you are not in the same position again.

Your mortgage company may also charge your solicitor for discharging the Title Deeds which may add approximately £25 to the final mortgage amount.

Conveyancing

Solicitors will either charge a flat fee or will charge according to the price band that your property falls under. The conveyancing charges for selling are usually between £250 and £500 and you may be charged some disbursements. Commonly, these are Land Registry charges to send 'office copies' of the title to the purchaser’s solicitor for about £5 and a fee for the telegraphic transfer of money. Banks usually charge around £20 for this. Although the costs are considerably lower than for buying a property, they will need budgeting for.

More Selling Your Property topics below:

• Estate Agents - what can you expect from an estate agent?
• Private Sales - avoiding expensive estate agents fees
• Viewings - what you should say, what you should answer and what you should ask.
• Offers - how can you tell when an offer is the highest you will get?
• Surveys - as a seller, what can you expect from the survey?
• Legal - what is involved with conveyancing for sellers?
• Financial - what can you expect to be paying for when you sell your property?
• Selling Pack's - how the government proposes to speed up the property buying process
• Moving - what you should organise in order to have as easy a move as possible.

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