The costs involved in selling a property

EPCs are compulsory with the sale of a UK home and can only be awarded by accredited professionals. The assessment and resulting certificate typically cost between £60 and £120.

Fees can vary depending on which agent you instruct and whether you instruct them on an exclusive or multiple agent basis. Some agents may be prepared to negotiate depending on circumstances. VAT will be added so to estimate this expense, calculate the fee based on the asking price of your property, and add a further 20%. 

Solicitors fees can vary. If you are buying a new home at the same time, using the same solicitor for both transactions can have financial and administrative benefits. Some solicitors will charge by the hour, while others, including Londonwide Conveyancing, charge a flat fee. 

If you have an existing mortgage and require a new one, the early termination of your old mortgage may incur administrative fees, or early repayment fees. 

If you are selling the property that you presently live in, there may be removal or storage costs when it comes to vacating. 

You may wish to have your property professionally cleaned before potential buyers begin to view the property.

Completing any repairs in advance will incur an immediate expense but can save money in the long term. When market demand is high, however, minor issues become far less significant. 

If you live in the property you are selling, a buyer may want to move in before you have been able to buy your next home. If the prospective buyer is unwilling to wait, you may decide to rent a property while you continue the search for your next home.

If you need to move quickly on the purchase of the new property before the sale of your previous property has gone through, a bridging loan may provide a way to cover the deposit, whilst you are waiting for the proceeds from that sale. Bridging loans can be arranged relatively quickly, and while the interest rate and arrangement fees may be higher than that you would pay on your current mortgage, there are generally no tie in periods and they can provide a helpful short term solution.

If you are selling a property that you do not live in, then you may have to pay Capital Gains Tax.