What should I budget for when Selling my house?
We understand that budgeting for your big move can be hard. With this in mind, MG Legal's expert property solicitors have created a list of the different costs involved in selling your property. Our fees are always fixed, and we have no hidden costs.
Estate Agents Fees
The redemption/remortgage and any early repayment fees that your lender may charge
Estate Agents Fees
Whilst some estate agents are willing to work for a flat fee, the industry norm is that estate agents will work on a commission-based fee for selling your property. If you sell your house using a traditional high-street estate agent, its fee will usually be calculated as a percentage of the price paid by the buyer.
Estate agents will offer sellers three types of contract: they come with different costs:
1. Sole agent
2. Joint sole agreement
3. Multiple agency agreement
If you chose just one estate agent, then this is the sole agent option, meaning that one estate agent will be acting for you in the sale of your property, with one agent’s sign in place outside the property you are selling. Your property will still appear on Rightmove, the agent’s website, and any other internet- based property selling website that agents have access to.
Most of MG Legal’s clients choose the sole agent option. In general, the fees will be a little lower, as one agent takes the entire fee, and it is arguable that one agent may be more incentivised to sell your property, although do your research, and make sure you read the agents online reviews, and are happy with the terms they are offering, prior to entering into a contract with them.
More uncommon, but not unheard of some of MG Legal’s clients opt for joint sole agreement meaning you use a local estate agent and one further afield, allowing for more people across the country to view the property online, and then split the fees between the two. Again, you will often end up paying a little more, but if the local agent has an agreement with the national agent, you may be able to get local knowledge with national attention.
It’s not uncommon to use multiple agents, but financially, it may not be worth it. Most estate agents charge extra if you want to use several estate agents, mainly because they have to liaise with each other, adding extra overheads.
MG Legal's fees - Starting at just £250.00 plus VAT, contact our expert team to find out what our fees will be for the sale of your property.
If you have a mortgage to redeem, there is a charge for making this payment by CHAPs of £25.00 plus VAT, totalling £30.00.
If you wish to have the sale proceeds paid directly into your bank account, there is a charge of £25.00 plus VAT, totalling £30.00, for us to make this payment.
We do not charge for cheques, but will only issue these if the sale proceeds due back to you are below a certain figure. You can discuss this with our property team.
Disbursements - fees payable to third parties.
If your property is Freehold, the Land Registry fees will usually be £6.00 for the usual Office Copy Entries (OCEs) and Title Plan (required by your buyer's solicitors). If your OCEs reference other documents, such as Conveyances, we may need to obtain a copy of the documents at a cost of £3.00 each.
If your property is Leasehold, the Land Registry fees will be £12.00 for OCEs and the Title Plans (as you have to provide these for both the Freehold and Leasehold to your buyer's solicitors). Again, if further documents are referred to, you might need to purchase copies at a cost of £3.00 each.
With a property sale, these are the usual charges that we can quote you for. Our team will always be upfront with our fees, and will always inform you of any disbursements that we can up front.
However, we will always make you aware that with a Leasehold property there may be further disbursements, including a fee payable to your Management Company to obtain a Management pack (which is required by your buyer's solicitors).
If we are made aware of any further disbursements during your property sale, we will make you aware of these as soon as possible.