What are the costs of selling a house in south east London?

Before you decide to put your home on the market, it’s worth asking what are the costs of selling a house? While you’ll probably expect to pay estate agent fees and legal costs, there are others to consider – unexpected renovations or money to stage your home for optimum buyer appeal, for example.

If you’re selling in the south east London areas of Bermondsey, Surrey Quays, Deptford, or Canada Water, read on for an itemised list of the costs you’ll need to consider and the going rate right now.

What is the cost of selling a home?

1 Estate agent fees for selling a house

Most sellers still use a traditional high street estate agent to market their home. Agents usually charge a fee that is a percentage of the purchase price. These will vary and could depend on how keen they are to take on your property.  

You should expect to pay between 0.75% and 2.5% in fees – with most sellers paying around 1.5% for sole agency (if you just use one agent). If you want to use more than one agent to try and speed up your sale, you’ll probably pay a higher percentage of up to 3%.  

Online agents may be cheaper but you may need to do more of the work of selling yourself and probably won’t get the same level of personal service. 

Most agents also operate on a no sale no fee basis – so you’ll only pay if they sell your home. 

Tip – look around before making your selection talking to at least three agents. Ask plenty of questions about their experience and proposed strategy, so you feel confident in their abilities – don’t just go for the cheapest fees. 

2 Legal fees for selling a house   

Conveyancing fees are another core cost you’ll need to factor in when moving house. How much you pay will depend on the company you choose as well as the size and value of your home and if there are any added complexities – if it’s leasehold, for example.  

The cost of selling are slightly less than those for buying and you should expect to pay between £500 and £2,000.  

What you pay will be made up of the solicitor’s professional fees and disbursements – these are the costs of searches and other third-party items included in your final bill.  

As with estate agents, it’s a good idea to shop around but don’t base your decision on cost alone. If you’re moving up the housing ladder, using the same solicitor to buy and sell will simplify the process and could make it cheaper. 

3 Mortgage-related fees  

The main thing to look out for when it comes to mortgages is the early redemption fee. Check your mortgage contract carefully as these can be between 1 and 5% of the loan.  

Tip – if you are selling and buying you can often ‘port’ your mortgage – or move it to the new property. 

4 EPC certificate

You need an up-to-date energy performance certificate (EPC) to be able to market your home for sale. EPCs give the buyer information on the energy efficiency of the property, rating it on a scale from A to G. EPCs are increasingly important as energy bills are a big concern for buyers.  

You’ll need to appoint an accredited assessor to inspect the property and issue an EPC and the cost should be up to £150. 

Tip – EPCs need to be repeated every 10 years, but if you’ve carried out energy efficient improvements, it might be worth doing so sooner to boost your rating. 

5 Removals costs  

Unless you have a very small flat and access to a van, you’ll probably need some form of removals service. Costs will again vary depending on the property size and the distance the removers will need to travel. You’ll also pay more for packing services and if storage is required. Factor in between £400 and £2,000+.  

Tip – check if your home insurance covers your belongings during the move. 

6 Renovation costs  

Renovating your home before you move – so someone else will benefit – might feel counter-intuitive but it could be a worthwhile investment for attracting interest and speeding up the sale.  

If there is an issue with the home, tackling it before it comes up in the survey could prevent your buyer from negotiating on price or even pulling out altogether.  

Consider redecorating to give the home a fresh, neutral and appealing look, replacing flooring and fixing all the minor issues that you’ve learnt to live with. You may also want to employ a professional cleaning company to give it a thorough spruce up.  

Costs could be less than £50 if you’re doing it yourself, rising to £5,000+ if major work like a damp proof course or new roof is required. 

7 Tax liability 

The good news is you won’t pay stamp duty on a sale – this falls to the buyer – but it is something to consider if you’re purchasing a new place.  

The main tax consideration is capital gains tax. This won’t apply if you’re selling your main residence but will be charged on the rise in value of any second or additional homes.  

8 What is the total cost of selling a house?  

This really depends on the size and condition of your home and which level of service you choose. To get you started, if you’re looking to sell in Bermondsey, Surrey Quays, Deptford, or Canada Water, contact us. We’d love to give you a no-obligation market appraisal and talk to you about our fees and strategy for selling your home.