How much to sell/buy a house
Discussion
Vince70 said:
I always reckon around 10 grand to sell a house around 2 grand for solicitors fees buying and selling plus 3 to 4 grand on stamp duty 4 grand in estate agents fees plus about 500 quid for mortgage transfer fees. Plus a 1000 in searches and survey.
its 3% of £300k isn't it for the stamp duty so rather more than £3 to £4k?I would say you should be able to get conveyancing done with one solicitor for both purchase and sale for £1500 ish if you shop about. i didnt think price of purchase/ sale had anything to do with it. its the same amount of work regardless surely?
Derek Smith said:
Can anyone give 'normal' prices for buying and selling a house. Derek
Solicitors' charges for selling house for circa £400,000 = £1,200 to £1,500 (assuming you have a mortgage and are willing to negotiate the fee down to a sensible level) Solicitors' charges for buying house of circa £300,000 = £500 to £1,000 (again, you'll need to negotiate and it will cost you more with a mortgage). Don't forget the Stamp Duty and Land Registry Fees are over and above your solicitor's own charges.
Surveyors' fees for £300,000 house. (say, £1,000)
Are these fees pro-rata? No. There's a slug of cost for simply joing the game. As the price rises so the need to negotiate becomes more significant.
It's all negotiable
Last time I sold a house (2006) I paid £500 for solicitors fees (sold one, bought one all inclusive) plus dispersements (searches, etc).
There really isn't much to conveyancing regardless of what the solicitors would have you believe
I sold a house and bought my current house within a week. I think they try to draw the process out to make it look as if there's more to it.
Also, there's no more work involved selling a £1 million house compared to a £250k house as far as I know.
Your biggest costs will be estate agents fees (again negotiable) and stamp duty (sadly not negotiable)
I'm currently selling a £300k property with an estate agent fixed fee of £2500 inc VAT. The norm is usually 1% plus VAT.
Last time I sold a house (2006) I paid £500 for solicitors fees (sold one, bought one all inclusive) plus dispersements (searches, etc).
There really isn't much to conveyancing regardless of what the solicitors would have you believe
I sold a house and bought my current house within a week. I think they try to draw the process out to make it look as if there's more to it.
Also, there's no more work involved selling a £1 million house compared to a £250k house as far as I know.
Your biggest costs will be estate agents fees (again negotiable) and stamp duty (sadly not negotiable)
I'm currently selling a £300k property with an estate agent fixed fee of £2500 inc VAT. The norm is usually 1% plus VAT.
I have a question.
I can sell anything else I own without going to a third party to suck a percentage of the value away, why does the estate agent industry even exist?
I would have asked this when I sold my last house, but I was too distracted by how massively unfair divorce law is to get upset about 1% of my house being spent on a few pictures on the internet and a sign nailed to my lawn.
Red 4 said:
I'm currently selling a £300k property with an estate agent fixed fee of £2500 inc VAT. The norm is usually 1% plus VAT.
What do they actually do to earn that money? And how is what they do tied to the value of your house? I can sell anything else I own without going to a third party to suck a percentage of the value away, why does the estate agent industry even exist?
I would have asked this when I sold my last house, but I was too distracted by how massively unfair divorce law is to get upset about 1% of my house being spent on a few pictures on the internet and a sign nailed to my lawn.
Red 4 said:
It's all negotiable
There really isn't much to conveyancing regardless of what the solicitors would have you believe
I sold a house and bought my current house within a week. I think they try to draw the process out to make it look as if there's more to it.
Also, there's no more work involved selling a £1 million house compared to a £250k house as far as I know.
It's the searches that take the time, that plus the sellers getting their info in order. If you want to skip the searches and take a punt on it all being ok (unwise in my opinion) then you may be able to do it in a week.There really isn't much to conveyancing regardless of what the solicitors would have you believe
I sold a house and bought my current house within a week. I think they try to draw the process out to make it look as if there's more to it.
Also, there's no more work involved selling a £1 million house compared to a £250k house as far as I know.
As to the amount of work in selling a higher value property - it all depends on what's in the title, and, if it's a big bit of land, how many separate titles there are. If it's one title but just a big house - there's no more work, but there is more risk if it all goes tits, so the lawyer will expect to be compensated for that.
You can always find someone to do conveyancing cheaply, whether they will then do it well is another matter.
We sold for 385 and bougt for 475 last summer, legal costs were about £1200 plus land reg, stamp duty etc. It was quite involved due to one of the other parties....
This was through the solicitors we use for our business stuff, certainly not the cheapest..
We helped my inlaws buy and sell a couple of years ago and used a bucket shop they were much cheaper (about half if I recall), it was a straightforward job though.
the value of the properties should make no difference to the actual legal fees..
This was through the solicitors we use for our business stuff, certainly not the cheapest..
We helped my inlaws buy and sell a couple of years ago and used a bucket shop they were much cheaper (about half if I recall), it was a straightforward job though.
the value of the properties should make no difference to the actual legal fees..
Bluebarge said:
It does. It makes a difference in the risk the lawyer bears if he screws it up so he will take more time over it. Risk = cost.
It doesn't, at least not at the domestic level. The cost of conveyance for a £200k house is the same as a £800k house in a like for like transaction.Cost of searches is the same, time to complete paperwork is the same. Solictors are insured and indemnified...? So no real increase in risk.
A more expensive property might have more complexity, but in a like for like complexity, the house price is not a driving factor in the conveyance cost.
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