Selling a property is up there with some of the most stressful things we do in life. If it is a property you are moving out of yourself, it's got even more stress added on top like making sure it has curb appeal. Packing up your things, organising removal companies, ensuring things go through the chain properly and you can actually move out of a property and into a new home with a new interior is tough. Exciting yes, but full of anxiety and occasionally upset. Having someone who you can rely on is so important. A solicitor does a great deal when you are selling a property, they shoulder a lot of responsibility. How much do they cost though? Let's look at the average solicitor fees for selling a house and how much you could be paying.
What does a solicitor do when you are selling a house?
There are a number of things a solicitor does when you are selling a house. Your estate agent might recommend a solicitor but you are better to find one that you trust yourself. Ask friends for recommendations and check reviews from other customers. Don't be afraid to ring around until you find a company that you feel comfortable with. Moving house can be an expensive business and solicitors have fees involved too. We'll come to the average solicitor fees for selling a house shortly however what are you actually paying for? What do the fees cover?
Your solicitors will explain the home-selling process to you and anyone else that is involved with the sale. They'll ask for certain documentations which will help avoid delays and then they will handle the process on your behalf. Remember, they do this for a living so know the ins and outs of the procedure.
At any stage they will be able to give expertise and advice and they will also communicate with the buyers solicitor, ensuring everything is on track and working its way through properly. Any legal issues will be resolved by them also. The monetary side of the sale is handled by the solicitor, sending the funds to where they need to be. That formal exchange of contracts takes place between the two legal representatives working for the buyer and seller. This is usually on a telephone call which is also recorded for clarity.
As you can see, a solicitor does a fair bit of work when you hire them to help you with selling a property. Let's look at those average solicitor fees for selling a house.
What are the average solicitor fees for selling a house?
The amount that you will pay a solicitor for helping you sell a house will vary because of a number of factors. It will depend whereabouts in the country you are selling, what solicitor you choose and what prices they put on their packages. It might also depend on how they get paid, be it a set amount or perhaps 1% of the selling price. You will also have the take VAT into consideration as most solicitors will add this on top.
It is a great idea to talk to a number of solicitors before you settle on one. You need to be comfortable with the company you are dealing with, the person who is doing the work for you. They take a lot f the stress off your shoulders so the last thing you want is extra stress because they aren't doing what you need them to. Fees will vary from £800 to £1500 however the average amount is £1046. Ensure you know exactly how much you will be paying and what that price includes. That way you can add it to your selling-your-house budget and make sure the spreadsheet of numbers adds up. Giving you some financial wellbeing.
Can you pay less than the average amount?
Of course, you can find a solicitor within the budget you have allocated for that part of the house sale. With a great number of solicitors and a range of fees across the board, you can opt for one that is more affordable than others. You still need to ensure that you get everything included in that price that you need. The last thing you want it to sign up with someone and then realise there is a whole host of other payments to make, add-ons if you will.
You might find solicitors that charge by the hour whereas others will have a set fee for selling your property. Hourly rates can quickly add up, especially if there is a problem that they need to delve into. You are likely better to find a fixed rate that you are happy with and then there is no extra worry about paying over and above that.
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Extra charges you might not have considered
Now we know the average solicitor fees for selling a house, you need to think about any extra charges that crop up when you are selling a property. This could include anything from paying a moving company to an electronic transfer fee for money being moved. There will likely be estate agent fees too, along with paying or an Energy performance certificate (EPC). If you are mortgaging you might be hit with fees for that as well. It is well worth having a spreadsheet where you can keep all your figures clear and concise.
How to save money when you are selling a property
It's important to know where all your paperwork is when you are selling a house. This is because if you need them in a hurry, you can get your hands on them. Also, if you need copies, you might have to pay for them. You can save money also by avoiding an estate agent altogether. Whilst this means your sale is likely more labour intensive than using a third party, you will save estate agent fees. It might mean you can't access sites such as RightMove too, meaning you get less eyes on your property so you might not get the right buyer at the right price.
More companies are offering fixed prices which could save you cash and you can also do it privately if you know someone who is wanting to buy your house. Change your address with companies who send you mail so you don't have to pay redirection fees. There are lots of things to think about but plenty of ways to save some cash.
In order to make the right decision about equity release, it's crucial that you seek advice before making a decision about equity release. Once you make a significant investment, it's hard to reverse it once you have done so.
In general, equity release advisers and equity release solicitors cost around £2,000 on average, but if you take out a large loan and pay your adviser a percentage of the loan, these costs can be substantially higher.
When you know the average solicitor fees for selling a house you can figure out if the quotes given to you by solicitors are on the high side of the low side. Once again, be sure you know exactly what is included when you sign with a solicitor and make sure you are comfortable with the person representing you. The selling process can be difficult and stressful however once you've sold and moved, that is a chapter to close and a new one will open.