Here are some of the costs you will come across when selling your property:
- Home Report: This is mandatory in Scotland (unless exempt) and can only be issued by qualified professionals. The cost of the report varies on the size and value of the property.
- Estate agent fees: Fees vary and will normally be a percentage amount of the final selling price. VAT will be charged so always include this in your estimates.
- Solicitor fees: The fees of property solicitors can vary depending on several factors. It would be advantageous from a cost and administrative perspective to use the same solicitor for both buying and selling. Most solicitors will charge a fixed fee plus disbursements.
- Current lender's fees: If you have an existing mortgage, administrative fees or early redemption penalties may apply for early termination of your mortgage.
- Storage and removal costs: You may need to pay storage or removal costs.
- Repairs: Although it will cost you more in the short term, you will likely save money in the long run by doing any necessary repairs. However, minor problems can become much less important when there is high market demand.
- Renting costs: If a buyer wants to move into your property before you are able to move into your next home, and they’re unwilling to wait, you may consider a short term let.
- Bridging loans: If you need to quickly purchase a new property without waiting for your existing property to sell, a bridging loan might be a good option. Although the interest rate and arrangement fee for bridging loans may be higher than those you pay on your existing mortgage, they are usually quick and easy to arrange and provide a short term solution. They generally have no minimum tie in period.
- Capital Gains Tax: If you sell a property you don't live in, you might have to pay Capital Gains Tax
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Local sales professionals can provide advice and guidance on all aspects related to selling your property. Please contact us if you would like to hear more about our selling services.
Associated selling costs – FAQs
Are selling costs different in Scotland compared with the rest of the UK?
Yes. Scotland has its own approach to Home Reports, Land and Buildings Transaction Tax and legal fees. While many costs feel similar, the rules and terminology can be different, so it is worth getting advice that is specific to the Scottish system.
Do I have to pay for a Home Report before I put my property on the market?
In most cases, yes. A Home Report is normally required before a residential property is advertised for sale in Scotland, unless it falls under one of the limited exemptions. The cost will vary depending on the size and value of your property.
Can selling costs be taken from the sale proceeds?
Some fees, such as your solicitor’s account, are often settled from the sale proceeds at completion. Others, such as the Home Report, marketing or survey costs, may be payable up front. Your solicitor and estate agent can explain how they handle this.
How much should I set aside for unexpected costs?
Everyone’s circumstances are different, but many sellers find it helpful to keep a contingency for small repairs, additional legal work or extra moving costs. Your solicitor or financial adviser can help you think through a sensible buffer for your situation.