Selling a property in London involves more than just finding a buyer. From estate agent fees to legal costs, each step comes with its own expenses, and these can quickly add up. London’s property market, with an average home costing £679,000, demands careful planning to make the most of your sale. Knowing where your money will go and how to approach these costs is key to avoiding unnecessary stress and saving time.
What We Have Covered In This Article?
- How Much Do Estate Agent Fees Cost in London?
- What Are the Legal Costs of Selling a House in London?
- Do You Need an Energy Performance Certificate to Sell Your House?
- What Mortgage Fees Should You Expect When Selling a Property?
- Is It Worth Preparing Your Home Before Selling?
- How Much Do Moving Costs Add to Your Budget?
- Do Landlords Need to Pay Capital Gains Tax When Selling a Property?
- What Is the Total Cost of Selling a Property in London?
- How Can Barrain London Estate Agents Help You Save Money?
What Are the True Costs of Selling a Property in London?
1. How Much Do Estate Agent Fees Cost in London?
Estate agents play a big role in selling your home, and their fees are often one of the largest costs. High-street agents typically charge between 1% and 3% of the sale price. For a property worth £1 million, that could mean paying anywhere from £10,000 to £30,000. Online estate agents offer fixed fees starting at around £1,000, but these services often require you to handle more of the process yourself.
If you’re looking for expert local knowledge and support without overpaying, bespoke services like ours strike the right balance. A trusted estate agent will guide you through the process and work to secure the best possible offer in the shortest amount of time.
Buying and selling at the same time?
Speak to our experts for free and we will advise you on the things that could go wrong, and often do go wrong, and what you can do to avoid them and make the sale go through smoothly.
2. What Are the Legal Costs of Selling a House in London?
You’ll need a solicitor or conveyancer to handle the legal aspects of selling your property. Fees for this range from £600 to £1,500, depending on the complexity of the sale. For leasehold properties or overseas sellers, costs may increase due to extra paperwork. Choosing an experienced legal professional ensures your sale runs smoothly and avoids delays that could disrupt your plans.
Want to know how much your property is worth?
Contact us for a free valuation on the upper price we firmly believe you can sell your property for quickly. We have buyers waiting in your area.Â
3. Do You Need an Energy Performance Certificate to Sell Your House?
An Energy Performance Certificate (EPC) is a legal requirement for anyone selling property in London. This document provides potential buyers with an energy efficiency rating for the home and typically costs between £60 and £120. An efficient EPC rating can also make your property more appealing to buyers who are mindful of future energy costs.
4. What Mortgage Fees Should You Expect When Selling a Property?
If you’re still paying off a mortgage, there may be additional fees to consider. Early repayment charges, usually between 1% and 5% of the outstanding loan amount, can significantly impact your overall costs. On top of this, mortgage exit fees ranging from £100 to £300 may apply when you close your account. Speaking to your lender in advance can help you prepare for these expenses or explore alternative options, such as porting your mortgage to a new property.
5. Is It Worth Preparing Your Home Before Selling?
A little effort in preparing your home can go a long way when it comes to attracting buyers. Professional staging, which costs between £1,000 and £5,000, often results in quicker sales and higher offers. Even small changes, like fresh paint or decluttering, can make a big difference. For landlords, creating a clean, neutral space helps potential buyers imagine themselves living there, which can increase interest and reduce time on the market.
6. How Much Do Moving Costs Add to Your Budget?
The cost of moving varies based on how far you’re relocating and how much you’re moving. Professional removal services in London typically cost between £500 and £2,500. If you require additional services like packing, storage, or long-distance moving, these will add to your bill. Planning ahead and obtaining multiple quotes can help you manage this expense effectively.
7. Do Landlords Need to Pay Capital Gains Tax When Selling a Property?
Landlords selling a second home or investment property need to account for Capital Gains Tax (CGT). This tax is calculated on the profit made from the sale, with rates depending on your income. For example, overseas buyers made up 39% of property transactions in central London last year, highlighting the need for clear financial planning. Consulting a tax expert can help you identify deductions and minimise your tax bill.
8. What Is the Total Cost of Selling a Property in London?
Here’s an example of how costs break down for a £1 million property:
Expense | Cost |
Estate Agent Fees (1%) | £10,000 |
Legal Fees | £1,500 |
EPC | £100 |
Staging & Repairs | £3,000 |
Removal Costs | £1,500 |
By planning ahead and knowing what to expect, you can budget confidently and avoid surprises during the selling process.
9. How Can Barrain London Estate Agents Help You Save Money?
At Barrain London Estate Agents, we focus on providing bespoke estate agency services tailored to landlords, sellers, and overseas investors. With competitive fees and a personalised approach, we ensure every client feels supported throughout the selling process. On average, our clients save £1,500 compared to traditional high-street agencies, thanks to our transparent pricing and focused service.
If you’re ready to sell, contact us today for a free consultation.
FAQs About Selling Property in London
What are the biggest costs when selling a property?
Estate agent fees, legal costs, and any applicable mortgage or tax charges tend to make up the bulk of expenses.
Do I need an Energy Performance Certificate?
Yes, it’s a legal requirement for selling any property in London.
How can I reduce my estate agent fees?
Consider bespoke services like ours, which combine affordability with tailored support.
What’s the best way to prepare my home for sale?
Investing in staging or minor improvements, like painting, can make your property more appealing without overspending.
Â
