When it comes to selling a home, many people fall into the same trap of thinking that the price you accept for your home is what you’ll end up receiving once it all goes through. Many people forget that selling as well as buying a home involves fees, which if you are not careful from the offset can run into the thousands.
If you are thinking of selling a home in Sunderland, We Buy Any Home can help you reduce the fees you pay thanks to our cash house buying service. Before we show you how, let’s take a look in more detail at what is involved when selling a home and the fees that are attached when selling via the traditional routes.
How many people are currently selling their homes in Sunderland?
According to property website Rightmove, within 1 mile of Sunderland city centre there are currently just under 2000 properties for sale, ranging from a 5-bed £1.95m mansion in Ashbrooke to flats in Washington that have starting price of just £1,000 (!) at an online auction. So, no matter your budget, there are plenty of houses, flats and mansions on the market – it is just about finding one that suits your tastes and requirements if you are in the market.
The increase/decrease in people selling their homes
Currently, the property market is experiencing a dip in activity compared to the frenzy of sales witnessed during the peak of the 2021 market surge. This frenzy was largely fuelled by the stamp duty holiday, which incentivized buyers with substantial tax savings, culminating in record-high transaction volumes by the deadlines in June and September of that year.
Since those heights, the pace of home sales has notably decreased, mainly thanks to the cost-of-living crisis, and high mortgage rates which stand at 6% currently. Recent figures from HMRC indicate that around 95,000 property transactions were completed in July of 2023, which is a significant 16% decline from August 2022 and an 11% decrease from the same month the previous year.
As buyer interest has waned over the last year, the market has naturally cooled. Despite this slowdown, there have been positive indicators in the recent period, suggesting a resurgence of activity in the market.
Nonetheless, the market’s pace remains slower compared to past years, with buyers currently in a stronger position to negotiate on price. Reports from estate agencies suggest that currently, between 70% to 80% of properties are being sold for less than the initial asking price.
How much are the legal fees when selling a house in Sunderland?
In 2023, the average cost to sell a house in the UK is estimated at £6,224 for properties valued at the national average price of £277,000. Conveyancing, or legal fees, can cost around £1,690, including VAT, covering the solicitor’s legal work. As we said earlier, it is not cheap when trying to sell flat fast or any type of property in Sunderland.
Do I pay stamp duty when selling a house in Sunderland?
The good news is you do not have to pay stamp duty when you sell your home. Stamp duty is a form of tax that buyers must pay when they purchase a home over a value of £125,000. As a seller you do not pay anything. So good news on that front!
How much do solicitors charge for a house sale and purchase in Sunderland?
When selling a house, solicitor fees are crucial for managing the legal aspects of the transaction. As of January 2022, the average cost for a solicitor’s services for selling a property was about £1,046, with variations ranging from just over £500 to £1,500. Fees differ based on the property’s value and whether it’s freehold or leasehold, with typical charges spanning from £820 up to £1,770, depending on the price bracket of the property.
Solicitor fees encompass all legal tasks involved in the sale, from drafting contracts and handling inquiries to the exchange of contracts and the transfer of funds. They also cover disbursements, which are payments for third-party services like title deed procurement. These costs are generally lower when selling a house compared to buying one. It’s important not to base your choice of solicitor solely on price; the quality and reputation of the firm are also vital considerations.
How much does it cost to sell your home with us?
Selling your home with us at We Buy Any Home means you benefit from our extensive experience—over 300 years combined—in the property sector, and you’ll be working with the UK’s largest cash house buyer.
Choosing a cash house buyer like us allows you to sell your property rapidly without the usual concerns about sales collapsing and falling through falling through. Plus, one of the major advantages of selling your home to us is the elimination of solicitor fees. We handle this by appointing and covering the costs of an independent conveyancing expert.
Furthermore, there are no hidden fees involved, again saving you thousands. Once we agree on a price, you can count on the sale proceeding to completion on a guaranteed date. Our process is swift, avoiding the uncertainties of housing chains, which means we can finalize the purchase sometimes in as little as seven days.
We are also equipped to support sellers through more complex circumstances such as divorce or inheritance, ensuring that these sensitive situations are not compounded by unnecessary delays. If you’re interested in learning more about how we can facilitate a smooth sale of your home, our team is ready to discuss how we can assist you.