Costs for Selling a House

  OTT_B 16:35 28 Mar 2010

I'm in the process of selling my house, but am staggered as to the costs involved.

The HIPS was (to me) an acceptable cost at £200 + VAT, but the solicitors costs seem horrifying.

I've had two quotes, both of which come to over £800 inc VAT. Is this normal? There's no purchase involved, only a sale.

The 'base' costs for the solicitor(s) seem fairly ok at around £400 + VAT, but the additional charges soon increase the overall costs:

Fee for paying estate agent: £20 + VAT
Indemnity Insurance: £45 + VAT (what is this for??)
Fee for DX Courier: £20 + VAT
Repayment of mortgage: £199 + VAT
Bank transfer fee: £35 + VAT

I can't get my head round the £199 fee for repaying the mortgage, especially when it doesn't include the bank transfer fee. What on earth could they be doing to justify that cost?????

If anyone has sold a house recently, what prices did you end up paying?

  BT 17:01 28 Mar 2010

I bought sold places about 4 years ago and the £400 you have been quoted seems about similar to what I paid all in, and when I bought the current place I had wildly varying quotes.
There are always extras as you have found out. I would think the £199 for repayment of mortgage is yet another thing that the building societies have thought up to extort a bit more blood from you. I would ask them to explain.
It probably depends on the area of the country you are in as well.

  spuds 18:03 28 Mar 2010

Try Bing click here and put ' House purchase solicitors fees' in the search box. There could be an answer there, especially the BBC link!.

  Confab 18:10 28 Mar 2010

Licensed conveyances may be cheaper than traditional solicitors as they are qualified only in conveyancing.
Ask your conveyancer/solicitor to have a look at your mortgage terms and conditions.

Typical redemption fees to repay the mortgage, if any at all, should be £50.00. £199.00 seems excessive.

Bank Transfer fee £25 - CHAPS.

Estate Agennt fee- This will be paid by BACS (free) or you can do it yourself.

Why do you need a courier? DX doesn't use a courier.

  sunnystaines 20:40 28 Mar 2010

i looked at doing my own hips, but the rip off part of hips is you have to be qualified for the heating part and the cost of someone doing this for you is often the cost of hips anyway.

but shop around price vary big time, also bear in mind that the utilities have cottoned on and they also now charge rip off prices for their reports.

no one looks at hips

it should be scrapped, i resented having to get a hips done.

  ventanas 22:32 28 Mar 2010

Costs will always depend on the sale price, but from your breakdown lets look at each one in turn.

Fee for paying Estate Agent is totally unreasonable. We would never charge for this.
Refuse to pay it, if they don't like it go somewhere else.

Indemnity Insurance is sometimes required on a purchase if there is a problem with the title. Never needed on a sale. Again a rip off.

DX charges are paid yearly to the DX company Hays.
It is an alternative to the Post.
Again extortionate.

Costs for repayment of Mortgage also seem to be high, but would depend on size of mortgage.

Chaps fee is OK.

My advice is go elswhere - do you want my office number?

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