Costs of Selling a Property
There are many fees and costs involved in selling a property and it is best to be aware of these before you begin the process. Below is a list of what you can expect:
Estate Agency Fees
These vary depending on the agency, package and add-ons chosen. Here at The Grange, we pride ourselves on being one of the most competitively priced whilst maintaining a high quality service.
Mortgage Exit Fees
A mortgage exit/closure fee is basically a payment which covers all of the administration costs incurred for closing your mortgage account. Do you need a pay a fee for exiting the mortgage you’re presently in? Usually, the fee is included in the initial set up and maintenance costs but you should have any fees listed in your terms and conditions.
Home Reports
It is a legal requirement for all properties in Scotland to have a home report completed prior to putting it on the market. They provide buyers with important information about the condition of a property, including energy efficiency and any maintenance required. Additionally, a mortgage lender requires the valuation which the home report includes.
We recommend the expertise of Olga MacGregor who runs the Elgin branch of Shepherd Surveyors. For contact details and more information click below:
https://www.shepherd.co.uk/branch-details/elgin
Conveyancing Solicitor Fees
We advise making contact with a few conveyancing teams for clarification of the fees. Some charge fixed fees whilst others ask for a percentage. The fees are usually less when selling compared to buying. The exact cost is dependent on a variety of factors. Upon establishing your requirements, they will discuss the conveyancing process with you and provide you with an estimate for services, tailored to your needs.
We recommend Stephen & Robb for your conveyancing needs: https://www.stephenrobb.co.uk
Removal Costs
Whether you're moving around the corner or across continents, professional removal firms offer a (hopefully) hassle free service to move your possessions safely and securely. Again, it is best to contact several companies to find one which suits your needs at a price you are happy with.
Questions to ask Estate Agencies: Including Us
We have included our answers to these questions for your convenience.
What are your fees?
We offer two fixed fee packages starting at £999 for the Gold package, and £1199 for the Platinum. We also offer extras such as drone photography or a video package, you can add these to your chosen package. For more details, check out our pricing page. (Hyper link here) We pride ourselves on our competitive pricing and professional service.
Are there any other costs?
There are no hidden fees from The Grange; the fixed fees and add-ons are what we offer. Keep in mind the additional costs for the home report, solicitors, mortgage and moving services. None of these services are included in our packages.
How much is my property worth?
Once we value the property we are in a position to tell you. We are experts in valuing properties, our experience and local market knowledge are indispensable. We offer free valuations , you can book an appointment here*
How will you market my home?
The vast majority of people will view a house for the first time online. Our focus is contacting buyers directly on the phone and using online platforms that reach millions of buyers. We advertise on Right Move, S1, On the Market, Zoopla and others. We also advertise on our own website and we pay for targeted advertising campaigns on Facebook, Google and Instagram. These campaigns use the best marketing technology to get in front of the buyers looking for properties.
Do you have a list of buyers looking for a property like mine?
We match up buyers and sellers, our database of buyers will be notified when a property becomes available that suits their needs. We also call buyers to let them know personally. When a seller instructs with The Grange, all the details we have of your property are added into our database. This software helps us connect buyers and sellers easily.
How quickly do you sell properties?
The whole process to officially selling a property is dependent on a variety of factors and this question is difficult to answer. Keep in mind each property deals with different circumstances such as the type of buyer and other teams involved in the process. Some properties linger on the market longer than they should. When the price of the property is a little too high compared to the market value, this can delay the sale of a property. We advise against pricing higher than the market value.
What types of contract do you use?
In Scotland, every seller can advertise with as many agencies as they wish. The seller that signs up for an agency’s services is liable to pay the fee agreed upon when signing up, even if their home is sold with another agent. If you were to enroll with three agencies, you would be liable for three sets of fees.
What happens if we disagree on something?
We hope that we can resolve any issues as quickly as they arise. In life, marriage and business, not everyone sees eye to eye on everything all of the time. Our relationship is a mutual partnership. Often when expectations are not met, disappointment arises. A house not selling quickly can turn a good relationship sour. Some factors are out of our hands. We aim to be very clear from the moment we meet so we know where we stand and what is expected of each other. We are in service to the sellers and buyers we represent.
Will I have any future liability is if take my home off the market and/or sell with another agent at a later date?
Upon signing a contractual agreement with The Grange for services supplied, you are liable to pay the fixed fee and any additional add-ons you requested. By law in Scotland, when a seller uses the services of an estate agent to advertise their property, they are liable to pay for those services, even if that estate agent doesn’t sell the property.
