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How Much Does It Cost to Sell a House in Scotland?
Selling a house is a process many of us will experience at one point in our life. Whether you’re selling to move to a new neighborhood, city, or even country, it can be a costly exercise.
According to the Office for National Statistics, as of April 2023, the average house price in Scotland is £187,000 and its calculated that it will cost the average person £6,267 to sell their home in 2023.
Throughout this article, we’ll explore the different costs involved in selling your property in Scotland.
Costs When Selling a House
To understand the total cost of selling a property, we first must look at each of the separate costs associated with the sale of a property.
1. Home Report
The first step to selling your home should be requesting a Home Report. This is a legal requirement in Scotland and provides necessary information to potential buyers about the condition of the property.
If there are no unusual circumstances, the price of Home Report will start at £350 - £450 + VAT for properties valued below £100,000 and located in urban areas. With the most common value of a home in Scotland being £100,000 - £200,000, a typical Home Report will be £450 – £550 + VAT.
However, please note that surveyor’s prices can vary depending on the value of the property, location, size and age of the property. The above information is a generalisation of the current market rates.
2. Estate Agent Fees
Choosing an estate agent to sell your home is an important decision as they will be the ones marketing it, possibly conducting viewings and negotiating on your behalf with potential buyers.
On average, estate agent fees in Scotland are about 1.18% + VAT, however this is dependent on a number of factors such as the estate agents, location, and market at the time of selling.
3. Conveyancing Fees
Conveyancing fees refer to the costs associated with the services provided by a solicitor or licensed conveyancer during the purchase or sale of a property. In this case, we are looking at the sale of a property.
The fee compensates the conveyancer for their expertise in ensuring a smooth and lawful transaction, safeguarding the interests of both the buyer and seller.
Conveyancing fees are often split into two elements:
- The legal services of the sale or purchase
- The payments or taxes paid to any third-party that are involved (disbursements)
Average Conveyancing Costs in Scotland
Conveyancing costs can vary, dependent on the time they estimate your case will take, disbursements, or any additional costs associated with the sale of your property.
It is estimated that selling a property at £187,000 will cost £1,930 in conveyancing fees. However, this is dependent on the solicitor you use and can vary greatly depending on the input required.
4. Removal Costs
One cost that’s often forgotten about during the sale of a property is removals & storage. Unless you have an army of friends and family to persuade to help you, a removal company should be a cost to factor in.
If there is a period of time between selling your property and moving into your new one, you may have to consider a short-term storage solution. The cost of both storage and removals are highly dependent on the time period required, the square footage of space required and the level of input you wish the removal company to have in regard to your move.