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selling
costs and fees
Understanding the costs of selling your home will help you plan and budget for your move
The costs of selling your home
Here is a breakdown of typical costs:
|
Sales fee |
1% plus VAT of the full market value of the property. You only pay this if SO Resi find you a buyer and the sale goes through. |
|
RICS valuation report |
From £240 including VAT |
|
Your solicitor’s costs |
Around £1,000 – £1,600 including VAT |
|
Legal enquiries fee |
Your landlord or their property manager will create a leasehold management pack, this provides answers to the standard leasehold enquiries which are raised during a sale (often referred to as LPE1). The cost of a management pack varies from provider to provider. If MTVH manages your property and you are selling through SO Resi, your MTVH management pack will be free of charge. However, if there is a third-party managing agent, you will need to pay them to produce one. |
|
Managing agent enquiries fee |
There is also a fee if your solicitor needs a managing agent to respond to enquiries. Ask the managing agent to confirm the costs for responding to enquiries. |
|
Notice of assignment and charge |
£60 incl. VAT |
What does the sales fee cover?
- Professional photos and floorplans
- Accompanied viewings (optional at no additional cost)
- Marketing your home by:
- creating professional property details
- sending mailshots
- advertising on property websites
- marketing through SO Resi social media platforms
- Managing enquiries from potential buyers, and assessing and approving their applications
- Helping you complete by liaising with your solicitor, the buyer and their solicitor, IFA and mortgage lender
- Your landlord’s solicitor’s fees
- The nomination fee in your lease. This may be less than our sales fee. If you do not want our full sales service, we may be able to offer you a reduced service that matches the fee in your lease. Contact the team for details.
Selling your home on the open market
If we don’t sell your home within the ‘nomination period’ set out in your lease, you can choose to sell through an estate agent of your choice; you may wish to consider our partner, Leaders Romans Group.
If you choose to market your home with Leaders Romans Group, you will pay a 1% fee on the full value of your home. A proportion of this is shared with SO Resi.
If you choose a different estate agent, you don’t pay SO Resi’s sales fee, but you do pay:
- an administration fee of £300 including VAT
- A fee of £180 incl. VAT for any leasehold management pack requested
- fees to the estate agent who markets your home
- Your landlord’s solicitor fees
Selling on the open market (PDF)
Sim sales
If selling on the open market, you may end up selling to someone who wants to buy 100% of your home. This is called a 'sim sale' - simultaneously selling and staircasing to 100%. We will guide you through this process, organising all of the necessary paperwork.
Start now
If you've read our step-by-step guide and would like to sell your home, let’s get started! You will need a SO Resi account to access your Selling my home section.