These fees are negotiable so negotiate! Typically they can vary between 1 to 3 per cent of the purchase price. You’ll also have to pay for a Home Information Pack (HIP), average cost £300 to £350. The HIP contains copies of title deeds, any recent planning permission or building consent given on the property, a local area search and an energy performance certificate.
‘Look at the contract terms carefully. It’s standard practice for agents to recover the cost of the HIP if your property doesn’t sell, but some agents charge a withdrawal fee,’ says Nick Leeming, director www.propertyfinder.com.
Be sensible about the asking price too. ‘In a static or declining property market you’ve got to be realistic. If it doesn’t sell in the first two to three weeks you are going to have to reduce the price rapidly to get back into play,’ says Nick.
When buying a property, expect solicitors’ fees to be around £400 to £1,000. On top of this, they will charge you around £200 in search fees (to check the property legally belongs to the seller and other things like flooding, landfill sites and pollution in the area) and a land registration fee (a charge on the purchase of the property related to the buying price), £70 to £500. Check the prices you’re quoted include VAT. If you are selling a property as well, add on another £300 to £700. There is less work for the solicitor to do, and you may be offered a package price for both.
‘Use law firms recommended by friends or colleagues, and concentrate on service and quality - cheap can actually be very expensive - and negotiate on price,’ says Andrew Callen, solicitor, property and investment mentor.
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