selling house, who gets what?

Hi

I am hoping to put my 3 bed semi up for sale maybe next year (if things improve a bit) was just wondering whats involved and who gets what? I know ill have to pay a solicitor, auctioneer etc etc who else? will I have anything in the end by the time all these people get their share? my house was bought for 183000 and I have 116000 left on the mortgage, If I sold it now for what I bought it for id make 67 grand profit but what approximately would I have left of it?

Not really a profit as you already shelled this 67 grand out to buy the place.

There would be auctioneers fees. These vary. Have heard anything from 0.5 % to 2% of the selling cost unless you can agree a set fee.

There is also the solicitors fees. Again your solicitor may agree a fixed fee.

You also have to factor in other things such as how badly do you want or need to sell. Some people when they want to purchase a house will make an offer with conditions such as 'Roof to be fixed' 'heating system to be serviced' etc. While these are totally within your right to refuse, it is worth factoring into your figures (especially if something obviously needs to be done). Either that or if something needs to be done the buyer may offer you less that what you are expecting in order to fix the works themselves.

There may also be other costs depending on your situation

sale of home

Hi rustbucket,
dont hesitate to bargain. Most auctioneeers will settle for 2%. Currently is a good time to sell yourself. If you have doubts in your ability do get an auctioneer.
The solicitors will quote you over phone, for basic type sale. I sold in the past couple of years, about £350,000 with mortgage attached, solicitors costs to complete all the transaction was £1,500.
Good luck browtal

Its a false profit you think you are making.

How much have you repaid in mortgage payments in that time?

Personally I would not engage an auctioneer - I'd do it myself. After all you are the one who has to keep the house in order etc. I've taken a real turn against auctioneers after all the property hype over the last few years - I think many of them acted shamefully.

well it is my own money because I was lucky enough to have been left 63000 by an uncle so I only needed to take a mortgage of 120000 to buy the house for 183000, and I have about 116000 left on the mortgage

Why do you think you would get the same selling the house as what you paid for it? House prices have fallen since you bought it. You might not sell for 183k so you would not have 67k left over.

sorry but im not discussing house prices, what ever I get for it is irrelevant I just using them figures as an example what im asking is who gets paid out of it ie solicitors, land registery etc?

Depending on how you handle the sale, you'll have to pay the following
Solicitor (assuming you don't carry out the conveyancing yourself) + any associated costs the may incur on your behalf.
Estate Agents (assuming you don't try and sell youself)
Note you'll get hit with VAT on most of these costs as well

Normal practise for estate agents and solicitors is either a flat fee or a % of the sale. Overall, depending on the complexities of the sale, competition in the area amongst estate agents/solicitors and including VAT, you are looking at spending 2-4% of the sale price

kim said:

sorry but im not discussing house prices, what ever I get for it is irrelevant I just using them figures as an example what im asking is who gets paid out of it ie solicitors, land registery etc?

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Yes you're right since we can't discuss house prices on AAM. Your original post was questioning how much you would have left from your 67k profit on the sale so I wanted to point out that the 67k might not be accurate.

I recently sold an apartment. EA fees were 1.25% of the sale price + VAT + 300 for "marketing" (Myhome, daft, etc). Solicitor charged a flat fee of 1000 plus VAT. There were a few other small charges for land registery fees, BER Cert, etc.

Dont be afraid to shop around for agent and solicitor fees. My estate agent did flip-all work, but still got a decent fee (though I think 1.25% is at the lower scale, I think). My solicitor did much more work for her fee

We recently sold a house. Estate agents (based on a % of sale price) and solicitors fees (fixed amount + extras if complications (there were none)) came to 3% of sale price.