When selling your property, you will want to know how much money you are going to take home when the whole process is complete. It’s an important aspect and could decide whether or not the sale goes ahead. The reasons for releasing equity in the property can vary, and knowing the net profit or final take can impact these major life decisions.
Be Prepared for Costs
Inevitably, when selling your home, you can incur a lot of costs. So, the final sale amount you get from the property will not be the amount you take home personally. All costs concerning the sale will be taken from the sale value during the conveyancing process. All of this will be given to you in formal writing by solicitors to explain the breakdown and costs of the sale.
Some costs you can expect to incur during the sale of your property are:
- Removal, cleaning, and photography
- Estate agent fees
- Conveyancing solicitors’ fees
- Remaining mortgage settlement
- Mortgage fees
The higher you can sell your property for, the larger the profit you take. Here’s an example; let’s say you sell your property for £200,000 but you have £50,000 remaining on the mortgage. You also incurred estate agent and legal fees which amounted to £10,000, and £1000 for cleaning and decluttering services. The cost of the process including paying any remaining mortgage would have been £61,000. Therefore, to find the profit we take the sale value of £200,000 and subtract the total cost which is £61,000, leaving us with a profit figure of £139,000.
When Will I Be Paid?
The sale will be finalised on ‘completion day’. This is the day when the money and the keys for the property swap hands. The buyer will be the legal owner of the property at this point, the conveyancers will pay all necessary fees related to the sale and the remaining balance will be sent to the seller’s account. If the seller jointly owns the property with another person, then the amount will be split between the parties involved.
To get the most profit out of your sale and incur no estate agent or legal fees, you can use FastCash4Houses. We are a property cash buying service that can help you sell your house in as little as seven days.
We can sell your house in the quickest, cheapest, and most convenient way. With us, you can sell your property in a quicker time frame with no estate agent or legal fees to pay. To get your free no-obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly on 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.
