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Quick House Sale Guide >> The House Sales Process
The House Sales Process
Buying or selling a house is one of the biggest financial decisions you will make in your life. It is a lengthy business which can be both exciting and stressful. The main parts of the house sales process are:
- You put your house up for sale.
- Viewings take place and interested parties may make you an offer.
- An Offer is accepted, perhaps after some negotiation.
- You instruct your solicitor or professional conveyancer to start legal proceedings. This will include searches, a valuation, stamp duty land tax, and land registry.
- Exchange of contracts takes place. This makes the sale legally binding and neither party will be able to back out of the sale.
- Completion takes place. This often happens on the same day as the exchange of contracts but can sometimes happen at a later agreed date.
Additional costs normally incurred in buying a property:
- Stamp duty land tax fees (see below)
- Solicitor's fees
- Survey fees, search fees, land registry fees
Additional costs normally incurred in selling a property:
- Agent's fees, such as an estate agent or auctioneer
- Solicitor's fees
Stamp duty land tax fees are due when buying a home. A percentage of the selling price of the house is paid to the Inland Revenue.
- Up to £120,000 = 0%
- £120,001 to £250,000 = 1%
- £250,001 to £500,000 = 3%
- 500,001 plus = 4%
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