Are there any fees involved when selling my home for cash?

Selling a home for cash is not automatically fee-free. The total cost depends on the arrangements agreed with the buyer and on your property’s circumstances. A genuine cash offer should be assessed by looking at the amount you will actually receive after agreed deductions, rather than only the headline purchase price.

Potential costs can include:

• Conveyancing: You will usually need a solicitor or licensed conveyancer to handle the legal work, including title checks, replies to enquiries and transfer of ownership. Ask whether the quoted fee includes VAT, searches, identification checks, bank charges and any work required to resolve title issues.
• Mortgage redemption: If the property is mortgaged, the outstanding balance must normally be paid from the sale proceeds. Your lender may also apply an early repayment charge, exit fee, interest or administration fee, depending on the mortgage terms. Request a redemption statement so the figures are current.
• Arrears and secured borrowing: Mortgage arrears, second charges, secured loans or other restrictions registered against the property can reduce the amount available to you. They should be identified and dealt with as part of the completion process.
• Leasehold charges: Leasehold sellers may face costs for a management information pack, landlord or managing-agent replies, notices of transfer and notices of charge. The lease may also contain unpaid service charges, ground rent or other sums that need settling.
• Property documents and remedial work: Missing planning permissions, building regulation certificates, guarantees or other documents can create legal work and additional expense. Some buyers may agree to purchase a property in its current condition, but that does not remove the need to disclose known issues or resolve ownership problems.
• Estate-agent fees: A direct cash sale may not involve an estate agent, but an agent’s fee could still apply if you have already instructed one. Review the agency agreement for sole-agency periods, withdrawal charges or fees triggered by an introduced buyer.
• Moving and practical expenses: Removal services, storage, clearance and utility arrangements are separate from the legal sale. These costs are normally paid by the seller unless a specific written arrangement says otherwise.

Some charges are not normally seller fees. For example, Stamp Duty Land Tax in England and Northern Ireland, Land Transaction Tax in Wales and Land and Buildings Transaction Tax in Scotland are generally matters for the purchaser, subject to the relevant rules and the transaction structure. A seller should not assume that a buyer’s tax liability covers the seller’s own legal, mortgage or property-related costs.

Tax can also depend on your circumstances. A main residence may be treated differently from a second home, rental property or property held through a business, and a sale involving an inherited property can raise separate issues. If Capital Gains Tax or another tax charge may apply, obtain advice from a suitably qualified tax professional rather than relying on a general cash-sale estimate.

Before accepting an offer, ask for a clear completion statement or cost breakdown showing:

• the agreed purchase price;
• each deduction and who receives it;
• whether legal fees are paid by you or the buyer;
• whether any fee is conditional on completion;
• whether VAT is included;
• the treatment of mortgage balances, arrears and leasehold charges; and
• the estimated amount payable to you after completion.

Be particularly cautious about vague administration, valuation, survey or arrangement fees. A fee should have a clear purpose, amount and payment date, and should be consistent with the contractual documents. Do not rely on a verbal statement that the sale is “fee-free” if the paperwork permits deductions.

For a sale through buyhousesfast.co.uk, the sensible approach is to request a written breakdown of the proposed transaction and have your own conveyancer review the terms. This lets you compare the net proceeds with other options and identify costs that arise from your mortgage, tenure, tax position or property documents before you commit.