The short answer
Your sale price is not your available cash. Deduct mortgage repayment and applicable charges, agent and legal costs, and other relevant expenses. If you are buying too, compare the expected net proceeds with the funds needed for the purchase.
Plan around net proceeds, not the figure on the offer.Separate the main costs
Start with the agreed or realistic expected price. List the mortgage balance and ask about early repayment or exit charges. Add estate agency fees under your contract, including VAT where applicable, and the conveyancing quote.
Keep removals, storage and onward-purchase costs visible too. They may not appear on the solicitor's completion statement, but still reduce the money available for your move.
Ask which property-specific costs apply
A leasehold sale can involve information and administration charges from the landlord or managing agent. Ask your conveyancer which figures are confirmed and which are still being obtained.
Missing documents or title issues may require additional work. Do not budget for every theoretical problem, but do tell your quote provider what you already know. A quote based on incomplete facts can be less useful than a slightly slower, better-informed one.
Get a clearer view of your sale's legal costs.
Enter the expected sale value to begin a conveyancing quote.
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Check when the money moves
Ask what you must pay up front and what can be settled from sale proceeds. If you are relying on those proceeds for another purchase, your conveyancer needs to coordinate the funds and completion arrangements.
Keep a buffer for estimates that are not final. The exact mortgage redemption amount can depend on the date, so an early balance check is useful planning information rather than the final completion figure.
Review the completion statement
Before completion, check the statement and ask about any unfamiliar deductions or apportionments. Compare it with the quote and the information you have already received.
If the property is not simply your own main home, ask an appropriate tax adviser whether selling creates a tax obligation. Conveyancing and tax advice may have different scopes, so make sure the right adviser is dealing with the question.
Your next steps
- Request mortgage redemption information.
- Check agency and legal totals including VAT.
- Identify leasehold and other outside charges.
- Compare net proceeds with your next move's budget.
A little more clarity
Can all my fees come out of the sale proceeds?
Not necessarily. Ask each provider when payment is due; some checks or outside costs may need funding before completion.
Further reading
General information for England and Wales, not advice on your individual transaction. Millennium Legal is a referral and case management service, not a firm of solicitors. Your appointed firm provides legal advice. Check current official guidance and your own terms.
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