Question about selling flat

adpad

Me and my wife are currently divorcing. We are looking to sell our flat. We've only had it for 3 years.

Bought for: £245,000
Deposit paid: £24,500
Remaining mortgage: £206,000
Rough current value: £220,000


I should be more knowledgable on matters, but i'm wondering if we sold our flat how much return we would get - if any?

Is is just the difference between £206,000 and £220,000?

jennhg88

yes but minus estate agent and solicitor fees

hazyjo

And minus any penalty fees if you're tied into a mortgage.

G_M

So you'd get about £10K - £11K depending on fees.


Oh and moving costs?

SmashedAvacado

Costs -

Agents costs - say 1% plus VAT (you could self sell this for much less but 1% is probably realistic)
Solicitors - £700 plus VAT
Mortgage redemption (if any)
If its a flat the property might need a legal pack from the managing agents which could be a few hundred pounds - and you might need various other leasehold documents dealing with - which could impact costs (eg it might cost more if you own a share of freehold)

need_an_answer

You also need to remember that the "rough current value" might not be the selling price that you accept from a future purchaser.

If for example you accept £5k below that estimate then your "profit" will be cut accordingly.

You and an agent can list the property for whatever price you decide but its not always the best practice to assume your property will sell for what YOU think it is worth.

My advice is don't assume a lumpsum from the sale but if there is a windfall at the end of it then you have done well.

Crashy_Time

Good advice.