How much cash do I need when selling my flat?

tadaska

Planning on putting my flat up for sale this Summer. What will I need to pay for in cash when I do? I want to work out how much cash to save.
TIA!

kuratowski

If you are selling but not buying, there's not much cash you need upfront.  Solicitor and estate agent, and any mortgage redemption fees, can all be paid from proceeds of sale.  Leaseholder's pack is the main thing I can think of - but it could be hundreds of pounds, would be worth asking your managing agent (if you have one, if not freeholder) how much they charge.

If you currently live in the flat and will be moving out, you also need to think about removal costs.

Edit: I should have mentioned capital gains tax if this is not your principal private residence, however this too can be paid using the sale proceeds.

greatcrested

Depends a lot where you are going to live after the sale.

* with friends/family? only real upfront costs are removals and freeholder pack if selling a flat

* downsizing? as above, all your new home costs can come from your sale

* upsizing? you'll need either a bigger mortgage or cash to pay the difference (plus allnomal purchase costs)

* going abroad? You probably can't right now. Travel bans extending.....