When do I pay my estate agent?
Posted on 12th July 2021
With standard estate agents, you pay them on completion. Online estate agents are often chargeable at the very start with no refund option available.
The whole process is normally managed by the solicitors. When the buyer pays the solicitors for your house, the solicitors will then take their cut, pay the estate agent's cut and send the remaining funds to yourself.
This way you never have to worry about late payments or invoices.
Estate agents are required by law to tell you exactly what is included in their fee but be sure to ask them before the process begins.
If the house doesn’t sell then most traditional estate agents won’t charge you, though it’s always worth checking with them first.
If you withdraw your house from the market, then some estate agents may charge a withdrawal fee. Again, this is worth a check before committing.
Fees can vary from one agency to another. Normally the fee sits in the range of ½% to 3% of the total sales value of your property.
Most will charge a minimum amount upon completion (likely £500+).
Other fees can include photographs, assisted viewings, property valuation, negotiation costs, marketing costs, floorplans, and the ‘for sales’ / ‘sold’ boards installed outside the property.
Many agencies request an Energy Performance Certificate (EPC) assessment which needs to be done every ten years.
You could do this yourself though many find it more convenient to ask the estate agent to do it for them instead.
The costs can vary from £49 to do it by yourself up to over £150 if you ask the estate agent to do it for you.
Floorplans can be challenging to get. If it is a relatively new house, then you may be able to get the plans from the builders.
If the house has been on the market recently then the plan may be on an older listing on Right Move.
Most of the time, it’s easier to have an external source produce the plan for you. Some domestic energy assessors can produce a floor plan for you so it’s worth keeping that in mind when getting your EPC assessment.
Remember, it is always worth asking the estate agent at the very start which things are chargeable.
The prices mentioned in this article are relevant to the Leicestershire area as of June 2021.
Tagged as: Fees
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