Hello, and welcome to another informative blog from Eastaway Property! Today, we’re addressing a common query: What fees do I pay the estate agent when buying a house?
The Short Answer: Good news for buyers in the UK property market – as a buyer, you generally do not pay estate agent fees. These fees are typically the responsibility of the seller.
What Are Estate Agent Fees? For sellers, estate agent fees can range from 0.9%-3.6% of the property’s selling price, depending on the agreement type and the agent’s services. These fees usually cover services like property valuation, marketing, organizing viewings, and negotiating sale prices.
What About Buyers? While buyers don’t pay estate agent fees, there are other costs to be aware of, such as stamp duty, conveyancing fees, Identity checking fees by both estate agents and solicitors and possibly survey costs. These fees are separate from the estate agent’s commission and are part of the overall cost of buying a property
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Buying Agents – A Choice for Buyers: Interestingly, as a buyer, you can opt for a buying agent. These professionals work for you, the buyer, to find properties that match your criteria and negotiate terms. However, employing a buying agent will involve their fees, separate from the estate agent’s fees paid by the seller.
Eastaway Property can refer you to some excellent buying agents in our local area, including Garrington, Stacks and Richard Clowes . Don’t forget to mention Eastaway Property when contacting them.
Payment and Timing of Estate Agent Fees: For sellers, fees become due when contracts are exchanged but are not paid until the sale is completed. The payment is usually handled through the conveyancing solicitor, who pays the estate agent from the completion monies.
Why Register with Eastaway Property? As a buyer, while you don’t pay estate agent fees, partnering with the right property professionals can make a significant difference. By registering with Eastaway Property, you gain early access to our portfolio of properties, often before they are listed on the open market. This advantage can be crucial in the fast-paced UK property market, allowing you to find and secure your dream home more efficiently.
So, whether you’re stepping onto the property ladder for the first time or looking to move, let Eastaway Property be your guide and ally. Register with us today and stay ahead in the property search game!