Being a landowner and wanting to sell your house can be a pricey affair with fees that follow, such as Solicitor fees, estate agent’s fees, removal costs, so on and so forth.
Let’s put to rest the perennial question on your minds “Is there a need to pay estate agent fees if I decide not to sell in the UK ?
Before you select an estate agent, it is essential to understand their basic pricing strategy. You can choose from having to pay a flat fee upfront (usually offered by online estate agents) or a “no sale, no fee” commission contract (usually offered by high street agents). Luckily our estate agents in Leeds are here to help you understand this option better.
What does no sale, no fee mean?
No sale, no fees estate agents work as advertised, no fees if your property doesn’t sell. In other words, you only have to pay a % of the purchase price of your home to the estate agent at the time of sale completion, which is often referred to as a commission fee.
The No-fee agents, who promise ‘no sale, no fee,’ are built to generate sales to earn a commission, so they are good for you as a seller. You don’t have to pay them if your property doesn’t sell, but you will pay them a sizable amount if your home is valuable. As a result, even if the commission charge is just 1% it might amount to several thousand pounds.
Will I be charged an estate agent fee if I cancel my sale?
If and when you decide to withdraw from the sale, you should expect a set of standard fees from the estate agent for the expenses incurred during the assistance. Even if this is not commission (as the sale did not go through), there are still costs associated with marketing, photography, floorplans, and so on.
There are chances you might still end up paying a portion or complete fees as agents commission, even after signing the purchaser clause “ready, willing and able”. It’s vital to look for any other hidden charges or extra fees (which often turn out to be standard features).
2022 estate agent fees ?
If you’re paying an online estate agent up front, you can anticipate paying £0 to £999 in London or £1499 elsewhere. The ‘no sale no fee’ offered by many high street estate agents is typically 1.5% of the final selling price.
A ‘no sale no fee’ package typically costs £999 or employs a percentage-based charge. If you have a house worth £300,000 put up for sale, a high street estate agent might charge you £3,000 (1%) when the sale closes.