Can Estate Agents Charge Fees?

There is often a lot of confusion surrounding estate agent fees. Particularly how much do estate agents charge? What fees can estate agents charge? What hidden costs are involved? Well, look no further as Evernest Properties have put together the perfect guide to help you wrap your head around estate agents fees, how they work and when they are charged… 

Estate Agent Fees When Selling in the UK

When selling your property it's always tricky figuring out where to start and who is best to go to. Add on top of that trying to navigate estate agent fees and how much you should be paying - the whole process can get pretty confusing. Typically you can expect fees to range from 1% to 3.5% depending on your property. But what do these fees cover? I’m glad you asked! 

Estate agency fees cover a range of things including but not limited to valuations, floorplans, installing of signs, marketing and negotiation costs. Always keep an eye out for any hidden costs that could be added into your services… This would include any extras or any VAT not built into the initial price quoted.

Letting Agent Fees For Landlords in the UK

When it comes to letting a property, the process is wildly different. There are a few different services available to landlords when they enlist the help of a lettings agent. This would usually include any or all of the following; finding tenants and arranging referencing, rent collection, and property management. The fees will be higher depending on how many of the above services are required by the landlord.

Although, there is no requirement for a lettings agent of course. You might decide to let the property yourself if you live close by or intend on managing the property yourself without any outside help. But be aware that this will take a lot of work, research and knowledge of the property sector and its regulations.

Estate Agents Fees When Buying in the UK

When buying a property there should not be any estate agent fees. However you will most likely be paying a range of other fees including stamp duty, deposit, valuation fees, legal fees and surveyor fees. So be sure to budget accordingly and do your research to ensure you are getting the best deal and making the most of your investment.

Estate Agent Fees When Renting in the UK

As of June 1st 2019, most fees for tenants have been banned - as per the Tenant Fees Act 2019. The act includes tenancies which are assured shorthold tenancies, licences, and student lettings. Always double check any additional of hidden fees with your estate agent.

The Bottom Line

So there you have it, whether you are buying, renting, selling or letting a property in the UK there are different fees that may or may not apply to you. Hopefully, this guide has made things a bit simpler for you. 

If you looking for help renting, letting, selling or buying in the UK than Evernest Properties are here to help! Give us a call today on  020 3927 8585