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Selling to tenant
david29dpo
Posts: 3,748 Forumite
Is it normal in a contract for a letting agent to charge a fee if the tenant buys the property? In mine the agent (which also sells houses) charges there standard fee £999 +VAT. Not bad and i dont mind paying it, they did "find" the buyer after all!
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Comments
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No, they found you a *tenant*. If they have done no extra work involving a sale why should they make extra money out of their role as a letting agent? Have they marketed your property for sale?david29dpo wrote: »Is it normal in a contract for a letting agent to charge a fee if the tenant buys the property? In mine the agent (which also sells houses) charges there standard fee £999 +VAT. Not bad and i dont mind paying it, they did "find" the buyer after all!
It is "normal" however for LAs to seek to enforce this sort of fee but you may want to refer them to the Foxtons case, see http://www.oft.gov.uk/news/press/2009/83-090 -
Sadly yes it is normal practice. Think yourself lucky, my agent charges 1% + VAT! Having said that, that could work out cheaper for you depending on the price of the property you are selling.
I wish my tenant had asked to buy my place! I'd quite happily pay my agent in that situation! As it is, I've had to give them notice and then start to update and market the property!!!0 -
No, they found you a *tenant*. If they have done no extra work involving a sale why should they make extra money out of their role as a letting agent? Have they marketed your property for sale?
It is "normal" however for LAs to seek to enforce this sort of fee but you may want to refer them to the Foxtons case, see http://www.oft.gov.uk/news/press/2009/83-09
Interesting read. In my case though i did have the house for sale with the agent. After no joy selling it was rented out, never actually removed from the market.0 -
What, Letting Agents charging exorbitant fees for doing not very much or nothing??? Surely not,,,
Cheers!
Lodger0
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