Estate Agent charging buyer finders fee?

Jaybo10

ACG wrote: »

So you will still be buying the house at the price you offered? In which case whats the problem?

Its not a massive problem, though to come up with this unbudgeted sum upfront as opposed to paying it off on the mortgage is a pain.

Its more an issue of not wanting to get caught up in anything dodgy and not really wanting to pay for something that I shouldn't be...

I will get someone to ring the estates agents tomorrow asking for quotes to sell, as some have suggested here, just to see what they say.

mrginge

Could this additional fee be considered a linked transaction and therefore liable for stamp duty?

Jaybo10

mrginge wrote: »

Could this additional fee be considered a linked transaction and therefore liable for stamp duty?

I have no idea? :eek:

G_M

mrginge wrote: »

Could this additional fee be considered a linked transaction and therefore liable for stamp duty?

Good question.

I don't know.

princeofpounds

Not 'choices' is it?

https://forums.moneysavingexpert.com/discussion/2200287

If I did want to engage them, I would just reduce my offer by their amount right away.

But frankly I think it's a stupid concept with an intrinsic conflict of interest.

Jaybo10

princeofpounds wrote: »

Not 'choices' is it?

https://forums.moneysavingexpert.com/discussion/2200287

If I did want to engage them, I would just reduce my offer by their amount right away.

But frankly I think it's a stupid concept with an intrinsic conflict of interest.

No it is not.

and they have already reduced the amount by telling us that the amount we've offered over the asking price will be the fee (which is 1% + VAT) and the vendor will then get the asking price.

ACG

Its a bit frustrating how the estate agent only thought to mention it after you had put an offer in.

Jaybo10

ACG wrote: »

Its a bit frustrating how the estate agent only thought to mention it after you had put an offer in.

I know! :S

Yorkie1

mrginge wrote: »

Could this additional fee be considered a linked transaction and therefore liable for stamp duty?

I was going to post that I thought this would be the case, although I don't know for sure.

ACG wrote: »

Its a bit frustrating how the estate agent only thought to mention it after you had put an offer in.

I think it actually works in the buyer's favour, in that they made their offer without prior notice - and no way of knowing - of this additional charge. If they had known, and had made the offer in that knowledge, then they would arguably be bound by it.

Given this has now come out of the woodwork, there is every reason to want to inspect the prospective T&Cs before deciding whether you're prepared to go ahead with the transaction / pay it.

I definitely agree with trying to contact the seller, though.

agrinnall

Jaybo10 wrote: »

No it is not.

and they have already reduced the amount by telling us that the amount we've offered over the asking price will be the fee (which is 1% + VAT) and the vendor will then get the asking price.

If the vendor is happy to accept the asking price then there is no way I would be paying any more than that. How about you contact the seller direct and tell them that you will pay their asking price but won't have any dealings with the EA - the seller will probably have to pay any fees they have agreed in their contract with the EA, but you shouldn't be paying them anything.