Estate agents trolled this thread because i want to sell private?

FoxyGuyHawoo

Hello,

I want to sell my house. It's getting complicated.

I want to know what fees are payable if selling:

[A] Via Estate Agent
I have been quoted:

# Sale Disbursements - £???
# Official Copies Of Register Of Title (provisional) - £6.00
# Agreed Sale Additional Costs - £???
# Telegraphic Transfer Processing Fee - £46.80
# Fee For Dealing With Redemption Of Each Mortgage/loan £108.00
# Also, won't l need to pay for "confirmation of tenure [freehold] from the seller's solicitors"? I have a copy of the will. Will that do? If not, how much would it cost to confirm tenure via my solicitors?
# The estate agents say their fees include solicitors' fees. But: won't l need to pay for my solicitor who is in charge of actually enforcing the Will of my late father? If this is a separate charge, how much can l expect to pay?

Could somebody please explain these charges and where necessary, estimate their cost?



Personally
# I would like the house and garden independently valued by valuation experts - what sort of cost could l expect?
# Would the valuation include the work of a surveyor? If not, then why not, and how much would a surveyor cost?
# What *other* charges can l expect to pay when selling privately? I'm thinking:
- Land registry fees
- Transfer of funds to bank
# By the way, l imagine the telegraphic transfer processing fee cited above is for direct bank transfer of funds from sale of the house. Is there a way to do it with no fee? Also, surely this won't be permitted as it's my solicitor who diposes of the Will? Surely that means he receives the money and must then contact everyone involved (some of whom even l've lost contact with)?

Surrey_EA

Is this a property located in Scotland?

libf

You want to sell your house or you want to sell a house that you've inherited?

FoxyGuyHawoo

Surrey_EA wrote: »

Is this a property located in Scotland?

England

libf wrote: »

You want to sell your house or you want to sell a house that you've inherited?

I inherited the family home from my father. My mother became executrix after father died. Now that she has died, l am sole executor and l wish to sell. Proceeds from sale will have to be divided up between inheritors as per my father's Will.

Surrey_EA

The costs you've listed above look more like a solicitors quotation, rather than an estate agent. Personally I've never heard of an estate agent including the solicitors charges within their own fees, and I would be particularly wary of such an arrangement.

Depending on exactly whereabouts in the country the property is located EAs charges may vary, but a reasonable guide to begin with would be 1 - 1.5% of the eventual sale price.

You mention you already have a solicitor, would they, or someone else in their firm, be able to handle the conveyancing for you?

I wouldn't say there is any need for you to engage the services of a surveyor, you do not need to obtain a professional surveyors valuation in order to sell.

getmore4less

If you have a solicitor handling the estate if they deal with convayancing probably best to let then deal with the legal side of the sale.

You will need the grant from at least one or maybe both estates to be able to sell.

Then you just have the EA fees again the solicitor will pay that.

Why does it matter the fees come out of the sale before distribution, not a lot you can do to eliminate the needed ones.

FoxyGuyHawoo

Surrey_EA wrote: »

Personally I've never heard of an estate agent including the solicitors charges within their own fees, and I would be particularly wary of such an arrangement.

Why?

Surrey_EA wrote: »

Depending on exactly whereabouts in the country the property is located EAs charges may vary, but a reasonable guide to begin with would be 1 - 1.5% of the eventual sale price.

It's okay, this is not part of my question.

Surrey_EA wrote: »

You mention you already have a solicitor, would they, or someone else in their firm, be able to handle the conveyancing for you?

The estate agents whom l have signed up to include the fee in their price and it's all been agreed upon, it's not part of my question.

Surrey_EA wrote: »

I wouldn't say there is any need for you to engage the services of a surveyor, you do not need to obtain a professional surveyors valuation in order to sell.

The actual need for a survey wasn't part of my question, but let's touch on it for a moment. There is an interested party. I am considering selling to them directly. However, they cited the need for, and cost of, a property survey, as part of their offer price to me. They cited a rather large amount for the survey cost if they (the private buyer) commissioned it themselves.

My thoughts on the matter are that the house is very old and should be surveyed so that if l sell to this private individual, they won't be left in a "situation" post-sale, and also, l want to know how much the survey costs and then be able to:

1. Quote a thoroughly tried and tested price for the property to the private individual.
2. Know how much to add on to that price / include in that price for the valuation itself.

So returning back to the main question, is a valuation same as a survey? And how much would it cost? etc. Thanks in advance.

getmore4less wrote: »

If you have a solicitor handling the estate if they deal with convayancing probably best to let then deal with the legal side of the sale.

The estate agents whom l have signed up to include the fee in their price and it's all been agreed upon, it's not part of my question.

getmore4less wrote: »

You will need the grant from at least one or maybe both estates to be able to sell.

Is it only their solicitors or both theirs and mine? I need to know (as per my question).

getmore4less wrote: »

Why does it matter the fees come out of the sale before distribution, not a lot you can do to eliminate the needed ones.

I am not sure what this last quote means, sorry. However, l am not necessarily looking to eliminate this or that, it's not part of my question. I only want to know what the fees mean, and how much they will be, and whether l will need to pay them or not.

getmore4less

You should have be asking them(EA) the questions before you signed up.

You now need to check with the solicitor dealing with the eatate what they will charge for dealing with another solicitor.

probably be another funds transfer fee.

Surrey_EA

FoxyGuyHawoo wrote: »

Why?

In my view it is highly unusual, I would want to choose my own solicitor to make sure they were acting in my best interests, and would not want to be tied to someone the EA wants me to use.


It's okay, this is not part of my question.

I thought you wanted an idea of costs?


The estate agents whom l have signed up to include the fee in their price and it's all been agreed upon, it's not part of my question.

As above, very odd if you ask me, never heard of it before, but if you're happy with that arrangement, fine.



The actual need for a survey wasn't part of my question, but let's touch on it for a moment. There is an interested party. I am considering selling to them directly. However, they cited the need for, and cost of, a property survey, as part of their offer price to me. They cited a rather large amount for the survey cost if they (the private buyer) commissioned it themselves.

My thoughts on the matter are that the house is very old and should be surveyed so that if l sell to this private individual, they won't be left in a "situation" post-sale, and also, l want to know how much the survey costs and then be able to:

1. Quote a thoroughly tried and tested price for the property to the private individual.
2. Know how much to add on to that price / include in that price for the valuation itself.

So returning back to the main question, is a valuation same as a survey? And how much would it cost? etc. Thanks in advance.


A survey and a valuation are two different reports, although a buildings survey report may also include a valuation. It would depend on where in the country you are, how large the property is and roughly what the value of the property is before it is possible to give you an idea of cost. It could be anything from £500 to £5000. Typically it is down to the buyer to cover the cost of any survey they wish to have carried out.

I have tried to respond to your points above, but I'm not convinced I should have bothered.

Mattygroves2

I too would be wary of an estate agent including the solicitors costs in with their costs. That would mean they are instructing the solicitors and so they would be working for them and not you. I'd always prefer to engage my own solicitor so I knew they were working in my best interests.

If you sell privately you'll need your own solicitors anyway.

Surveys will be paid for by the person buying the property. If they need a mortgage then the mortgage company will insist on at least a valuation. If you want to get a valuation yourself to be sure that you are getting the right price for the beneficiaries then you need to instruct a surveyor. Ring a couple and get quotes though.

The grant referred to is the grant of probate which you'll need before you can complete the sale. You can start the property selling process without probate but you'll need a certified copy of the grant before completion. If you're dealing with the probate application remember to order more than one on the relevant form.

When my OH recently sold a property as part of winding up his parents estate the solicitor who did the conveyancing was willing to send a cheque for free but charged £30 for a bank transfer / CHAPs. Faster payments tends to have a £100,000 limit and it isn't hard to get over that figure with a house sale so solicitors tend to use CHAPs.

Have you got an executors account set up ? As you aren't the sole benficiary the solicitors may want to send the cash to "The Executors of..." rather than you as an individual.

Or if there is a solicitor dealing with the probate they will send it to them avoiding you entirely. The probate solicitor will charge the estate for their time dealing with receipt of the funds and distribution unless you've got a fixed fee in place. They will also charge for any time it takes them to correspond with the conveyancing solicitors which is why it has been suggested that using the same set for probate and conveyance.

getmore4less

What sort of contract have you signed with the EA.

If sole selling rights you will still have to pay them if you find a buyer.