Purple Bricks Buying fees

funkyskunky

I am new to Purple Bricks. Looking to buy a house.

Please confirm whether i have this right or not.

So they charge £899 to the seller.

The buyer then has a charge of £5,145 to pay on top of any offer made. Is this Correct?

This property is for sale by Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be required to exchange contracts immediately after the fall of the virtual hammer, however the buyer will be given 56 days in which to complete the transaction, from the date the Draft Contract is received by the buyer’s solicitor, with the aim being to exchange contracts within the first 28 days. By giving a buyer time to exchange contracts on the property, means normal residential finance can be sort. The Buyers Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Info Pack which can be downloaded for free from our website or requested from our Auction Department.
Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Buyers Premium of £4,800 including VAT plus an administration charge of £354 including VAT, a total of £5,154. This secures the transaction and takes the property off the market.
The Buyer’s Premium and administration charge are in addition to the final negotiated selling price

Slithery

Yes, you are correct.

But also it's the 'modern auction' method, and it's Purple Bricks. Don't go anywhere near it...

LawAbiding

Get the sellers solicitor details and put a private offer on directly.

It's a scam the 5k fees.

If it's like I am sold, you should be able to get the details

eddddy

LawAbiding wrote: »

Get the sellers solicitor details and put a private offer on directly.

You can't be sure that the solicitor will forward the offer to the seller.

However, estate agents are required by law to pass on offers to sellers. So it might be better to put the offer in writing to the estate agent, stating that you won't pay a buyer's premium.

LawAbiding

From what I understand, solicitors lawfully have to pass offers?

I tried the EA for a property I'm interested in and they wouldn't even take the offer and insisted going through auction

davidmcn

eddddy wrote: »

You can't be sure that the solicitor will forward the offer to the seller.

You can be sure that a solicitor will pass on an offer to their client (it would be downright unprofessional of them to fail to do so), the problem is more likely to be finding out who the solicitor is (even if they've even been appointed), or even finding contact details for the vendor.

LawAbiding

On IAMSOLD, you have access to the property information pack which contains all the details.

Not sure how this auction works

hazyjo

Someone my sis knows is using it at the moment. Going for their second attempt of selling as they've literally not had one viewing in the entire time it's been up (twice now). They are also saying they are open to offers. The seller is often skint (or very very naive!).




tbh I'd not touch the modern auction method either. I would have to be absolutely desperate or the property would have to be PERFECT for me. Even then... hmm. Still prob not.

pinkteapot

For clarity, not all houses on Purple Bricks are sold this way. We viewed a couple listed with Purple Bricks which were just 'normal' - there was an asking price. We could offer. Seller paid PB's fees.

I can't imagine a house ever being good enough to do this as a buyer! You pay £5k up front to the estate agent. If you subsequently pull out (e.g. conveyancing/survey highlights problems) you lose that money. Even if you buy the house, that's not £5k non-refundable deposit on the house - it's on top of the price! Why would anyone think it's a good idea to sell their house this way?!

eddddy

davidmcn wrote: »

You can be sure that a solicitor will pass on an offer to their client (it would be downright unprofessional of them to fail to do so), the problem is more likely to be finding out who the solicitor is (even if they've even been appointed), or even finding contact details for the vendor.

That's not what my solicitor tells me.

I recently asked a solicitor to prepare an auction pack for me - his fixed legal fee was £250 plus vat.

So if the auction pack was downloaded by loads of prospective buyers - and a few dozen prospective buyers decided to write to my solicitor with offers...

... you think that the solicitor would keep sending them across to me - without being paid a penny for doing so?

epinjy

pinkteapot wrote: »

For clarity, not all houses on Purple Bricks are sold this way. We viewed a couple listed with Purple Bricks which were just 'normal' - there was an asking price. We could offer. Seller paid PB's fees.

I can't imagine a house ever being good enough to do this as a buyer! You pay £5k up front to the estate agent. If you subsequently pull out (e.g. conveyancing/survey highlights problems) you lose that money. Even if you buy the house, that's not £5k non-refundable deposit on the house - it's on top of the price! Why would anyone think it's a good idea to sell their house this way?!

Confirming this, I bought my house through purplebricks as a normal purchase and there were no 'buying fees'.

I would also not ever offer on a house where they are trying to pull this kind of nonsense. As a buyer I would have already lost survey fees and conveyancing fees if I had pulled out.