Under the provisions of the Estate Agents Act 1979 we are obliged to set out in writing our terms of business including the fee that we charge for our services or the method of calculating it.
The Basis Upon Which We Act
When you ask us to act as your estate agents we will only act on one basis unless we agree otherwise in writing. The basis upon which we act is that when you appoint us we have sole selling rights. Sole selling rights means that we are the only person with the right to sell the property. Therefore, if you find a buyer yourself or somebody else sells the property you still have to pay our standard fee which is a percentage (see below) of the selling price.
The full standard fee will also be due, unless agreed otherwise in writing, if we find a buyer who is prepared and able to conclude unconditional missives for the purchase of your property. If you withdraw from the sale and unconditional missives are not exchanged, you will still have to pay our standard fee unless agreed otherwise in writing.
Home Report
Anyone who puts a property on the open market will need to provide a home report which should be carried out by a suitably qualified surveyor. The home report should be dated within 12 weeks of inspection of being advertised. However, some properties are exempt, including:
- new build homes that are being sold by the developer for the first time
- newly converted homes that have not been used before in their converted state
- seasonal and holiday accommodation (for example, holiday park homes) which cannot be used all year round (however, second homes and holiday homes must have home reports)
- when a home is bought through right to buy, then the landlord does not need to provide a home report.
- properties that also have a commercial use (for example, a shop with a flat above it)
- properties that aren't fit to live in, or are going to be demolished.
Our Fee
Our standard fee is 1.5% of the agreed selling price (per property), with no VAT currently payable. For example, if a single property sold for £100,000 our fee would be £1,500.
Our minimum standard fee is £650.00 which is payable per property that sells for £43,500 or below.
If, after instruction and completion of this contract, you withdraw the property for whatever reason, a fee of £350.00 is payable. This is to cover any take on work and property visits carried out on your behalf.
When Is The Fee Due?
If you withdraw the property the fee is due within 7 days of the date of our fee note.
All other fees are due on completion of the missives.
However, as a concession, we are prepared to permit fees to be paid upon completion provided that you instruct your solicitor to pay us out of the proceeds of sale upon completion.
What You Get For The Fee
- We will visit the property to photograph and collect property details.
- Create a virtual tour of the property.
- Create drone footage of the property and surrounding areas showing landscapes and beaches close by (subject to weather).
- A property schedule and floor plans will be prepared and agreed with you prior to marketing on our website.
- We will vet potential purchasers to ensure they can offer on your property.
- We will conduct accompanied viewings adhering to current Government guidelines.
- We will agree a marketing price with you at the outset.
- List the property on uistproperty.co.uk.
- Negotiate on your behalf with prospective purchasers and report back to you.
- Introduce specialist conveyancing solicitors and mortgage providers if required.
Extra
We charge for advertising other than advertisement in our office window, on our website and Facebook page. If you would like other advertising we will provide a quote for this before placing the advertisement.
Duration Of Contract
All our contracts run for a period of six months (unless otherwise agreed in writing) or until the property is sold (whichever is the sooner). If you do not terminate the contract after six months it will continue to run for a further six month period or until the property is sold. If the property remains unsold at the end of the second six month period and you wish us to continue to market the property, a new agreement must be signed.
Cancellation Rights
You have the right to cancel this agreement in writing within 14 days of signature.
The Property Ombudsman
Uist Property is a member of The Property Ombudsman, further details of this can be found at www.tpos.co.uk.
Other Services
Colin Shaw (proprietor of Uist Property) also offers advice on Protection, Retirement, Investment, Savings and Mortgage products and may offer advice on any of the above to prospective clients proposing to purchase a property that Uist Property has been instructed to sell
