Here are a few of our most frequently asked questions. If you do not see the answer to your question, please feel free to call or email The Buying Agents.
As the name suggests, a buying agent acts on behalf of the buyer in a property transaction. The buying agent will usually handle the entire purchase process. This includes advising on the client’s requirement, finding and negotiating on the property, then managing the conveyancing.
The Buying Agents also offer a range of post-completion services for moving in, decoration and refurbishment. They also advise their clients on reselling and letting the property if needed.
We will also handle the renting and property management for Property Investors.
The main reasons people use a buying agent are;
1. For market and buying advice.
2. To save time and money.
3. To buy in the UK from overseas.
4. For the widest choice of property
5. To access off-market property not available to the general public.
6. To preserve their anonymity.
Please CLICK HERE for a more detailed report on the many benefits of using a buying agent.
The Buying Agents charge 1.5% for the full property search service.
The fee is made up of two parts
1. The registration fee of £500 + VAT paid before the search commences.
2. The success fee of 1.5% of the purchase price (minus the Registration Fee), paid on Exchange of Contracts.
For a full breakdown of all The Buying Agents fees, please CLICK HERE.
The Buying Agents fees are intentionally disruptive.
Most buying agents charge between 1.5 – 2.5%. They negotiate with each client to get the most they can. This ultimately results in each client paying a different fee. This is unfair for the following reasons.
1. Some clients will pay more for the same service
2. Clients who pay less, receive an inferior service.
We decided to set our fees at 1.5% for the following reasons
1. As there is no need to negotiate, everyone pays the same.
2. We are not willing to compromise on the level of our service.
3. Our business model is streamlined so we pass the savings onto our clients.
4. Most of our business comes from referrals so we do not need the extra 20% to constantly advertise for new business.
5. A high percentage of our clients invest across different asset classes and property sectors. At the higher end of the residential market, the prices are similar to commercial property and commercial rates are usually around 1 – 1.5%. Again, with respect to all our clients, it is much fairer if everyone pays the same.
In some cases, we will charge a set fee. Please contact us for further information or to discuss your search.
A “discount” from the Asking Price means nothing if the property is overvalued in the first place.
It is important to remember that in many cases, the asking price bears no relation to the market value. Unless valued by an RICS surveyor, the asking price is nothing more than a guide price set by the estate agent. In some cases, the asking or guide price may be set by the owner and the agent will just list the property anyway. In this situation is not uncommon to see property overvalued by 20%.
A “discount” or “saving” of 10% means nothing if the property is overvalued by 15 or 20%. It is nothing more than a marketing ploy to attract naive or inexperienced buyers.
The Buying Agents primary objective is to negotiate the best deal for our client and ensure they do not over pay. That said, we will of course exploit any situation that enables us to take advantage of the situation. The purchase price will depend on a number of factors and how motivated the seller is.
On average, we probably negotiate around 10% from the asking price but we never advertise this as a discount or saving for the following reasons;
1. If you advertise a “Saving” or “Discount” you attract buyers whose primary objective is a price reduction. Their focus is purely on discount regardless of whether the asking price is correct or not. This inevitably results in protracted negotiation and failure to agree.
2. Once a buying agent has a reputation for representing unreasonable clients, estate agents do not want to deal with them. They will be bottom of the call list for new instructions and off-market listings.
3. 90% of buyers who get gazumped have not structured a deal that works for both sides and have negotiated too hard. The owner only accepts a low offer as starting point to increase other interested parties.
4. Discounted property is rarely the best.
The average transaction time is around 6 – 8 weeks if purchasing with a mortgage. This can be reduced to a few days if you are a cash buyer and have a good legal team.
In general, the time frame will depend on the following factors;
1. If the property is freehold or Leasehold. Leasehold takes slightly longer as there is more information to collect and check.
2. If you buy with a mortgage or cash. The mortgage application is usually the longest part of the process and varies from 1 week to 6 weeks. The turnaround for private banks is much quicker than high street lenders.
3. The location of the property – The searches in the various local authorities can vary from 10 days to several weeks. Some lenders will accept personal searches which only take a few days.
4. Your solicitor. It is a fact that the cheaper your solicitor, the longer the conveyancing will take. You get what you pay for. Where possible, use a solicitor someone you know has used and recommended. If not we can recommend a solicitor or licenced conveyance for you depending on your budget.
This largely depends on the requirement and market conditions. We have found properties within one day but we have also had very specific mandates that take time and tenacity.
When you book your no-obligation consultation we will discuss your requirements and objectives. We can then give you an indication of how easy it will be to find in your chosen area.
We will also talk you through the purchase process so you know exactly what to expect and how long each phase takes.
If we feel that what you are looking for is not realistic, we will let you know. We do not want to waste your time or just take the registration fee for nothing.
The Buying Agents work with a limited number of clients at any one time. This is to ensure we are able to offer the same high level of service to every client.
We set our Registration Fee at the lower end so our clients can be assured we are motivated to get results.
We also reserve the right to not work with a new client if their requirement is the same as an existing client. It is very rare for this to happen.
The Buying Agents are members of The Property Ombudsman Scheme. We have voluntarily committed to following strict operational guidelines by the scheme.
Please contact The Buying Agents if you have any further questions or would like to discuss your search.