FAQ

FAQ


We hope the FAQ’s below will help convey how simple it is to buy or sell a property whilst remaining “hands on” The only reason buying and selling is historically stressful is because all parties are traditionally kept in the dark.

Rye Estate Agents who manage properties

Managing Agents in Rye with considerable lettings experience include

Waves Estates 01797 330197
Consider it Done 01797 224852

 

Multi Agency Terms

Sole selling rights

Never agree to sole selling rights unless you’re 100% sure that you won’t find purchasers from your own efforts – this is a terrible agreement and will probably cause you problems if you find a purchaser from your own efforts, or you need to instruct another agent.

What it means is that if your brother buys your home and has nothing to do with the estate agent, you will have to pay the agent their commission!

Sole agency

This leaves you free to sell privately by your own efforts without paying any commission, but not through another estate agent.

It means that you can instruct other agents, but if they sell the property, you will still have to pay commission to the original sole agent as well as paying the agent who sold the property. This is a dual fee situation you want to avoid.

If you do agree a sole agency basis with an estate agent then make sure it is for a limited period.

At the end of the period you can use one or more additional estate agents without the above risk.

Joint agency

If you want to use more than one agent, it’s perhaps best to enter into a joint agency agreement, whereby you instruct two agents. Both agents have to agree to this, and should agree to who gets the commission on the sale, which may be shared on differing percentages.

Multiple agency – Winner takes all !

A multi agency agreement means you can instruct as many agents as you like. Only the one who comes up with a buyer earns the commission.

The fee for this type of arrangement will probably be the highest of all the options available since all agents will be investing in your sale at the risk of not being paid.

Instructing or dismissing an estate agent

Instructing an Estate Agent

  1. Never forget you are the instructing party. You do not have to sign the contract you are offered so read it through and watch for terms such as.
    1. In the 1980’s it was common place for contracts to state you have to pay their fee in the event of ‘our introducing a purchaser who is ready, willing and able to complete the transaction’.
      You only want to pay a fee on Exchange, the fact that someone purports to have been able to proceed to completion is probably not good enough. You could be exposed to needless cost.
  2. Dual Fee exposure
    1. Some agents still expect to be paid even if they did not introduce the buyer, this can be done by claiming they have influenced a purchase or just stating they expect to be paid even if they do not introduce the buyer! This letter from Which may help you refute a claim.
    2. When you take on an estate agent make it clear you will not accept any risk of dual fees and have them include in the agreement a “Winner takes all” clause, i.e. they only get paid if they find the buyer. If two agents then argue over this it’s for them to reach an agreement with each other.
  3. Do not accept unreasonable terms.
    1. Unreasonable is probably anything you consider to be unreasonable. If in doubt do not sign any agreement. A reasonable estate agent will want you to be happy.
  4. Read the contract and cross out everything you don’t like. It’s your property.
  5. It is reasonable for an agent to have a clause that covers them in the event that a person they did introduce subsequently buys your property within a reasonable period – have that period clearly defined in the agreement.
How will I know what’s happening about Conveyancing

When using our Conveyancing team you can see where your sale and purchase is at 24 x 7 and you have a dedicated account manager available to assist you by chasing the buyer’s solicitor, accountants, estate agents when you do not have the time to do it.

 

Can I get help with the professional images

Absolutely, we would be able to put you in touch with a local professional photographer to assist. You would be responsible for their fees.

Can we use an Estate Agent as well?

Yes of course. It may be that you agree an hourly rate for professional services rather than a commission based on a percentage.

Most Estate agents in Rye will help you once you find a buyer for a modest fee.

They will help you obtain the EPC if you don’t already have one. Your Solicitor or conveyancing partner will certainly require an EPC Certificate unless the property involved is exempt for example if it is a listed building.

Do we need and Energy Performance Certificates

Energy Performance Certificates (EPCs) are required by law whenever a property is advertised for sale or rent (subject to exceptions e.g. listed buildings).

We can arrange for the EPC for you giving you one less thing to worry about. Once ordered our local Domestic Energy Assessor will contact you within a couple of days to arrange a suitable time to assess your property.

All “reasonable efforts” must be made to ensure that an EPC is obtained within 7 days of marketing the property. (Where it has not been secured during that period, there is an absolute duty to obtain it within 21 days of the end of that period.)

What is an EPC?

An EPC gives Home Owners, Tenants and prospective buyers an assessment of a property performance rating in terms of its energy efficiency and environmental impact, to help reduce CO2 output.

EPCs assess buildings by giving them a standard energy and carbon emission efficiency grade from ‘A’ to ‘G’, where ‘A’ is the best and with the average to date being D/E.

EPC’s were originally part of the Home information pack (HIP), however the requirement for a HIP was suspended on 21 May 2010. The energy performance certificate was retained.

What can impact an EPC

A Domestic Energy Assessor will inspect a home before preparing the Energy Performance Certificate. The EPC contains information about:

a) The property’s energy use and typical energy costs

b) Recommendations about how to reduce energy use and save money

The EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years. The average score (sept 2014) is a low D/ high E.

How can I improve our Energy Efficiency Rating?

Prior to the assessment being carried out at your property, there are a number of simple and significant alterations that you may choose to implement in order to ensure that you receive the best rating possible.

Though you are less likely to benefit from or receive a return on your investment against the more significant alterations, remember these can be implemented in your new home and you may get a better price for this one so either way it’s a win win situation.

EPC RatingLIGHTING

Replace existing halogen or non-Low Energy Lighting (LEL) with LEL’s, Compact Fluorescent Light’s (CFL) or Light Emitting Diodes (LEDs) – simple and inexpensive to introduce.

ROOF INSULATION

Ensure that your loft insulation is at least 8 to 10 inches in depth – simple and inexpensive to introduce.

WALL CONSTRUCTION

If your property has a cavity wall construction, ensure that this is filled – simple and inexpensive to introduce. Funding may also be available as an efficiency measure it has a significant bearing on the EPC rating.

HEATING CONTROLS

Even if you have an old boiler, the introduction of modern controls such as a room thermostat, individual Thermostatic Radiator Valves (TRVs) and Boiler Programmer will have a positive bearing on the EPC results – simple but slightly more expensive to introduce. On older buildings consider movement detectors to operate valves to close off area’s that are not in constant use.

CENTRAL HEATING SYSTEM

Replacing an old, inefficient boiler will have a significant impact on any property’s EPC rating – significant alteration with high expense and longer payback period.  Use as much pipe lagging as you can in the basement and other utility areas where you do not want the heat.

RENEWABLE TECHNOLOGIES

These cover a wide range of systems and technologies ranging from Solar / Photovoltaic panels, which generate hot water and electricity through to Bio-Mass boilers and ground source heat pumps that replace conventional central heating systems but can be up to 20X more efficient – significant alterations with a much higher expenditure, however virtually ALL Renewable Technologies are currently incentivised via government backed and guaranteed Feed-in-Tariffs (FITs) and will go on to provide domestic hot water and central heating at significantly reduced rates in comparison to many other systems.

What does it cost when we sell

You only pay the fee you agreed with your agent plus VAT. The fee is usually paid as a disbursement at the time of completion.

If you want to purchase additional services from your agent then it could be you are asked to pay in advance for example bespoke advertising and marketing services are often paid up front.

What will it cost me if we do not sell

Nothing at all other than your initial registration fee that you initially registered with.

Our Revolutionary conveyancing will not charge you any legal fees if your sales does not complete and you have not altered your instruction.