What are estate agency fees?
Estate agent fees is a sum of money paid to the estate agent when renting or buying a property to cover all transition costs.
The fees represent a percentage of the transaction (either monthly rent/length for tenancy, or total selling price).
How much are they?
Depending on the estate agent, these fees can range from 0.75% – 0.3% +VAT.
If you’re selling your home, click here to work out how much you should be paying the estate agents.
The fees are currently being debated as the Government outlined plans in April ’17 to abolished estate agency fees paid by tenants renting properties, from both the landlord and the estate agent, to make housing more affordable. The Government’s plan proposes tenants should only be required to pay their rent alongside a refundable deposit, and not face hidden costs.
[edgtf_button type=”outline” size=”small” text=”Further Reading on the Government website” target=”_blank” icon_pack=”” font_weight=”” link=”https://www.gov.uk/government/news/government-action-to-ban-letting-agent-fees” margin=”36px 0 24px 0″][vc_column_text]