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In the UK, the market rate 1.5% paid by the seller on completion. Nothing to the buyer and rarely any fees for a failed transaction. Then approximately £1000

In the UK, the market rate 1.5% paid by the seller on completion. Nothing to the buyer and rarely any fees for a failed transaction. Then approximately £1000 in legal fees when buying or selling. Then the big one which is stamp duty (a government tax) which is between 0 and 12% of the purchase price. Typically the lower end of that scale though. (https://www.gov.uk/stamp-duty-land-tax/residential-property-rates https://www.gov.uk/stamp-duty-land-tax/residential-property-...)

rwmj 3y ago
It's important to note that (in general) sellers pay the estate agents fee and buyers pay stamp duty. If you are both buying and selling then you'd pay both, but on different properties. However if you're moving to/from rentals, dead or moving abroad then you'd pay only one. Also it's possible to cut out the estate agent if you really want to save money. There are a bunch of websites that for a minimal flat fee will let you DIY it, but be prepared to make your own for sale sign, photograph your own property, and show prospective buyers around.
- _benedict 3y ago
  Those websites usually include (or at least offer) professional photography, and some also offer various levels of agent assistance for viewings, negotiations etc. an a la carte offering of sorts. A for sale sign is often included as it’s free advertising for them.
- mytailorisrich 3y ago
  Well the estate agent is the agent (i.e. employee) of the seller: They work for the seller. It's quite normal that they are paid by the party who employs them!
enlyth 3y ago
In the UK we also have one of the worst systems for buying and selling property which on average takes 3 months or more for a single transaction and everyone can walk away at any point until exchange of contracts for whatever dumb reason. As a buyer you will spend thousands on legal and survey fees before you even know if there is anything wrong with the property. Legal fees are more like 2k+ these days (source: buying a house)
- ck425 3y ago
  In England you mean. I'm not sure about Wales or NI but the system in Scotland is much better and still has similarly low fee's. In Scotland sellers are legally required to provide a survey to potential buyer, known as the Home Report, which covers all the basics. While it doesn't go indepth on specific issues it does normally highlight them in the first place so you're far less likely to uncover surprise issues after buying. And if it does find potentially major issues the seller will often pay for a more indepth survey or to just get it fixed themselves as otherwise no one will consider the property. For example the home report for the first property I bought found damp which put most people off so the seller paid for a damp survey and quote to fix which they added to the HR. Even then it put a lot of people off and I got it £3k under valuation despite the quote to fix the damp being only £1.8k. Also I'm not sure if it's the same down in England but "estate agents" in Scotland are all solicitors and thus regulated. Plus when you sell it's one fee to one company for everything and there's no faff about info going between agents and solicitors.
- harel 3y ago
  I hear complaints about it a lot, and I've nearly been burned by that system myself. However, it protects the people in the chain from becoming homeless or obligated to a sale if their buyer/seller falls through for example.

rwmj 3y ago

It's important to note that (in general) sellers pay the estate agents fee and buyers pay stamp duty. If you are both buying and selling then you'd pay both, but on different properties. However if you're moving to/from rentals, dead or moving abroad then you'd pay only one. Also it's possible to cut out the estate agent if you really want to save money. There are a bunch of websites that for a minimal flat fee will let you DIY it, but be prepared to make your own for sale sign, photograph your own property, and show prospective buyers around.

_benedict 3y ago
Those websites usually include (or at least offer) professional photography, and some also offer various levels of agent assistance for viewings, negotiations etc. an a la carte offering of sorts. A for sale sign is often included as it’s free advertising for them.
mytailorisrich 3y ago
Well the estate agent is the agent (i.e. employee) of the seller: They work for the seller. It's quite normal that they are paid by the party who employs them!

enlyth 3y ago

In the UK we also have one of the worst systems for buying and selling property which on average takes 3 months or more for a single transaction and everyone can walk away at any point until exchange of contracts for whatever dumb reason. As a buyer you will spend thousands on legal and survey fees before you even know if there is anything wrong with the property. Legal fees are more like 2k+ these days (source: buying a house)

ck425 3y ago
In England you mean. I'm not sure about Wales or NI but the system in Scotland is much better and still has similarly low fee's. In Scotland sellers are legally required to provide a survey to potential buyer, known as the Home Report, which covers all the basics. While it doesn't go indepth on specific issues it does normally highlight them in the first place so you're far less likely to uncover surprise issues after buying. And if it does find potentially major issues the seller will often pay for a more indepth survey or to just get it fixed themselves as otherwise no one will consider the property. For example the home report for the first property I bought found damp which put most people off so the seller paid for a damp survey and quote to fix which they added to the HR. Even then it put a lot of people off and I got it £3k under valuation despite the quote to fix the damp being only £1.8k. Also I'm not sure if it's the same down in England but "estate agents" in Scotland are all solicitors and thus regulated. Plus when you sell it's one fee to one company for everything and there's no faff about info going between agents and solicitors.
harel 3y ago
I hear complaints about it a lot, and I've nearly been burned by that system myself. However, it protects the people in the chain from becoming homeless or obligated to a sale if their buyer/seller falls through for example.