Buyers Premium Terms

Terms of Business

 

As stated on all of our online listing portals including but not limited to Rightmove, Zoopla and our website, Let Property are committed to facilitating a smooth transaction process and to allow for maximum commitment to the sale from both parties, a fully refundable Buyers Premium may apply to secure a property.

 

Once this buyers premium has been paid the Buyer secures the property for the verbally agreed price for the duration of the invoice term. Let Property will not accept any other offers on behalf of the seller and this invoice provides the buyer with exclusivity to the property assuming neither the buyer or the seller withdraws from sale during legal completion.

 

During the completion process you will get full access to an assigned Completion Agent who will be able to speed up the process with a direct line of communication between you and the seller. Your completion agent can assist you with accessing any documentation or asking any questions that may be required at completion. This is a completely free service provided as part of the sale.

 

If you are a landlord, you can access a complimentary Lettings Consultation Call from a qualified MARLA Letting Agent through Let Property Management where you can ask property management and compliance related questions through completion. Let Property Management can also fully manage the property after completion if you are looking to rent the property.

 

Let Property is registered with The Property Ombudsman and our buyer fees fall in line with guidance set out in Section 5o of The Property Ombudsman (Scotland) Agent Code of Practice available here:

https://www.tpos.co.uk/images/documents/Codes/TPOE36-3_Code_of_Practice_for_Residential_Estate_Agents_in_Scotland_-_Effective_1_June_2019.pdf

 

  1. Before a Legal Offer is sent

 

The buyers premium is fully refundable for any reason before a Legal Offer for the property has been instructed by the buyers solicitor. If your legal offer has not yet been instructed, the buyer will still receive exclusivity on the property for a period of 7 working days after the day that the buyers premium was paid.

 

  1. The Seller:

 

The full amount of the Buyers Premium is refundable if the seller provides notification to their solicitor that they no longer wish to proceed with a sale. Confirmation must be provided by the buyers legally qualified solicitor in order to receive a refund of the Buyers Premium in full.

 

  1. Inability To Fund The Purchase:

 

If the buyer pulls out of the purchase due to the inability to fund the transaction either through a rejected mortgage application or from a chain sale collapsing, then the buyers premium is fully refundable. The buyer must provide written proof of a mortgage application being rejected from their broker or lender and if a chain sale falls through they must provide confirmation from their legally qualified solicitor. The buyer must make Let Property aware that they are purchasing with a mortgage or with proceeds from a chain sale prior to the invoice date of the buyers premium to receive a refund in full.

 

  1. Non-Compliant Purchase (only applicable if the property is not vacant):

 

The property you are purchasing will include legal compliance as follows: a valid EICR Certificate, Gas Safety Certificate and a Tenancy Agreement. Section 6 of this agreement applies as to the particulars of the documents provided by the seller.

 

If the property does not have this documentation, then the buyer must allow reasonable time for the seller to provide this documentation at their expense. If relevant documentation and compliance cannot be provided within a reasonable time of 28 working days: the buyers premium is fully refundable. This timeframe is set from each request made by the buyer in writing directly to Let Property.

 

Confirmation of a failure to provide compliance documentation as detailed above must be provided by a legally qualified solicitor to receive a refund of the Buyers Premium in full.

 

  1. Misrepresentation:

 

If the buyer pulls out of the purchase due to any of the following misrepresented terms on the Home Report then the Buyers Premium is fully refundable:

 

5.1 Misrepresentation of structural condition and fabric of the building including cracking to the building or movement of the building not stated in the Home Report.

5.2 Misrepresentation of listed building status of the property wrongly stated in the Home Report.

5.3 Misrepresentation of the Tenure of the property (Freehold or Leasehold) wrongly stated in the Home Report.

 

These terms only apply to properties where a home report is available and was provided to the buyer of the property before paying the buyers premium.

 

The buyer must provide proof of any errors via a Chartered Surveyor (RICS) in order to receive a full refund of the Buyers Premium.

 

If the buyer pulls out of the purchase due to any of the following misrepresented terms by the Agent then the Buyers Premium is fully refundable:

 

5.4 Misrepresentation of the total rent of that the tenant is paying (only if tenanted).

5.5 The property not being made available vacant (if agreed prior to the date that the buyers premium was sent in writing).

5.6 Non-disclosure of any outstanding charges against the property which would be passed to the buyer.

5.7 Misrepresentation of the Council Tax Band of the property.

5.8 Misrepresentation of the EPC Rating of the property.

 

Any misrepresentations must be made directly on the letproperty.co.uk website on the specific property page that you are purchasing or in writing by an agent from Let Property referencing the direct property that is being purchased. The buyer must provide confirmation from their legally qualified solicitor of any misrepresentations by the agent to receive a full refund of the Buyers Premium.

 

  1. Due Diligence:

 

The buyer agrees to carry out reasonable due diligence before agreeing to purchase the property and making payment of the buyers premium.

 

The buyer agrees not to visit the property after the buyers premium is paid and agrees not to directly contact the seller or tenant of the property directly at any point in time.

 

The buyer can instruct a surveyor on behalf of their lender if necessary.

 

Claims as to the particulars of any compliance documentation by Let Property are refundable at the sole discretion of Let Property.

 

Let Property provides all documentation in good faith believing them to be true and accurate. The buyer is required to check all documentation using their own due diligence to satisfy themselves that they are prepared to accept the documents as they stand prior to payment of the Buyers Premium.

 

  1. Final Terms:

 

Refunds for any other reason not stated within our Terms of Business is at the discretion of Let Property.

 

Let Property are not liable for any claims higher than the amount of this Buyers Premium invoice total. This includes losses in relation to the purchase of the property including but not limited to Legal Fees, Additional Survey Fees or any losses incurred whether directly or indirectly in relation to the purchase of the property. This includes any losses in relation to situations where Let Property may have been at fault.

You agree to follow our formal complaints handling process at https://letproperty.co.uk/complaints-process

 

By paying the amount stated on the Buyers Premium invoice you are agreeing to the Terms of Business stated here and any refund claims must quote the term you are disputing.

 

You can request a refund by emailing our Refunds Department at hello@letproperty.co.uk and quoting your Invoice Number. In standard cases, Let Property will refund your Buyers Premium within 3-5 working days of your request being sent.

 

Version 2.0 – Last Updated: 28th June 2023

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Disclaimer
All offers are submitted to the seller for approval. On acceptance of your offer you will be required to instruct a solicitor for Legal Acceptance of your offer. A fully refundable buyers premium may apply to secure a property. This amount is not an additional cost and is refunded in the event of non completion. Terms and payment details will be provided upon verbal acceptance of your offer.