Key Features Document for buyers, where the buyer pays the fee:
i) The buyer fee you agree to pay will become due on exchange of contracts but will be payable on completion of the sales transaction.
ii) Upon request by you this fee can be added to the net agreed purchase price and paid by the seller on completion of the sale
iii) This property is being marketed by Choices on behalf of the seller on the basis that the buyer pays our fee of between 2.4% incl VAT and 3.6% incl VAT of the net purchase price. Unless otherwise agreed offers will therefore be submitted to the seller net of our fee.
iv) You must be aware that HMRC have indicated that the commission fee will be considered as part of the ‘chargeable’ consideration for the property and may therefore be included in the calculation for any stamp duty liability which you will pay on transfer of the property to your ownership. For example under the new stamp duty reforms, if you purchase the property for £200,000 plus a buyers fee of 2.4% inc VAT = £4800, you will pay £1,596.00 in stamp duty* (*according to your circumstances).
v) Your solicitor/conveyancer will be advised of this arrangement through the memorandum of sale.
vi) All offers will be submitted verbally and in writing to the vendor unless we are instructed not to do so in the case that an offer is below a pre agreed limit.
vii) We are acting for the vendor in all cases and not as your agent.
viii) If for any reason you do not agree to pay our fee in line with our contract it will be paid by the seller and your refusal will not therefore affect the net cost or proceeds of the transaction