[Misc] Selling a house in Sussex - Advice needed

[Tony Towner's Fridge]

Oh knowledgeable folk on NSC.


Positioning ourselves to sadly sell our Mum's house and was wondering if anyone could advise me, in English Law, as to whether it was allowable to incentivise the sale so that the Estate Agent got a > % fee for a sale over and above a specific figure?

Also what are the typical % fees and any recommendations for good, honest and reliable estate agents in the Newhaven to Brighton area?

thanks in advance you decent bunch.


TNBA

TTF

 

[Westdene Seagull]

Oh knowledgeable folk on NSC.


Positioning ourselves to sadly sell our Mum's house and was wondering if anyone could advise me, in English Law, as to whether it was allowable to incentivise the sale so that the Estate Agent got a > % fee for a sale over and above a specific figure?

Also what are the typical % fees and any recommendations for good, honest and reliable estate agents in the Newhaven to Brighton area?

thanks in advance you decent bunch.


TNBA

TTF

You can agree any contract you wish around %'s - s if they sell under say £500k then the fee is 0.75% but if they sell for over that then the fee is 1%. Personally I wouldn't bother - they have the incentive to get a higher price whatever % you agree. That said, beware the promise of a high value being achieved. I once foolishly went to a the agent that suggested the highest value - Mishon Mackay - they lost interest very quickly after they finished going through their database of clients thus leaving me in a 3 month contract with the possibility of very few further viewings ( I broke the contract anyway by telling them to eff off about the 3 month clause as they were so useless ).

If you go for a lock in clause then make sure you get a lower %. Personally I'd never pay more than 1.25% for a multi-agent campaign - if you're happy locking yourself in for 3 months then insist on something between 0.75% and 0.95%. As for recommendations - Dean & Co or Spencer & Leigh.

 

[Live by the sea]

You can agree any contract you wish around %'s - s if they sell under say £500k then the fee is 0.75% but if they sell for over that then the fee is 1%. Personally I wouldn't bother - they have the incentive to get a higher price whatever % you agree. That said, beware the promise of a high value being achieved. I once foolishly went to a the agent that suggested the highest value - Mishon Mackay - they lost interest very quickly after they finished going through their database of clients thus leaving me in a 3 month contract with the possibility of very few further viewings ( I broke the contract anyway by telling them to eff off about the 3 month clause as they were so useless ).

If you go for a lock in clause then make sure you get a lower %. Personally I'd never pay more than 1.25% for a multi-agent campaign - if you're happy locking yourself in for 3 months then insist on something between 0.75% and 0.95%. As for recommendations - Dean & Co or Spencer & Leigh.

I presume you mention Dean & com or Spencer and Leigh because they sell property in Hangleton because they are not even on the radar in the biggest selling / desirable areas like central Hove.

The best selling agents in that area are Mishon Mackay , Hamptons & Brand Vaughan .

In terms of over valuing , no estate agents wants to over value because it makes it harder or impossible to sell . Sometimes pressure is put on them by greedy sellers . With some research it’s quite easy to spot properties that are over priced but this applies to all agents .

In my opinion among the worst are large corporate agents owned by insurance companies like fox and sons , king and chasemore etc who employ agent listers who get paid a small commission by their employer per instruction they take on regardless of whether it sells . So they have no incentive to value sensibly .

 

[Westdene Seagull]

I presume you mention Dean & com or Spencer and Leigh because they sell property in Hangleton because they are not even on the radar in the biggest selling / desirable areas like central Hove.

The best selling agents in that area are Mishon Mackay , Hamptons & Brand Vaughan .

In terms of over valuing , no estate agents wants to over value because it makes it harder or impossible to sell . Sometimes pressure is put on them by greedy sellers . With some research it’s quite easy to spot properties that are over priced but this applies to all agents .

In my opinion among the worst are large corporate agents owned by insurance companies like fox and sons , king and chasemore etc who employ agent listers who get paid a small commission by their employer per instruction they take on regardless of whether it sells . So they have no incentive to value sensibly .

Spencer and Leigh are Brighton based not Hangleton and sell properties all over the city.

As for over valuing, seen it many a time when I was a property developer ( both buying and selling ). Mishon Mackay are by far the worst for it - although I agree Fox & Sons are dire and also often over value. They do it to entice the seller into a contract.

 

[Doonhamer7]

When we were going to sell our house we agreed a %age (I think 1%) and then a 5% incentive fee fo everything above target - most Horsham estate agents offered a similar deal

 

[KeegansHairPiece]

Spencer and Leigh are Brighton based not Hangleton and sell properties all over the city.

As for over valuing, seen it many a time when I was a property developer ( both buying and selling ). Mishon Mackay are by far the worst for it - although I agree Fox & Sons are dire and also often over value. They do it to entice the seller into a contract.

Agree. It's about winning the business. Of course makes it harder for them to sell, but many owners get taken in with a high valuation and talking their property up so they sign with the high valuing agent, and any realistic offer under that they suddenly think they're losing money. Agent has the property on their books, knowing they'll have to drop the price at some point - but at least they have the listing.

 

[Live by the sea]

Spencer and Leigh are Brighton based not Hangleton and sell properties all over the city.

As for over valuing, seen it many a time when I was a property developer ( both buying and selling ). Mishon Mackay are by far the worst for it - although I agree Fox & Sons are dire and also often over value. They do it to entice the seller into a contract.

I’ve never even heard of Spencer and Leigh !

I must admit I’m no expert about newhaven agents , having never been to Newhaven .

 

[Stat Brother]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

 

[knocky1]

I presume you mention Dean & com or Spencer and Leigh because they sell property in Hangleton because they are not even on the radar in the biggest selling / desirable areas like central Hove.

The best selling agents in that area are Mishon Mackay , Hamptons & Brand Vaughan .

In terms of over valuing , no estate agents wants to over value because it makes it harder or impossible to sell . Sometimes pressure is put on them by greedy sellers . With some research it’s quite easy to spot properties that are over priced but this applies to all agents .

In my opinion among the worst are large corporate agents owned by insurance companies like fox and sons , king and chasemore etc who employ agent listers who get paid a small commission by their employer per instruction they take on regardless of whether it sells . So they have no incentive to value sensibly .

Simon Goldin at Goldin Lemke is the man for Hove. No bull and you deal with the man and not any pointy shoe boys.

 

[Seasider78]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

I think the issue is everyone keeps talking about a crash but it never materialises (yet) and at the rate of increase the fear is even six months renting and price increases could leave you adrift. So fear makes people stay put which is fuelling the issue of limited demand and pushing prices up further. I am in West Sussex and the agents say a lot of the demand is coming from London as people moving out of city and into coast due to remote working.

Unless you are cashing in and moving to an area where prices are lower then selling and waiting out for a crash feels like a gamble to me. But then I am very risk adverse!

 

[Stat Brother]

I think the issue is everyone keeps talking about a crash but it never materialises (yet) and at the rate of increase the fear is even six months renting and price increases could leave you adrift. So fear makes people stay put which is fuelling the issue of limited demand and pushing prices up further. I am in West Sussex and the agents say a lot of the demand is coming from London as people moving out of city and into coast due to remote working.

Unless you are cashing in and moving to an area where prices are lower then selling and waiting out for a crash feels like a gamble to me. But then I am very risk adverse!

Yeah - these agents were saying the same about London buyers keeping our market high.

(so sorry young'uns - this isn't my fault)
This'll be only my third ever property purchase and I've made a killing on the other two, I guess I'm kidding myself that 'property is my thing' and just being greedy.

 

[amexer]

I have sold many properties and would never sign a contract. In general best to start with Agent that shows evidence they are active in your area and avoid online agents.. Walk away if they insist on contract.. Dont let them kid you it is law. Law is you have to agree to there fees. Pay no more than 3/4 % maybe 1% if low priced property. Cant see point in appointing more than one agent. Just give to one agent. You will know how proactive they are within a couple of weeks. With so much info available online easy to work out value yourself.

 

[Knocky's Nose]

No bull and you deal with the man and not any pointy shoe boys.

Made me chuckle

 

[GT49er]

Oh knowledgeable folk on NSC.


Positioning ourselves to sadly sell our Mum's house and was wondering if anyone could advise me, in English Law, as to whether it was allowable to incentivise the sale so that the Estate Agent got a > % fee for a sale over and above a specific figure?

Also what are the typical % fees and any recommendations for good, honest and reliable estate agents in the Newhaven to Brighton area?

thanks in advance you decent bunch.


TNBA

TTF

Good luck. In your position, Estate Agents will be aware of the circumstances; they will have ITK friends. You may get some 'competing' bids, but both will probably know of the other; friends ITK, good business, eh? Don't be surprised if your mum's house goes for £20/£30... or even £50K more in a few months after you have sold it to a 'family that just wants your mum's house to be a family home again'.

Speaking from experience.

 

[knocky1]

To answer TTF we used a graded commission rate but make sure you include vat before you present your grades.

 

[Neville's Breakfast]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

It’s one hell of a risk Stat. What we are seeing in property at the moment is not confined to the Sussex coast. We sold our house in Norfolk to a cash buyer at full asking price on the first day of marketing. We bought in Birkenhead/Wirral and it was exactly what we were looking for but it was the only one within a 40 mile radius. The ending of the stamp duty holiday is making very little difference to the perfect storm created by low mortgage rates, WFH and lack of decent houses for sale. The North West is a particular property hotspot at the moment, in large part because of demand in Manchester. My advice to my kids is don’t step off the ladder for too long.

 

[Westdene Seagull]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

The problem you have is that there is a currently a huge under supply of family homes. That is going to drive the price up month by month. I get renting if it's to break a chain into a smaller length but to do so just to see what the market will do will only increase the cost of your target properties. To give you a hint of how quickly family homes go ( assuming they are reasonably priced ) - I recently put my sadly departed parents house on the market last week - three days later and first viewing the full asking price was offered. Admittedly I wasn't greedy with the price asked but the buyer was so desperate to find somewhere for his family and had struggled to find anything family suitable.

 

[beorhthelm]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

family recently sold a house, went for 50k more than expected within a week. even agent was surprise apparently. i can understand renting to get things moving, however unless you have some secret market information, get back in as soon as you can. it could "poop" in spring and still be higher than today. even if market drops, unless you need to sell shortly after doesnt matter right?

 

[sparkie]

The longer you rent the worse the property you'll buy at the end of rental

 

[Stat Brother]

family recently sold a house, went for 50k more than expected within a week. even agent was surprise apparently. i can understand renting to get things moving, however unless you have some secret market information, get back in as soon as you can. it could "poop" in spring and still be higher than today. even if market drops, unless you need to sell shortly after doesnt matter right?

Thanks again everyone.

That's the key bit I'm not seeing, thanks.

I was looking last night and there is NOTHING in my desirable postcode.
Which was kind of driving my thinking of 'taking a short break and see what happens'.

But I do have a secondary location I started looking at (after my post) and that did throw up some nice looking places.