England Real Estate Practices

Real Estate Practices

Generally, the sales commission ranges between 2% and 3%, paid to the agent by the Vendor (seller). In addition to the agent's fee, there will be a Vendor's lawyer's conveyancing fee. Both of those fees are subject to UK Government Value Added Tax (VAT) which is currently at 20%.

The Purchaser does not pay any real estate fees but will pay Government Stamp Duty Land Tax (SDLT) based on a sliding scale between 1 and 7%.

There is no multiple listing service in the UK although some agents share properties between themselves through individual agreements.

There is no requirement for agents to be licensed in the UK although the reputable firms will only employ those with a proven track record. There is, however, considerable Government legislation regulating the industry.

Mortgages are available to foreign buyers, subject to status. If financing is available and the property is vacant, the purchase can proceed rapidly and be completed within a few weeks. Generally, it is best to allow one month to Exchange of Contracts (when the purchase becomes legally binding) and a further month for Completion (the day of taking possession).

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