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Tenant wanting to buy property - advice needed

(9 Posts)
Ridingthegravytrain Thu 21-May-15 12:52:39

If I sell my property to my current tenant is there any way the letting agents can ask for any money from the proceeds of the sale or some kind of "finders fee"?

CQ Thu 21-May-15 12:54:11

Yes, it's probably in the small print in your terms of business contract which you will have signed when you first appointed them,

Usually the standard 1 - 3% estate agents fees. But always room to negotiate.

vulgarwretch Thu 21-May-15 12:55:16

Probably, check your contract with the letting agents but I think it's common to have that clause in.

Meandyouandyouandme Thu 21-May-15 12:55:46

Not as far as I know. We sold a flat to our tenants last year, they had been there 3 years, and we had used agents to find them, but managed ourselves after that. We agreed a price between us, and the sale went through very easily. Nothing to do with my agents at all.

CQ Thu 21-May-15 12:57:03

Depends on whether the agent is simply a finder & reference checker or a full management service. Check your contract.

Ridingthegravytrain Thu 21-May-15 12:58:19

I can't find anything in the contract about this but they can be a bit sneaky! Wasn't sure if there was a standard practice

specialsubject Thu 21-May-15 13:35:16

no standard practice, depends what is written in the contract between you and the agent (not the tenancy)

there will almost certainly be a clause - but if there isn't, happy days.

OrangeVase Thu 21-May-15 22:31:22

Probabaly.

I used to work for an EA and it was alawys in the contract. The EA had "found" the buyer, and at the same time they were losing the commission on a let that they had procured.

Check and see

Hallyracket Thu 21-May-15 22:52:31

I'm sure there must be ways round it.

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