Buyers Premium Terms
As stated on all of our online listing portals including but not limited to Rightmove, Zoopla, OnTheMarket and our website and Mobile App through iOS and Android - Let Property is committed to facilitating a smooth transaction process between buyer and seller. To allow for maximum commitment to the sale from both parties, a Buyers Premium, according to the terms stated below, applies in order to secure a property.
When a Buyers Premium has been paid, the Buyer has instantly secured 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 payment provides the buyer with exclusivity to the property for the agreed term. Below are the list of services provided with the Buyers Premium:
Our Pre-Checks and Investment Standards
Let Property has incurred all of the up front costs to pre check and approve all investments that we list on our marketplace. All properties listed by Let Property go through rigorous pre checks to ensure that the properties we list are investment grade. Let Property only approves around 40% of the properties that are brought to us by sellers and many of the properties that do not fit our tight compliance process are sent to our partner auction house. You can view our full list of our pre-checks at letproperty.co.uk/pre-checks. Examples of our pre-checks are as follows: Payment History & Current Rent Verification, Valid Tenancy Agreement Verification, Professional Condition Check, Property Photography Taken By Let Property, Seller Ownership Verification, Basic Mortgageability Assessment, Heating System Check and many more…
First Come, First Serve
The Buyers Premium acts as a reservation fee for the stated property. With this, all of our properties are available on a first come, first serve basis, meaning that there are no closing dates or bidding wars with any of our properties that we sell. When the Buyers Premium has been paid, the property is instantly reserved by yourself at the verbally agreed price. That means, that even if someone comes in with a higher offer - we legally can’t take that offer as you have already secured the property.
Assigned Completion Agent
You will be given access to an assigned Completion Agent shortly after your payment has been confirmed. Whilst it is your responsibility to ensure the property completes within the agreed term through your solicitor, our completion agent will help to facilitate a smooth completion process and be available to answer any questions that you may have. If you need us to introduce you to a solicitor or mortgage advisor during the completion process you can access a range of Let Property Approved partners at letproperty.co.uk/partners. Our completions team will also touch in with you during the completion process in order to ensure that the process is moving smoothly. This service is provided as part of the sale at no additional cost.
Lettings Consultation
You can access a Lettings Consultation Call from a qualified MARLA Letting Agent through Let Property Management where you can ask property management and compliance related questions. Let Property Management can also fully manage the property on your behalf, after completion, if applicable. You can discuss fees with them and we offer a range of services to make it easier for buyers to have their property managed post purchase if this is a service you wish to access.
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:
By paying the amount stated on the Buyers Premium invoice you are agreeing to every term within Terms of Business stated here.