Terms of Business
As stated on all of our online listing portals including but not limited to Rightmove, Zoopla and our website, Let Property are committed to facilitating a smooth transaction process between buyer and seller. To allow for maximum commitment to the sale from both parties, a fully refundable Buyers Premium, according to the terms stated below, may apply to secure a property.
Once a Buyers Premium has been paid, the Buyer has then 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.
During the completion process you will be given full access to an assigned Completion Agent. This agent will provide a direct line of communication between you and the seller, helping to facilitate the completion process. Your completion agent can assist you with accessing any documentation or asking any questions that may be required at completion. This is a completely free service which is provided as part of the sale.
If you are a landlord, you can access a complimentary Lettings Consultation Call from a qualified MARLA Letting Agent through Let Property Management where you can ask property management and compliance related questions throughout the completion process. Let Property Management can also fully manage the property on your behalf, after completion, if applicable.
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:
- Before a Legal Offer or Memorandum of Sale is sent:
The Buyers Premium is fully refundable for any reason before a Legal Offer for the property has been instructed by the buyers solicitor (Scotland) or a Memorandum of Sale has been requested to be sent (England). If a legal offer has not yet been instructed, the buyer will receive exclusivity on the property for a period of 2 working days from the day that the Buyers Premium was paid.
- The Seller withdrawing from sale:
The full amount of the Buyers Premium is refundable if the seller no longer wishes to proceed with the sale. If the seller legally withdraws from the sale, you must inform Let Property via email and provide at least 28 working days for a resolution. If the seller agrees to proceed under your original agreement then this refund reason would not be valid. If the seller does not proceed after Let Property has made its efforts, confirmation must be provided by the buyers legally qualified solicitor in order to receive a refund of the Buyers Premium in full.
- Inability to fund the purchase:
If the buyer pulls out of the purchase due to their inability to fund the transaction either through an inability to acquire a mortgage or from a chain sale collapsing, then the Buyers Premium will be fully refundable under the following conditions: The buyer must provide written proof that no mortgage options are available to them from a Let Property approved Broker or Lender. You can find a list of approved Brokers and Lenders on letproperty.co.uk/partners. If a chain sale falls through the buyer must provide confirmation of this from their legally qualified solicitor. The buyer must make Let Property aware that they are purchasing with a mortgage or with proceeds from a chain sale prior to the invoice date of the Buyers Premium in order to receive a refund in full.
- Non-compliant purchase (only applicable if the property is not vacant):
The property you are purchasing will include legal compliance as follows: a valid EICR Certificate, Gas Safety Certificate and a Tenancy Agreement. Section 6 of this agreement applies with regard to the particulars of these documents provided by the seller.
If the property does not have this documentation, then the buyer must allow reasonable time for the seller to provide this documentation at their expense. If relevant documentation and compliance cannot be provided within a reasonable time of 28 working days: the Buyers Premium will be fully refundable. This timeframe is set from each request made by the buyer, in writing, directly to Let Property.
Compliance refund requests are limited only to the documentation described above. Confirmation of a failure to provide compliance documentation as detailed above must be provided by a legally qualified solicitor in order to receive a refund of the Buyers Premium in full.
- Misrepresentation:
The Buyers Premium is refundable should any of the following terms be misrepresented in a RICS Chartered Surveyors Home Report:
5.1 Misrepresentation of structural condition and fabric of the building including cracking to the building or movement of the building not mentioned within the Home Report.
5.2 Misrepresentation of listed building status of the property wrongly stated in the Home Report.
5.3 Misrepresentation of the Tenure of the property (Freehold or Leasehold) wrongly stated in the Home Report.
These terms only apply to properties where a Home Report is available and was provided to the buyer of the property before paying the Buyers Premium. Any other suggested misrepresentations not stated above would not warrant a refund of the Buyers Premium.
The buyer must provide proof of any errors via a Chartered Surveyor (RICS) in order to receive a full refund of the Buyers Premium.
The Buyers Premium is refundable under any of the following misrepresented terms. These misrepresentations must have been made by Let Property to make the Buyers Premium fully refundable:
5.4 Misrepresentation of the rent that the tenant has agreed to pay at the point of completion of sale (only if tenanted).
5.5 The property not being made available vacant (if agreed in writing prior to the date that the Buyers Premium was sent).
5.6 Non-disclosure of any outstanding charges against the property which would be passed to the buyer.
5.7 Misrepresentation of the Council Tax Band of the property.
5.8 Misrepresentation of the EPC Rating of the property.
Any misrepresentations must have been made directly on the letproperty.co.uk website on the specific property page for the property that you are purchasing or in writing by an agent from Let Property referencing directly the property that is being purchased. Any suggested misrepresentations not stated above would not warrant a refund of the Buyers Premium. The buyer must provide confirmation from their legally qualified solicitor of any misrepresentations by the agent to receive a full refund of the Buyers Premium.
- Due Diligence:
The buyer agrees to carry out full due diligence before agreeing to purchase the property and making payment of the Buyers Premium.
The buyer agrees not to visit the property after the Buyers Premium has been paid and a Legal Offer or Memorandum of Sale has been requested / submitted. The buyer must only make contact with their solicitor or Let Property and agrees not to directly contact the seller or tenant (if applicable) of the property at any point in time before the property sale has completed. If the buyer makes direct contact with the seller or tenant, the Buyers Premium would be wholly non-refundable.
The buyer can instruct a surveyor on behalf of their lender if necessary. Let Property can arrange for access to the property on behalf of the buyer for the purposes of a survey.
Claims as to the particulars of any compliance documentation by Let Property are refundable at the sole discretion of Let Property.
Let Property provides all documentation in good faith believing them to be true and accurate. The buyer is required to check all documentation using their own due diligence to satisfy themselves that they are prepared to accept the documents as they stand prior to payment of the Buyers Premium.
- Final Terms:
Refunds for any other reason not stated within our Terms of Business is at the discretion of Let Property.
Let Property are not liable for any claims higher than the amount of this Buyers Premium invoice total. This includes losses in relation to the purchase of the property including but not limited to Legal Fees, Additional Survey Fees or any losses incurred whether directly or indirectly in relation to the purchase of the property. This includes any losses in relation to situations where Let Property may have been at fault.
You agree to follow our formal complaints handling process at https://letproperty.co.uk/complaints-process
This Buyers Premium acts as the buyers fee for the stated property and is not a deposit. If this invoice is left unpaid or and you legally exchange missives or exchange on the property then the sum of this invoice would remain payable.
By paying the amount stated on the Buyers Premium invoice you are agreeing to the Terms of Business stated here and any refund claims must reference the specific term that your claim relates to.
You can request a refund by emailing our Refunds Department at hello@letproperty.co.uk and quoting your Invoice Number. In standard cases, Let Property will refund your Buyers Premium within 5 working days of your request being sent.
Version 3.0 – Last Updated: 21st November 2023
